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800-347-7000
502 East Market Street
Greenwood, DE 19950

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

Discover Bank Increases Savings Account and Money Market Rates - 12/7/2017

Discover Bank increased the APY of its Savings Account from 1.20% to 1.30%. In addition to the Savings Account, Discover increased the rates on its Money Market Account.

Discover Bank Raises Online Savings & Money Market Account Rates - 12/7/2017

Online Savings now 1.30%(Was 1.20%) and Money Market Acct is now 1.15%/1.20% over 100k(Was 1.05%/1.10%). No Change in CD rates.

Discover Bank Savings Account $150/$200 Bonus - 11/1/2017

Discover has been offering this $150/$200 bonus since August. It used to be $20k for $200 but now it's $25k. 1.20% APY on the Savings account. They also had an AAII and a AAA bonus offer, but those seem to be gone, at least for this cycle of bonuses. Use code SN17 when applying. Deposits are cumulative (you can start at $15k, keep depositing until you hit $25k at any point before 1/2/18, and get the higher bonus). https://www.discover.com/online-banking/savings-lng-04/?cmpgnid=ps-bk-OSAoffer&src=S817&van=Dbank&TPR=052&ef_id=V5eEFAAAAlijAFXj:20170824165113:s

View all posts from:

12/26/13 - Rate Hike On Savings
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
1/22/13 - 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
7/26/12 - Discover Offering Some Credit Card Customers Its Premium Savings Account
3/28/12 - BJs Gift Card $75
3/25/12 - Discover Plans To Add Mortgages, Checking Accounts
2/28/12 - More Rate Drops At Discover Bank
1/11/12 - Discover Bank Rate Drop
9/23/11 - Discover Veers Away From M&A
9/20/11 - Disover Bank Rate Drop
8/2/11 - A Rate Drop At 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
2/1/11 - Discover Bank Savings Rate Drop (3672)
11/29/10 - Discover Bank Checking
10/26/10 - Discover Bank Savings Rate Drop
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
8/15/10 - 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
2/24/10 - 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
12/19/09 - Discover Bank's CD Rates Up To 5.02%
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
3/1/08 - New Account Bonus ($20-$100) at Discover Bank
2/25/08 - Discover Bank's AAA Affiliated Money Market Account and CDs

Reviews (136)

Discover a Better Way to Save

Posted by: hugotran | Jan 6, 2018

I opened a Discover Savings account because the APY (1.3%) is over ten times that of most banks (about .01-.06%). Each year I can actually see multiple dollars that I've saved when in at previous banks, like Wells Fargo or Chase Bank, I'd make only a few cents a year. Because of the high APY I also opened a CD to save even faster. I was hesitant to initially open a CD because the APY of a CD was only slightly higher than the savings rate which was so much greater than other banks.

Discover bank rocks

Posted by: Astrabone | Dec 9, 2017

I have had nothing but positive experiences with Discover Bank. Not only are the interest rates high, but anytime I have had an issue I can call and they respond quickly. When I initially was setting up my account I was having issues connecting to my other bank and they helped me thoroughly. I try to tell others to use discover bank as it is a well-known company and it has amazing interest rates! The fact that they helped me immediately resolve my connection issue made me think very highly of them because sometimes it takes forever to even get through to a person when calling a bank or company. It made me realize that I never would try to bank with another online bank as long as Discover bank continues to provide this type of service to their customers.

Meets Expectations

When I signed up with Discover Bank, I did so because of a promotional rate they were offering to open an account. Signing up for the account was easy and seamless. After using the account for a couple months, I was able to learn that I got exactly what I expected from Discover Bank, but nothing more. I did have to contact customer service on one occasion, as an electronic deposit that I was expecting to be deposited was not. The conversation with customer service was great, the woman was extremely helpful and friendly, and solved my problem in a few minutes. It really is too bad that brick and mortar banks often do not have the same level of customer service. All in all, I am very pleased with Discover Bank as it gives me exactly what I need, it is easy to use, and they took care of the one problem I did have.

Beware Of Discover Bank

Posted by: Ljm | Aug 12, 2017

I had a very negative experience with Discover Bank. I opened a savings account, and the next day received an email message asking me to call the bank. When I did, I was told that my account had been closed "due to human error". I was offered the opportunity to start over and open another account, but I declined. The day after that, I tried to open an account with another bank, but near the end of the process I found out that the funds for my initial deposit for my Discover account were missing. When I called Discover to find out where my money was, they said it would take "up to 5 business days" for my funds to be restored.

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Health

Health Grade Components

Overall
FDIC Certificate #5649
Year Established1911
Employees11930
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD2.36%
Return on Equity - YTD20.82%
Annual Interest Income$7.29B
Assets and Liabilities
AssetsQ3 2017vs Q3 2016$96.25B$89.34B
LoansQ3 2017vs Q3 2016$77.91B$71.52B
DepositsQ3 2017vs Q3 2016$58.19B$51.22B
Equity CapitalQ3 2017vs Q3 2016$10.74B$10.31B
Loan Loss AllowanceQ3 2017vs Q3 2016$2.53B$2.01B
Unbacked Noncurrent LoansQ3 2017vs Q3 2016$882.2MM$708.1MM
Real Estate OwnedQ3 2017vs Q3 2016$86.00K$77.00K
  User-submitted Promotions & Notices

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 Online Savings & Money Market Account Rates

buckeye61   |  
Online Savings now 1.30%(Was 1.20%) and Money Market Acct is now 1.15%/1.20% over 100k(Was 1.05%/1.10%).

No Change in CD rates.

Discover Bank Savings Account $150/$200 Bonus

TheBombingRange   |  
Discover has been offering this $150/$200 bonus since August. It used to be $20k for $200 but now it's $25k. 1.20% APY on the Savings account.

They also had an AAII and a AAA bonus offer, but those seem to be gone, at least for this cycle of bonuses. Use code SN17 when applying. Deposits are cumulative (you can start at $15k, keep depositing until you hit $25k at any point before 1/2/18, and get the higher bonus).

https://www.discover.com/online-banking/savings-lng-04/?cmpgnid=ps-bk-OSAoffer&src=S817&van=Dbank&TPR=052&ef_id=V5eEFAAAAlijAFXj:20170824165113:s

Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.30%--Online Savings

Discover Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.20%*$100k*-Money Market
OTHER TIERS: 1.15% Up to $100k

Discover Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.40%$2,500-10 Year CD
2.35%$2,500-7 Year CD
2.30%$2,500-5 Year CD
1.95%$2,500-4 Year CD
1.85%$2,500-3 Year CD
1.80%$2,500-30 Month CD
1.76%$2,500-24 Month CD
1.65%$2,500-18 Month CD
1.60%$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

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.40%$2,500-10 Year IRA
2.35%$2,500-7 Year IRA
2.30%$2,500-5 Year IRA
1.95%$2,500-4 Year IRA
1.85%$2,500-3 Year IRA
1.80%$2,500-30 Month IRA
1.76%$2,500-24 Month IRA
1.65%$2,500-18 Month IRA
1.60%$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
Locations

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