Most Popular Accounts
About the Bank
Though it doesn’t land a spot in the list of the nation’s 10 largest banks, Discover Bank is a growing brand. While the Discover name may be more frequently associated with its credit card products, customers can also turn to it as an online banking option.
Discover Bank’s product line includes checking accounts, a high-yield savings account, money market accounts, personal loans, certificates of deposit and IRA CDs. That’s comparable to what traditional banks offer, and it’s more extensive than what you may find at other online banks, which may limit themselves to savings or CD accounts.
As an online bank, Discover Bank is able to pass on lower overhead costs to customers through perks like cash back checking and higher interest yields on savings, money market and CD accounts. With cash back checking, customers earn cash rewards on up to the first $3,000 in debit card purchases each month, without any monthly maintenance fee or minimum balance requirement.
The online savings account boasts an annual percentage yield that’s five times higher than the national average. The same APY applies to all balances, so you can get a great rate whether you’re saving a lot of money, or just a little. Once again, there are no monthly maintenance fees or minimum balance requirements. Income wire transfers to a high yield savings account are also fee-free and there’s no fee for deposited items that are returned.
If you want to combine savings with debit card or check access, you might consider a Discover Bank money market account instead. This account offers a tiered APY, based on your account balance. Compared to the high yield savings account, the rate is slightly lower but having check and debit card access could outweigh that for some savers.
You can use your debit card to make purchases directly from your account, or get cash at one of more than 60,000 no-fee ATMs. Discover Bank has one of the largest no-fee ATM networks, rivaling a number of its online banking competitors for access. In addition to ATMs, you can easily check your balances, make transfers or schedule bill payments via the Discover Bank mobile app.
CD savers enjoy the flexibility of being able to choose CD terms ranging from three months to 10 years as they work towards their financial goals. The rates for CDs are tiered, based on the term you choose. The 10-year CD bears the highest APY, well above what the high yield savings account offers, and you can begin saving in a Discover Bank CD with as little as $2,500.
The same rates that apply to regular CDs also apply to Discover Bank IRA CDs. The minimum deposit for IRA CDs is also $2,500. These CDs are designed for retirement savers and you can choose between Roth and traditional options. All Discover Bank CDs renew automatically, for streamlined and continuous saving.
Discover Bank Fees
- National Average
- Monthly Inactivity N/A $6
- Non-Sufficient Fund (Overdraft) $30 $30
- Stop Payment item $15 $27
- Return Deposit $15 $13
- Domestic Wire Transfer (Outbound) $30 $22
- Domestic Wire Transfer (Inbound) $0 $10
No Fee, No Refund $1.0
Latest Customer Reviews
Reviewed By gravespr Feb 13, 2018
Transfer from one Chase to Discover
Transfer took place after and still had to wait four days for Discover to post it. I hope they made enough interest on my money to cover the loss of my business with them as I am done.Thank you for your feedback Is this review helpful?
Reviewed By rojuko Dec 21, 2017
Avoid - Deceptive Practices
Avoid - Discover Banks deposit gathering program is unfair and their employees are engaged in delay tactics to avoid having to pay out advertised promotional offers. My experience was that there were many gaps in what was promised and what was delivered in terms of emails and returned calls. This led to delays in my making the deposit. I believe that some of the delays were intentional. Based on the conversations that I have had with employees up and down the organization at Discover Bank, I also believe that this is a systemic issue and my case is not an isolated incident. I even emailed the CEO (firstname.lastname@example.org) and he just pawned me off to someone who never followed up. There is an anti-customer culture at this Bank. I think it is another Wells Fargo type of situation and as a result, I have reported them to the FDIC (John Vogel, Regional Director, 350 Fifth Ave, Suite 1200, NY, NY 10118) and filed a complaint with the CFPB (www.consumerfinance.gov/complaint/). You should do the same if you had this same experience.Thank you for your feedback Is this review helpful?
Reviewed By channansingh8 Dec 10, 2017
please tell the truth
hi i am a customer with discover bank and ever since i tried to be a customer with discover bank . i was always told a very different story about my account so i had to close my account because too many different stories about my account . so i opened up a ira . and not even one year i had to close my account because . some people do not know . the right answer to my question . i was told by a manager we will not charge you an early account close fee but they did it any way so now i have to fight . i do not trust discover bank i am treated like a criminal too much bull most people do work for the bank but have no idea what the hell they are doingThank you for your feedback Is this review helpful?