Discover Bank Review

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Discover Bank Overview

Though the Discover Company was chartered in 1986, Greenwood Trust Company or what is now Discover Bank has been around since 1911. Greenwood Trust Company joined the Discover family in 2000. With the move to Discover and the world of online banking, Discover Bank has been able to extend their tradition of excellence to manage over $25 billion dollars. Money Magazine consistently recognizes Discover Bank for offering some of the best interest rates for savings accounts in the industry. Your online savings accounts are all backed by the Discover name and are FDIC insured but when you compare online banks few can offer the high yield savings account rates of Discover Bank.

Highest Yield Online Savings Accounts

Discover Bank’s online savings accounts online savings accounts are often the highest yield savings accounts in the industry. According to July 13, 2010 data their returns are five times the national average. There are no minimum balance requirements but accounts must be opened with at least $500. Other than the high interest savings accounts one of the attractive features of a Discover Bank online savings account is the interactive worksheets you can use to calculate how your money will grow. The worksheets allow you to choose your opening balance, your contribution schedule and the length of the term so you can actually see how each of those components affects your final result. Opening your online savings account is an easy four-step form and a money transfer away. Once you open you account, as long as deposits are made before 2 p.m. EST, interest begins accruing that day and is compounded daily and credited monthly. Each account allows for six free transfers per statement cycle. But the beauty of online banking with Discover Bank is you have 24/7 access to award winning customer service and your money.

Money Market Accounts-Best Saving Rate with the Flexibility of a Checking Account

A Discover Bank money market account money market accounts combines the all the best savings interest rates with the flexibility of a checking account. But with a Discover Bank money market account you can also access your money with your Discover Card or debit card through a large network of ATMs and retailers who accept Discover as well as by wire or person-to-person transfer and even in person. You can also use the account for online bill paying. You can open your account with a minimum of $2,500 and must maintain that balance to avoid fees but a Discover Bank money market account is one of the best money market accounts in the industry.

Certificates of Deposit

For your longer term savings goals, Discover Bank offers some of the best cd rates and terms of three months to 10 years. Certificates of Deposit also require an opening deposit of $2,500 and are subject to early withdrawal penalties but for your longer term goals these are some of the best cd rates available. About three weeks before maturity Discover Bank offers you the option to withdraw your money or renew it for a new term. Not only is your money secure but it is not subject to market fluctuations so you can feel secure knowing your money is growing for you. Another attractive option is you choose how the interest is applied—either to your cd or it can be transferred to another account. And as with all your Discover Bank cd accounts cd accounts access and information about your account is at your fingertips 24/7.

Roth and Traditional IRAs

The federal government has changed some of the rules for 2010 Roth IRAs—in your favor. Your retirement savings can be converted to a Roth IRA regardless of your annual income and tax payments on conversions may be divided between 2011 and 2012 or they can be paid upfront. Many types of accounts are now available for conversion and your tax advisor can show you how a Discover Bank Roth IRA can meet your retirement goals with the best savings rates available. As with all IRAs there are tax advantages and high yield interest rates not available to traditional savings accounts.

Personal and Business Credit Cards

And of course Discover is the pioneer in cash-back reward programs. You can earn up to 20-percent cash back by shopping in the exclusive online mall. And for all you off-line purchases you still earn 1-percent every time you use your card. No other card company can match the rewards or the customer service of Discover Card. For your small business, Discover Card offers free employee cards with customizable spending limits. With 24/7 and $0 fraud liability your credit is protected no matter who uses your card.

Loan Services

Discover Bank does not limit your online bank opportunities to checking and savings. They offer several loan products to fit your needs. Credit and personal loans are available to fund all sorts of projects and purchases. And as the kids begin to leave the nest they are a trusted source for student loans as well.


Discover Bank is not only concerned with your financial health but your physical health. Health and accident insurance are available through the Discover Bank website. And with a 24-hour NurseLine and a patient advocacy program you can be assured you, the patient, come first.

Discover Bank Review Summary

Discover Bank is consistently recognized as offering high rate savings on a variety of online savings accounts savings accounts. They also have an award-winning customer service department available 24/7 to address any and all of your banking needs. The trusted name of Discover combined with the ease of online banking is an unbeatable combination. Your money is back not only by their experience but by the FDIC so you can be assured it is safe. Discover Bank’s interest bearing accounts are high yield saving at its best. In addition to their saving and checking account options they also offer insurance, a variety of loan types and of course the Discover Card credit program which was the first offer customer rewards. No matter what your banking needs, Discover Bank is one of the best online banks available. They are listed on the New York Stock Exchange as DFS.

  • rosemary salter

    I opened a cd account back in november 2012 and have never gotten a confirmation e-mail or letter much less a welcome kit. What is the problem?

  • MicheleAnderson

    Discover Bank told me a dozen times over the phone that my deposit was missing, the money never made it to the account.The money was gone and missing.I was told to fax papers, phone people in certain departments. I had to call people long distance at my expense. I was denied speaking to a supervisor several times.This caused me too much time, money and great stress.This was the first account I opened. I went through AAA. AAA refused assistance also.I was way too polite to these people.

  • Roger

    You have some great research here on discover bank. This is extremely helpful for me to make my decision about my finances. Much appreciated!

  • andrew

    keep rocking with these reviews.

  • mike

    Your discover bank review is clear and understandable. Thanks