Discover Bank Review

discover bank review

Discover Bank Savings Plans

Our Discover Bank review can tell you that we all know Discover best for offering credit cards, but it’s their online savings account that is catching our attention now. Discover Bank provides savings rates that are five times higher than the national average. The interest rates hold steady over the years, keeping Discover savings accounts in the top ten of online savings account rates.

Benefits

This Discover Bank review found out that Discover Bank is actually well-known, and that it has a 5 star rating from a number of online review boards. Here are a few reasons why their savings accounts are worth looking into.

  • It is easy to open a savings account and transfers normally take a day or two.
  • Discover Bank also offers money market accounts and CD accounts from 3 months to 10 years.
  • Very competitive interest rates on all their different accounts.
  • No monthly minimum balance or maintenance fees.
  • Can fund your savings account from an existing account.
  • Over 60,000 ATMs across the country to provide you with free withdrawals.
  • Online access as well as mobile apps that allow you to pay bills, make transfers and deposit checks, as well as keep constant eye on your balance.

Because Discover Bank is an online bank, their fees are lower and their interest rates are higher.  They offer 24/7 customer service and different security measures to help ensure that your money is protected from fraud.

Downsides

Our Discover Bank review would be incomplete without listing any of the drawbacks to their services. The interest rates for the different accounts are higher than the national average, but on the flip side, the initial deposit to open an account is also higher than other banks.

  • To open a savings account, the initial deposit amount is $500.
  • Money market accounts and CDs require $2,500 to open an account.

Since Discover Bank is an online bank, the fact that there aren’t any physical locations can be seen as a drawback to some.

Is Discover Bank Savings Accounts a Good Option?

To conclude our Discover Bank review we’d like to note the following; They have high ratings for excellent customer service, and their strength and security measures have received five stars ratings from bankrate.com numerous quarters in a row.  Discover Bank has a simple opening process, and the maintenance process is easy to do with the automated savers program.  The website is easy to navigate and offers easy access to your different accounts.

With the high interest rates for the different accounts, Discover Bank is a great option to help you meet your savings goals.

 

Bank Information

Mail:

Discover Financial Services
P.O. Box 30943
Salt Lake City, UT 84130-0943

Customer Service Number

1-800-347-7000

Website

https://www.discover.com/online-banking/savings-account/