Discover Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.01% | Savings | Online Savings 1.05% - Barclays Online Savings Account |
| 2.20% | 6+ Year CD | 10 Year CD 1.65% - National Average |
| 2.00% | 5-year CD | 5 Year CD 2.25% - Ally Bank High Yield 5 Year CD |
Discover Bank functions as an Internet bank with no retail branches. In addition to its trademark credit card offerings, it features a range of depository banking and loan products. Discover’s deposit rates are usually competitive with other Internet banks on Savings, Checking, Money Market, CD, and IRA CD accounts because of the lack of infrastructure costs associated with physical locations and branches.
Discover Bank offers checking, savings, CD, and Money Market accounts on its depository banking side. It offers three different types of personal checking accounts and one business checking account. Its personal checking accounts feature an interest-bearing account, a standard checking account, and a 55+ account. It offers a competitive online savings account that usually offers one of the top interest rates in the depository banking market. It offers Certificates of Deposit for terms ranging from 3 months to 10 years, which can be funded online from any existing bank account. It also offers a Money Market account that pays interest at rates similar to its savings account offerings.
Discover offers multiple web-based platforms to its customers that facilitate easy account management. Through the Discover smartphone app, customers can transfer funds, pay bills, deposit checks, and monitor account balances. Discover online banking offers a sophisticated platform through which customers can manage their accounts and get help from online banking specialists.
Discover Bank’s headquarters are located in Greenwood, Delaware, just blocks away from where it originally began as the Greenwood Trust Company. Since acquiring the Greenwood Trust Company in 1985, Discover has grown to be one of the largest financial services firms in the country. It provides its customers access to cash at over 750,000 ATMs worldwide through its Discover and PULSE ATM networks, including over 415,000 ATMs across the United States. The firm receives awards yearly for different aspects of its business from customer loyalty to workplace environment.
Related Posts
4/20 - Discover Bank Has $100 Bonus On New Online Savings
3/30 - Discover Bank Raises Several CD Rates
3/13 - Discover Bank Removes Minimum Deposit On Savings Account
10/21 - Cashback Checking $300 Bonus - Ends November 15, 2015
6/25 - Rate Increase For Online Savings Accounts
1/16 - Discover Bank's Cashback Checking and Bonus Available to Existing Customers
4/22 - Discover Bank Cash Back Checking Getting Worse
4/9 - Discover Bank Raises Long-Term CD Rates But Beware of Larger Penalties
1/8 - Discover Bank - Savings - Deposit Slips/Envelopes No Longer Available?
12/26/13 - Discover Bank Increases Online Savings Account Rate
10/8/13 - Discover Has Increased CD Rates
4/5/13 - Discover Bank’s Bonus for BJ’s Members and Other Affinity Group Perks
2/27/13 - $25 Bonus For Opening New Discover Bank Online Savings
2/25/13 - Discover Bank Adds Mobile Check Deposit
2/20/13 - Discover Bank Will Increase CD Early Withdrawal Penalties
2/19/13 - Change To Discover Bank Deposit Agreement Terms For CD Early Withdrawal
1/23/13 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties - January 2013
1/22/13 - Discover Bank's Cashback Checking Account To Be Launched Soon
10/30/12 - Small New-Account Bonus for Discover Bank CDs & Savings Account
9/27/12 - Discover Bank's Competitive Long-Term CD Rates
9/18/12 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties - September 2012
8/7/12 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties - August 2012
7/26/12 - Discover Offering Some Credit Card Customers Its Premium Savings Account
6/5/12 - Comparison of Long-Term CD Rates After Early Withdrawal Penalties
5/8/12 - 5 Top Long-Term CD Rates After Early Withdrawal Penalties
3/28/12 - BJs Gift Card $75
3/25/12 - Discover Plans To Add Mortgages, Checking Accounts
3/22/12 - Updated Comparison of Top Long-Term CD Rates After Early Withdrawal Penalties
2/28/12 - More Rate Drops At Discover Bank
2/27/12 - Comparing Top Long-Term CD Rates After Early Withdrawal Penalties
1/16/12 - What to Do with Maturing CDs? Choosing the Best New Long-Term CD
1/11/12 - Discover Bank Rate Drop
12/21/11 - Long-Term CD Rates Continue to Decline
12/6/11 - Comparing the Best CD Rates After Early Withdrawal Penalties
9/23/11 - Discover Veers Away From M&A
9/20/11 - Disover Bank Rate Drop
9/15/11 - Best Long-Term CD Rates After Early Withdrawal Penalties
9/8/11 - Comparing Rates of Long-Term CDs After Early Withdrawal Penalties
8/23/11 - Long-Term CD Strategy Review with an Updated Comparison of Ally & Discover Bank
8/2/11 - A Rate Drop At Discover Bank
6/27/11 - Comparing CDs from Ally and Discover Bank
5/31/11 - Tips and Warnings When Closing a Discover Bank CD
4/21/11 - Bjs Member Bonus
4/13/11 - 1.20% AAA Online Savings
4/12/11 - Another Rate Drop At Discover
3/21/11 - The Best CD Rates and the Smallest Early Withdrawal Penalties
3/2/11 - Higher Rates for AAA Members at Discover Bank
2/7/11 - How Rates Have Held up at the Largest Internet Banks
2/1/11 - Discover Bank Savings Rate Drop (3672)
11/29/10 - Discover Bank Checking
10/29/10 - Comparing the Online Savings Accounts from the Major Credit Card Companies
10/26/10 - Discover Bank Savings Rate Drop
10/15/10 - Update on My Short List of Top Online Savings Accounts
9/29/10 - Ally Bank to Offer IRA CDs - How It Might Compare to Discover Bank and PenFed
9/22/10 - Discover Bank Cuts CD Rates
9/6/10 - One Downside With Discover Bank - No CD Disclosure Available Online
8/29/10 - Comparing Long-Term CD Rates at Discover, Ally and PenFed
8/26/10 - Rate Leaders Cutting Long-Term CD Rates
8/15/10 - The Advantages of Discover Bank's Long-Term CDs
8/10/10 - Discover Bank's Premium Savings Account
7/30/10 - Discover Bank Savings Account and CD Review - Available Nationwide
3/14/10 - Discover More Card $75 Cashback Bonus
2/25/10 - The Best Savings Account with a History of Top Rates
2/24/10 - Update on ETrade Bank and the Transfer of Customers' Savings Accounts
2/12/10 - Discover Bank's New Account Center with Improved Transfers
2/9/10 - ETrade Complete Savings Accounts to Become Discover Bank Online Savings Accounts
2/1/10 - Discover Bank's Savings Account Rate Cut and Other News
12/29/09 - Discover Bank's New Limited-Penalty-Free CD and its New Online Savings Account
12/22/09 - Update on My Short List of Top Savings Accounts
12/19/09 - Discover Bank's CD Rates Up To 5.02%
11/5/09 - $25 Bonus On Discover Bank's CDs - Nationally Available
8/16/09 - $25 Bonus On Discover Bank's 2% 12-Month CD - Nationally Available
8/2/09 - Short List of the Top Online Savings Accounts
7/29/09 - Discover Bank's CD Promotion for Discover Credit Card Customers
6/27/09 - Competitive CD Rates and a $50 Bonus at Discover Bank - Nationally Available
8/14/08 - Discover Bank Increases CD Rates - 5.28% 60-Month / 5.02% 48-Month
7/2/08 - Discover Bank Raises CD Rates, 5.17% 60-Month / 4.02% 12-Month CD
5/29/08 - 4.86% 60-Month / 4.08% 24-Month CD at Discover Bank
3/1/08 - New Account Bonus ($20-$100) at Discover Bank
2/25/08 - Discover Bank's AAA Affiliated Money Market Account and CDs
awesome bank!
I have been with discover bank since the beta testing phase some years ago. I have not regretted any of this even now. When there were a few problems to work out the help desk both in online chat and over the phone was superior to any bank I have ever dealt with before. I started out with the checking account which must be linked to a brick and mortar bank someplace so you can easily transfer money around, however you can also send a check by mail to them too. After a year or two I added CD's and a savings account. All offer much higher rates than other banks. (eg better than 1% annual return.) You can also link your discover credit card to your discover bank if you want to. This adds even more functionality to your financial doings. Online bill pay works well and you can have as many payees as you wish, all for free! They also pay YOU 10 cents for each online bill pay you do. Also I use the debit card at the dollar stores for little purchases and get what amounts to a 10 percent rebate on a dollar purchase. So many little perks it is hard to recall them all here. Check it out for yourself.
Discover Bank
I opened an account with Discover Bank because they pay better interest than my current bank, Wells Fargo. Before I opened the account, I checked with a friend who had used Discover, and he said he liked it, so I felt confident opening my account. Opening the account was easy and I was able to use the online banking web site with no problems. A little while later, Discover advertised a better interest rate for a CD, so I transferred some money to a CD. Again, the whole process was easy. I would recommend Discover Bank Online to anyone looking for a better interest rate on their savings.
Online Banking not my best choice.
I opened a savings account with an online bank back in early 2016. I chose Discover for this account as at the time they were offering a better APY on their savings accounts then I was receiving with my long time bank of choice. I also wanted an online back account where I just deposited my work from home money earned. I am now teaching and tutoring some students with online classes. I wanted this money in a separate account and I thought having it online would be a good option. Setting up the account was fairly easy, but it took them several weeks to verify my information and finally activate my account. I tried to get a hold of them several times via a phone call to find out why it was taking so long and was forwarded to a voice command system. Very frustrating! They did contact me personally and apologize for the delay they said it was a glitch in their system. The other issue I had is I receive payments for my online teaching with pay pal. I linked the pay pal account to this online banking account and again had a long delay in getting money deposited. It was after this last issue that I just transferred the money to my current and old account and closed out this account. I guess my feeling is if I have a banking issue I can get in my car and drive over to talk to a real person. That gives me peace of mind.
Discover Bank Hold Your Money
If there's 0 star, I must give 0. It's so disappointing when you ask Discover bank to solve problem. what you can get is "no solution".
If you just save money in a bank, and never use it, then Discover bank is good choice. If you try to transfer money from/to discover bank, please be careful their policy you never know in advance. Your money could get stuck for some days. You could get a totally wrong ETA when you submit request online. The problem is not in other bank when you transfer money because other bank confirm it's clear in their side. Nothing to do from your side either. The only problem is in discover bank. why do discover bank hold your money for some days without good explanation? and no one in the whole Discover bank can solve the problem. Isn't it strange? When you want to cancel the transfer, you will be told you can not cancel and you can not unlock and you can not do anything except wait.......
Data as of Q1 2017
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 5649 |
| Year Established | 1911 |
| Employees | 11812 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.35% |
| Return on Equity - YTD | 20.65% |
| Annual Interest Income | $2.35B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2017vs Q1 2016 | $93.65B$86.81B |
| Loans | Q1 2017vs Q1 2016 | $73.59B$68.40B |
| Deposits | Q1 2017vs Q1 2016 | $56.24B$50.55B |
| Equity Capital | Q1 2017vs Q1 2016 | $10.56B$10.03B |
| Loan Loss Allowance | Q1 2017vs Q1 2016 | $2.26B$1.90B |
| Unbacked Noncurrent Loans | Q1 2017vs Q1 2016 | $847.4MM$694.4MM |
| Real Estate Owned | Q1 2017vs Q1 2016 | $77.00K$137.00K |
This section lists recent deals, promotions and rate changes submitted by our community within the past 90 days. Always verify official rates and promotions with the bank or credit union.
Discover Bank Raises Several CD Rates
1.25% APY 12-month CD (was 1.15%)
1.30% APY 18-month CD (was 1.20%)
1.35% APY 24-month CD (was 1.30%)
1.40% APY 30-month CD (was 1.35%)
2.00% APY 60-month CD (was 1.76%)
2.10% APY 84-month CD (was 1.95%)
$2,500 minimum deposit. IRA CDs have the same rates.
Discover Bank Removes Minimum Deposit On Savings Account
This change is not really useful for most of us. It’s a good marketing move on Discover’s part to better compete against the other big internet banks that already have no minimum opening deposit requirements for their savings accounts. These banks include Ally, Capital One, Synchrony and GS Bank.
Hopefully, their next move to be more competitive will be to increase their rates.
Always verify rates and promotions with the bank or credit union. We are not Discover Bank; we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Discover Bank Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 1.01% | - | - | Online Savings |
Discover Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.90%* | $100k* | - | Money Market | ||
| OTHER TIERS: 0.85% → Up to $100k | |||||
Discover Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.20% | $2,500 | - | 10 Year CD | |
| 2.10% | $2,500 | - | 7 Year CD | |
| 2.00% | $2,500 | - | 5 Year CD | |
| 1.60% | $2,500 | - | 4 Year CD | |
| 1.50% | $2,500 | - | 3 Year CD | |
| 1.40% | $2,500 | - | 30 Month CD | |
| 1.35% | $2,500 | - | 24 Month CD | |
| 1.30% | $2,500 | - | 18 Month CD | |
| 1.25% | $2,500 | - | 12 Month CD | |
| 0.70% | $2,500 | - | 9 Month CD | |
| 0.65% | $2,500 | - | 6 Month CD | |
| 0.35% | $2,500 | - | 3 Month CD |
Discover Bank IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.20% | $2,500 | - | 10 Year IRA | |
| 2.10% | $2,500 | - | 7 Year IRA | |
| 2.00% | $2,500 | - | 5 Year IRA | |
| 1.60% | $2,500 | - | 4 Year IRA | |
| 1.50% | $2,500 | - | 3 Year IRA | |
| 1.40% | $2,500 | - | 30 Month IRA | |
| 1.35% | $2,500 | - | 24 Month IRA | |
| 1.30% | $2,500 | - | 18 Month IRA | |
| 1.25% | $2,500 | - | 12 Month IRA | |
| 0.70% | $2,500 | - | 9 Month IRA | |
| 0.65% | $2,500 | - | 6 Month IRA | |
| 0.35% | $2,500 | - | 3 Month IRA |
Discover Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 502 East Market Street - Greenwood, DE 19950