Discover Bank launched nationally in 1986 with the Discover Card. Since its founding, Discover has expanded from a credit card issuer to an online bank, offering a wide range of credit cards, including points credit cards, credit-building credit cards, and no-fee credit cards. We also offer several online bank accounts, including cash-back checking accounts, high-yield savings accounts, certificates of deposit (CDs), money market accounts (MMA), and retirement accounts.
Products offered by Discover
Discover currently offers the following products and account options:
credit card
Discover may be best known for its credit card products. Its product menu includes credit cards for almost every type of customer. We offer cash back credit cards, air travel credit cards, low interest credit cards, balance transfer credit cards, college credit cards, no annual fee cards, and credit building cards.
Discover cashback debit accounts
With Discover's online checking account, customers can earn 1% cash back on up to $3,000 in monthly debit card purchases. This account also offers early paycheck access and fee-free overdraft protection with no monthly fees, minimum balance requirements, or insufficient funds fees.
online savings account
Discover's high-yield savings accounts currently offer annual percentage yields (APY) of well over 4% with no monthly fees or minimum opening deposits. Interest on your balance will be accrued daily and paid monthly.
money market account
Discover's MMA offers a 4%+ APY on balances under $100,000 and a slightly higher APY on balances over $100,000. The minimum deposit to open an account is $2,500, but there are no minimum balances or account-related fees.
certificate of deposit
Discover's CDs come in a wide range of terms, from 3 months to 10 years. These accounts require a minimum opening deposit of $2,500. There are no monthly fees associated with this account, but early withdrawals from a CD may result in an early withdrawal penalty of up to 24 months of simple interest, depending on the term of the CD.
retirement account
Discover offers tax-advantaged online savings accounts and CDs for retirement savers. These accounts do not charge monthly maintenance fees and require no minimum deposit.
personal loan
Discover offers personal loans of up to $40,000 with interest rates ranging from 7.99% to 24.99% per annum, no prepayment fees or prepayment penalties, and terms of 3 to 7 years.
home equity loan
Home equity loans from Discover let you borrow against the equity you've built in your home to improve your home, consolidate debt, finance large expenses, and more. The interest rates on these loans are fixed and range from 7.99% to 13.99% per annum. Loan amounts range from $35,000 to $300,000 with repayment terms up to 30 years. These loans have no application fees, origination fees, appraisal fees, or closing costs.
mortgage refinancing
Discover's mortgage refinance allows homeowners to take advantage of a better rate on their existing mortgage with fixed interest rates ranging from 6.49% to 11.06% APR. This type of mortgage has no application fees, appraisal fees, origination fees, or closing costs.
account fee
Here are details on the account fees that Discover customers can expect to pay.
Basic fees for current account: $0
Basic savings account fees: $0
Overdraft fee: $0
ATM fees: $0
Remittance fee: $30
Discover Bank Advantages and Disadvantages
Customers should be aware of some key pros and cons before making a banking transaction with Discover.
Discover banking professionals
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No account fees or overdraft fees: Discover doesn't charge monthly maintenance fees or overdraft fees for your online bank account. There's also no minimum balance required to avoid fees.
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Large ATM network: Discover customers can withdraw cash from a network of over 415,000 ATMs and have free access to over 60,000 ATMs. If ATM access is important to you, this can be a great perk.
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cashback checking account: Customers can use Discover's free checking account to instantly earn cash back rewards on regular purchases.
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Multi-factor authentication and suspicious activity alerts: Discover has safeguards in place to help customers protect themselves through fraud monitoring, fraud protection when making debit card purchases, and multi-factor account verification.
Discover the weaknesses of banks
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CD and MMA start deposits are higher: Discover offers competitive CD rates and money market APYs, but customers must have at least $2,500 to open a CD or MMA with Discover.
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Out-of-network ATM fees are not refundable: Although Discover does not charge fees for using in-network ATMs, the bank has made it clear that there may be a fee for using out-of-network ATMs and does not mention ATM refunds. I have not.
Discover Bank Customer Support and Mobile Banking Experience
Online Banking customers can contact customer service representatives by phone or email 24 hours a day, 365 days a year. It also offers a live chat feature that customers can use to send messages to agents.
Discover's mobile app is available on the App Store and Google Play for Apple and Android users. This app has a rating of 4.9 and 4.5 respectively. Key features of the app include mobile check deposits, ATM locator tools, online bill payments, debit card lock functionality, and more.
Learn about Discover Bank's social and environmental impact
Discover outlines its environmental and social goals on its website, including reducing Scope 1 and Scope 2 greenhouse gas (GHG) emissions by 50% from 2017 baselines by 2030. Includes reducing.
In terms of social impact, Discover aims to increase its impact on local economies by creating 2,000 jobs and returning more than $530 million to the communities it serves by 2025. That's what I'm aiming for. He has also committed to contributing $125 million to diversity initiatives in business by 2025. .
Discover reports that in 2022 alone, $103 million was spent on diversely owned companies, a 27% increase from 2021.
FAQ
Is Discover Bank a real bank?
Yes, Discover Bank is an official FDIC-insured online bank owned and operated by Discover Financial Services.
How do I deposit money into my Discover Bank online checking account?
There are several options for depositing money into your online checking account.
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Online transfers from external bank accounts to Discover debit accounts.
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Setting up direct deposit allows your employer to deposit some or all of your paycheck into your Discover account each payday.
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Deposit your check via Discover's mobile app.
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Mail your check to Discover Bank with your account number in the memo field.
Does Discover Bank accept Zelle?
Discover account holders can use Zelle to send and receive money at no additional charge. To use Zelle, your account must be a registered checking, savings, or MMA that was opened at least 90 days ago.
