Discover Bank
Popular Accounts at this Bank
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 1.75% | Savings | Online Savings 1.75% - Ally Bank Online Savings Account |
| 1.65% | Money Market | Money Market 0.29% - National Average |
| 2.95% | 6+ Year CD | 10 Year CD 2.05% - National Average |
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
7/6 - Rate Hike At Discover
6/14 - Savings Rate Hike At Discover
5/31 - Discover Bank Ups Online Savings And Money Market Rates
5/25 - Savings Rate Hike At Discover
5/17 - Small Rate Increases At Discover Bank
2/23 - More Discover Bank Rate Hikes - Savings Account, Money Market and CDs
2/23 - Rate Increases On Deposit Accounts At Discover Bank
2/22 - Discover Changes and Expands Availability of Cashback Checking
1/17 - Discover Bank Increases Rates - Savings Account, Money Market and CDs
1/17 - Discover Banks Raises Online Savings And Money Market Account Rates
12/7 - Discover Bank Raises Online Savings & Money Market Account Rates
11/1 - Discover Bank Savings Account $150/$200 Bonus
10/13 - Rate Increases At Discover Bank
8/25 - Discover Bank Adds New $150 or $200 Savings Bonuses
8/2 - Online Savings Account Rate Increase
6/9 - Discover Bank Ups Savings and MM Rates: Second Increase in Two Months
6/9 - Discover Again Raises Online Savings Account Rate
6/1 - Discover Bank Increases CD Rates
4/26 - Discover Bank Increases Savings Account Rate To 5-Year High
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
4/22/14 - Discover Bank Cash Back Checking Getting Worse
4/9/14 - Discover Bank Raises Long-Term CD Rates But Beware of Larger Penalties
1/8/14 - Discover Bank - Savings - Deposit Slips/Envelopes No Longer Available?
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
Great Place for an Emergency Fund
My family has had our emergency fund at Discover Bank for over five years without a complaint. It is nice to have an emergency savings account in an online bank as it will be there when we need it, but it also is just a little more inconvenient to draw from it for everyday expenses or needs. The account offers competitive rates of return, far outperforming my brick and mortar banks, and allows easy transactions to and from the account though these usually take 1-3 business days to transfer. There online interface is user friendly without too many bells and whistles to confuse the customer. We have also held CDs in the past with Discover Bank without a major issue or incident and are considering utilizing the service again in the near future.
Happy with Discover Savings.
I opened a savings account with Discover a little over a year ago. I was searching for an account that had a comparatively high interest rate to other savings account options. We have an account with Capital One that was initially opened when it was ING. At the time we opened the ING account, their rates were among the highest around for savings accounts but Capital One's rates are not very competitive. Discover's rates were among the highest i could find and since we already had a relationship with the bank with our credit card, I thought this would be a good choice. It was incredibly easy to set up the account and to transfer and withdraw money. Customer service is always pleasant and helpful, but mainly, I'm in it for the interest rates.
Good bank but there may be better options.
I have been using this bank for the past year and so far am satisfied with their online service and user friendliness of the website, but overall I am not happy. I had an unauthorized purchase that I called in to open a chargeback fraud claim on and it took many more steps and explaining than past experiences with brick and mortar banks. The representative was accusatory and it offended me that they would show the level of incompetence with such a well-known company. I told them repeatedly it's not hard to look at the charge description to see it was accessed by someone in China which then obviously proves it's not me, and this is the job for their investigative team and not the person opening the claim. Based solely on this experience I am looking to change banks.
They Fail To Honor Their Promotional Offers
Discover Bank is clearly not ready for prime time. I opened an online savings account with a promotion offer, but they refused to honor the promotion even though the delays in transaction posting were their fault which they acknowledged. They may very well count on such "failures" to ensure they don't actually have to honor their promotional offers.
Totally disgusted by this corrupt organization and would never consider doing business with them again.
Data as of Q1 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 5649 |
| Year Established | 1911 |
| Employees | 12508 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.57% |
| Return on Equity - YTD | 24.27% |
| Annual Interest Income | $2.64B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2018vs Q1 2017 | $100.5B$93.65B |
| Loans | Q1 2018vs Q1 2017 | $80.00B$73.59B |
| Deposits | Q1 2018vs Q1 2017 | $62.94B$56.24B |
| Equity Capital | Q1 2018vs Q1 2017 | $10.59B$10.56B |
| Loan Loss Allowance | Q1 2018vs Q1 2017 | $2.73B$2.26B |
| Unbacked Noncurrent Loans | Q1 2018vs Q1 2017 | $1.04B$847.4MM |
| Real Estate Owned | Q1 2018vs Q1 2017 | $167.00K$77.00K |
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.
Savings Rate Hike At Discover
Small Rate Increases At Discover Bank
Money Market: 1.40%/1.45%
CD:
12 Month 2.10%(Was 2.00%)
24 Month 2.20%
36 Month 2.35%
48 Month 2.50%
60 Month 2.60%
72 Month 2.65%
120 Month 2.70%
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 |
|---|---|---|---|---|
| 1.75% | - | - | Online Savings |
Discover Bank Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 1.65%* | $100k* | - | Money Market | ||
| OTHER TIERS: 1.60% → Up to $100k | |||||
Discover Bank CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.95% | $2.5k | - | 10 Year CD | |
| 2.90% | $2.5k | - | 7 Year CD | |
| 2.85% | $2.5k | - | 5 Year CD | |
| 2.60% | $2.5k | - | 4 Year CD | |
| 2.50% | $2.5k | - | 3 Year CD | |
| 2.45% | $2.5k | - | 24 Month CD | |
| 2.45% | $2.5k | - | 30 Month CD | |
| 2.35% | $2.5k | - | 18 Month CD | |
| 2.25% | $2.5k | - | 12 Month CD | |
| 0.70% | $2.5k | - | 9 Month CD | |
| 0.65% | $2.5k | - | 6 Month CD | |
| 0.35% | $2.5k | - | 3 Month CD |
Discover Bank IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.95% | $2.5k | - | 10 Year IRA | |
| 2.90% | $2.5k | - | 7 Year IRA | |
| 2.85% | $2.5k | - | 5 Year IRA | |
| 2.60% | $2.5k | - | 4 Year IRA | |
| 2.50% | $2.5k | - | 3 Year IRA | |
| 2.45% | $2.5k | - | 24 Month IRA | |
| 2.45% | $2.5k | - | 30 Month IRA | |
| 2.35% | $2.5k | - | 18 Month IRA | |
| 2.25% | $2.5k | - | 12 Month IRA | |
| 0.70% | $2.5k | - | 9 Month IRA | |
| 0.65% | $2.5k | - | 6 Month IRA | |
| 0.35% | $2.5k | - | 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