Discover Bank

Overview / Commentary

www.discover.com

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.

Discover Bank Rate Changes As Of 9-27-2022 - 9/27/2022

Discover Bank rate changes as of 9-27-2022 include: 10-year CD @ 3.30% (was 3.25%) 7-year CD @ 3.30% (was 3.25%) 5-year CD @ 3.30% (was 3.25%) 4-year CD @ 3.20% (was 3.15%) 3-year CD @ 3.15% (was 3.10%) 24-month CD @ 3.10% (was 3.00%) 18-month CD @ 3.00% (was 2.80%) 12-month CD @ 3.00% (was 2.70%) Online Savings Account @ 2.10% (was 2.00%) Money Market Account ($100k min.) @ 2.05% (was 1.95%) To view all Discover Bank rates see: https://www.discover.com/online-banking/ (Discover Bank also offers new issue, non-callable brokered CDs at substantially higher rates. Here are the Discover Bank rates currently available at TD Ameritrade: 5-year @ 4.35%, 4-year @ 4.30%, 3-year @ 4.30%, 18-month CD @ 4.10%, and 12-month CD @ 4.05%)

Discover Bank Savings Account Bonus - 9/9/2022

To get a $100 OR $150 Bonus you must deposit into your account (1) a total of $10,000 in new money (i.e., funds from another bank) to earn a $100 Bonus or (2) a total of $15,000 in new money to earn a $150 Bonus. Maximum Bonus eligibility is $150. You must maintain an average daily balance of at least $10,000 from 9/30/22 to 11/30/22 (“hold period”) to receive a $100 Bonus or at least $15,000 to receive a $150 Bonus. Deposit(s) must be posted to your account by 9/29/22, 11:59 PM ET.

Discover Bank Rates As Of 9-2-2022 - 9/2/2022

Discover Bank rates for 9-2-2022 include: 10-year CD @ 3.25% (no change) 7-year CD @ 3.25% (no change) 5-year CD @ 3.25% (no change) 4-year CD @ 3.15% (was 3.05%) 3-year CD @ 3.10% (was 3.00%) 24-month CD @ 3.00% (was 2.90%) 18-month CD @ 2.80% (was 2.60%) 12-month CD @ 2.70% (was 2.50%) Online Savings Account @ 1.80% (was 1.70%) Money Market Account ($100k min.) @ 1.75% (was 1.65%) To view all Discover Bank rates see: https://www.discover.com/online-banking/ (As an alternative, you may wish to consider treasuries. Their yields include: 1mo @ 2.53%, 6mo @ 3.34%, 1yr & 2yr @ 3.51%, and 3yr @ 3.54% as of 9-1-2022. In addition, interest on treasuries is exempt from state and local taxes.)

View all posts from:

2022
2021
2020
Earlier

9/27 - Discover Bank Rate Changes As Of 9-27-2022
9/9 - Discover Bank Savings Account Bonus
9/2 - Discover Bank Rates As Of 9-2-2022
8/19 - Discover Bank Rate Changes As Of 8-19-2022
8/15 - Discover Bank Rates As Of 8-15-2022
7/29 - Discover Bank CD Rate Changes For 7-28-2022
7/25 - Discover Extends Bonuses On New Online Savings Accounts
7/22 - Discover Bank CD, OSA & MMA Rate Changes For 7-22-2022
7/12 - Discover Bank OSA And MMA Rate Changes For 7-12-2022
7/1 - Discover Bank CD Rate Changes For 7-1-2022
7/1 - Discover Raises Savings Account To 1.10% APY And MMA To 1% APY
6/28 - Discover Bank Rate Changes For 6-28-2022
6/14 - Discover Bank OSA, MMA And CD Rate Changes For 6-14-2022
6/7 - Discover Online Savings And Money Market Account Rate Changes For 6-7-2022
5/28 - Discover CD Rate Changes For 5-27-22
5/27 - Discover Savings Rate Increased
5/23 - Discover Bank Raises CD Rates Again
4/29 - New Rate Changes Posted At Discover For CD, Online Savings, And MM Accounts
2/22 - Discover - Savings Rate Increases From .40 To .50%
1/24 - Rate Change For MMA And Savings Accounts
1/12 - Discover Extends Bonuses For New Online Savings Accounts

11/19 - Discover Bank Increases Rates On Several Cds
10/15 - Discover's Latest Bonuses For New Online Savings Accounts
3/26 - Review of the Discover Bank Cashback Debit Account

11/11 - Discover Savings Falls To 0.55%
9/18 - More Rate Cuts At Discover Bank
9/3 - Discover Bank Cuts Savings Account, Money Market And CD Rates
8/14 - Discover Savings Dips To .80%
7/25 - Discover Online Savings Is Now At 0.95%
6/12 - Discover Savings Falls To 1.05%
5/22 - Discover Savings Account Rate Falls again
5/14 - Rate Plunge At Discover Bank...1.25% Savings
3/18 - 2% APY 12 Month CD (rate has fallen)
3/12 - Savings, Money Market And CD Rate Cuts At Discover Bank

Reviews (257)

Discover Bank - Great Service

Posted by: pilotranger2374 | Mar 7, 2022

Overall, very pleased with Discover checking (1 % CASHBACK on debit card purchases) and very competitive savings and MMA rates. Customer service is top notch and U.S. based. The user interface on mobile app and website is good and clean. My only complaint is the website is buggy sometimes when I try to log in using Safari. But really like Discover service and their employees are super friendly and helpful.

Discover Has To Keep Up, Else….Money Flows

Posted by: SL | Aug 2, 2022

Discover now became the lowest apy rate of all the hugh yield savings accounts I owned. From NYCB (2.2%) to AE national savings (1.75%), Discover got to seriously consider hike their savings at least to 1.9-2.1% to be competitive.
So far, their service has been satisfactory but if rates are well below, remember, money flows.

Comment

Locked My Account And It's Impossible To Unlock

Posted by: Harmonyano | Jul 3, 2022

Locked my account two weeks ago and I've been trying to contact them these past two weeks. No matter when I call, there is this unreasonable 3 hour long line and my call never went through.
When it finally got answered, I was told I had to wait for another 10 business days to gain back access. Ridiculous policy and horrible customer service.

Bank HOLDS Your Money Perminately!!

Posted by: randreo | Sep 16, 2022

Okay I opened an account with Discover in 3/11/20 and my brother pay me a monthly mortgage. So he wires the money and I move some funds to another bank of mine. Two days later the account is frozen and closed! I have called security about 15 times over the last 2 years. They say that they cannot confirm my Identity right. Well i send them everything accept a semen sample and still will not release my funds. Its over $6,500 they are holding and I've been told I need to wait until it goes to unclaimed property and that there is absolutely nothing I can do to have the funds released. This bank has stolen over $6,500 of my funds to date with nothing I can do. Stay AWAY Stay far AWAY form this bank.

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Health

Data as of Q2 2022

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #	5649
Year Established	1911
Employees	11702
Primary Regulator	FDIC

Profit Margin
Return on Assets - YTD	4.3%
Return on Equity - YTD	39.08%
Annual Interest Income	$5.87B

Assets and Liabilities
Assets	Q2 2022vs Q2 2021	$113B$108.9B
Loans	Q2 2022vs Q2 2021	$92.54B$80.65B
Deposits	Q2 2022vs Q2 2021	$79.90B$77.32B
Equity Capital	Q2 2022vs Q2 2021	$11.98B$11.71B
Loan Loss Allowance	Q2 2022vs Q2 2021	$6.76B$7.03B
Unbacked Noncurrent Loans	Q2 2022vs Q2 2021	$863.7MM$719.8MM
Real Estate Owned	Q2 2022vs Q2 2021	$0$0

APY	MIN	MAX	ACCOUNT NAME
2.15%	-	-	Online Savings
2.15%	$15k	-	Online Savings - Bonus
2.10%	-	-	IRA Savings

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
2.05%^*	$100k^*	-	Money Market
OTHER TIERS: 2.00% → Up to $100k

APY	MIN	MAX	ACCOUNT NAME
3.30%	$2.5k	-	5 Year CD
3.30%	$2.5k	-	7 Year CD
3.30%	$2.5k	-	10 Year CD
3.20%	$2.5k	-	4 Year CD
3.15%	$2.5k	-	3 Year CD
3.10%	$2.5k	-	24 Month CD
3.10%	$2.5k	-	30 Month CD
3.00%	$2.5k	-	12 Month CD
3.00%	$2.5k	-	18 Month CD
1.25%	$2.5k	-	9 Month CD
1.00%	$2.5k	-	6 Month CD
0.75%	$2.5k	-	3 Month CD

APY	MIN	MAX	ACCOUNT NAME
3.30%	$2.5k	-	5 Year IRA
3.30%	$2.5k	-	7 Year IRA
3.30%	$2.5k	-	10 Year IRA
3.20%	$2.5k	-	4 Year IRA
3.15%	$2.5k	-	3 Year IRA
3.10%	$2.5k	-	24 Month IRA
3.10%	$2.5k	-	30 Month IRA
3.00%	$2.5k	-	12 Month IRA
3.00%	$2.5k	-	18 Month IRA
1.25%	$2.5k	-	9 Month IRA
1.00%	$2.5k	-	6 Month IRA
0.75%	$2.5k	-	3 Month IRA

Discover Bank

Related Posts

Discover Bank - Great Service

Discover Has To Keep Up, Else….Money Flows

Locked My Account And It's Impossible To Unlock

Bank HOLDS Your Money Perminately!!

Data as of Q2 2022

Health Grade Components

Discover Bank Savings Account Rates

Discover Bank Money Market Rates

Discover Bank CD Rates

Discover Bank IRA Rates