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Financial Rates:
4.5
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Customer Service:
4.0
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Website Experience:
5.0
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Bank Fees:
5.0
Pros:
- No monthly fees or required balances
- Personal deposit accounts offered
- Can open all accounts online
- Competitive interest rates on accounts
Cons:
- Only personal deposit accounts
- Not wide variety of accounts
- Outgoing wires have a high fee
- MMA has high opening balance and fee
What You Need to Know
Most Discover online bank accounts do not have monthly fees. They also do not have required balances to keep in the accounts. The online checking account, savings accounts, and CDs do not have a monthly fee. They are completely free. Only the money market account has a fee if your balance falls below $2,500.
Personal deposit accounts are available through Discover. They offer online savings, money market, and checking accounts. Their CDs range in terms from three months to ten years. Discover offers IRA CD terms as well as regular CDs.
These Discover accounts are entirely online accounts. Open the savings, money market accounts, and CDs online or by calling customer service. The checking account can only be opened online. Everything for these accounts is done online.
Discover accounts offer competitive interest rates. The rates for every account are much higher than your typical brick and mortar bank rates. The rates are competitive with other online accounts. The only account that has tiered interest rates is the money market account. The difference between the two-tiered rates is very small. Balances over $100,000 in the money market account earn a slightly higher rate. All balances earn competitive rates.
Discover Bank offers only personal deposit accounts. Those accounts include a savings, checking, and money market account, as well as CDs. Discover Bank does not offer any business accounts.
There is not a wide variety of personal deposit accounts offered through Discover. Discover offers one savings, one money market, and one checking account. No business accounts are available. CD terms range from three months to ten years.
One way to access your money in your Discover accounts is through a wire transfer. There is a fee to complete each wire. That fee is $30 for each outgoing wire sent from your Discover account. There is not a fee for domestic wire transfers received into Discover accounts. There may be a $20 fee for wire transfers received in a foreign currency.
The Discover money market account has a high opening required amount. That account requires $2,500 to open. There is a monthly fee of $10. Waive that fee by keeping $2,500 in the money market account.
Cool Things
Discover Cashback Bonus Debit Card
The Discover checking account comes with a cashback bonus program. Customers earn 1% cash back on debit card purchases of up to $3,000 each month. Earn the cashback bonus through transactions using your debit cards. ATM transactions, person-to-person payments, and other transactions may not apply. The rewards do not expire.
History
Discover started first with credit cards. The first card transaction was made in 1985 at a Sears store in Atlanta. It was not until 1986 that the Discover Card launched across the nation. In 1989, Discover signed its 1 millionth merchant to do business with. The DiscoverCard.com website launched in 1995.
In 2000, the Greenwood Trust Company, which Discover acquired in 1985, changed its name to Discover Bank. This is the companies only banking branch. In 2018, Discover introduced the cashback for checking account customers. Through this program, customers with checking accounts earn a percentage bank each month. Customers earn 1% back on up to $3,000 in purchases each month.
Discover Bank offers personal deposit online accounts. They offer credit cards, student, personal, and home equity loans.
Awards and Recognition
- Named one of NerdWallet’s Best Checking Accounts for 2018
- Named one of NerdWallet’s Best Savings Accounts for 2018
- Named one of NerdWallet’s Best Money Market Accounts for 2018
Giving Back
Discover works to give back to the communities they serve. They support Boys and Girls Clubs in many cities. They provide financial support for academic programs and resource. Employees volunteer at the clubs. They help with upgrades to the building as well as mentoring Club members. Discover also works with Junior Achievement. Volunteers teach programs focused on financial literacy and entrepreneurship.
Discover has an Employee Giving Program. Each year employees donate thousands of dollars to different charities. Discover matches their donations through the You Care, We Share Employee Program.
In 2018, Discover started the Discover College Commitment for their employees. Their employees earn a full-ride scholarship. This includes tuition, books, fees, and supplies for a bachelor’s degree to one of three online schools. The benefit has no tenure requirement for employees. Employees can start this program on the first day of their job.
Frequently Asked Questions
Yes. Discover Bank is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means money is backed by the full faith and credit of the United States government.
By ATM or debit cards, checks, or through electronic transfers. You can use online bill pay or send money through wire transfers.
Yes. With the mobile app, you can deposit checks, view account balances, and make transfers. You can pay bills and manage account alert preferences.
Only the money market account has a monthly fee. You are only charged the fee if your balance falls below $2,500. All other Discover accounts are free, with no monthly balance or required amount.
They offer personal deposit online accounts. There are no monthly fees or required amounts. The interest rates on Discover accounts are competitive and not tiered.
Discover provides the security required by federal law. Discover will time-out your online session after a set period of inactivity. They offer a $0 liability protection. You are not responsible for the unauthorized debit card, online, or mobile banking transactions. You must notify Discover immediately of fraudulent activity.
Yes. Discover interest rates are competitive with other online accounts. Only the money market account has tiered interest rates. The difference between the two rates is small.
No. Only personal deposit accounts are available through Discover. Those offered are checking, savings, and money market accounts, and CDs.
The account is entirely online. The interest rates for each of the accounts are much higher than typical brick and mortar bank rates.
The Discover checking account does not earn interest. Instead, you earn 1% cash back on purchases. You can earn that 1% for up to $3,000 in purchases each month.
By phone, email or mail. You can follow Discover on Facebook, Twitter, or LinkedIn.
Yes. Discover checking, and money market accounts offer free account bill pay.
You cannot mail cash to have deposited into your account. Deposit money by direct deposit, electronic transfers, ATMs, or by mailing in a check.
Most transfers are available the same day as the transfer. For large deposits or specialty checks, the first $200 is available the same day. The rest of the deposit is available the next business day.
Yes. Money can be directly deposited into Discover checking, savings, or money market accounts.
Bank Contact Information
Discover BankPO Box 30416
Salt Lake City, UT 84130
1-800-347-7000
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| Savings (Rate as of 11/21/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.