On This Page
On This Page
- At a glance
- Overall
- Discover Bank banking products
- Bank fees
- Customer experience
- About Discover Bank
- How Discover compares to other banks
- Discover Bank FAQs
- Review methodology
At a glance
4.7
Rating: 4.7 stars out of 5
Bankrate Score
CDs
Rating: 4.1 stars out of 5
Checking
Rating: 5 stars out of 5
Savings
Rating: 4.9 stars out of 5
MMA
Rating: 4.5 stars out of 5
About Bankrate Score
Overview
Discover Bank is a great option for consumers who want to manage their credit cards and bank accounts in one place. As an online-only bank without branches, consumers considering Discover should be comfortable banking solely online, though Discover provides a wide network of fee-free ATMs where you can get access to your cash. Of particular note is Discover’s cashback checking, which was named the overall best checking account in the 2023 Bankrate Awards.
Highlights
- High APY
- No Monthly Fees
- 24/7 Customer Service
Compare offers
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.35
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/17/2024
Rating: 4.9 stars out of 5
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min. balance for APY
Promoted offer:
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of3/17/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC.
Savings Account
5.25
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/17/2024
Bankrate Savings rating = 0/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer: No fees. Easy deposits and quick withdrawals.
Jenius Bank
Member FDIC.
Savings Account Details
5.25
%
APY
$0
Min balance for APY
Offer rate as of3/17/2024
Interest rate5.25%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
No fees. Easy deposits and quick withdrawals.
Member FDIC
Savings Account
5.10
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/17/2024
Rating: 4.7 stars out of 5
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer: 0 Monthly Acct Fees. No Balance Cap to Earn APY.
Texas Capital Bank, NA
Member FDIC
Savings Account Details
5.10
%
APY
$0
Min balance for APY
Offer rate as of3/17/2024
Interest rate4.97%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
0 Monthly Acct Fees. No Balance Cap to Earn APY.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.9
Rating: 4.9 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.35
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/17/2024
$1
Min. balance for APY
Promoted offer
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of3/17/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC.
Savings Account
0.0
Rating: 0 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.25
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/17/2024
$0
Min. balance for APY
Promoted offer: No fees. Easy deposits and quick withdrawals.
Jenius Bank
Member FDIC.
Savings Account Details
5.25
%
APY
$0
Min balance for APY
Offer rate as of3/17/2024
Interest rate5.25%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
No fees. Easy deposits and quick withdrawals.
Member FDIC
Savings Account
4.7
Rating: 4.7 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.10
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/17/2024
$0
Min. balance for APY
Promoted offer: 0 Monthly Acct Fees. No Balance Cap to Earn APY.
Texas Capital Bank, NA
Member FDIC
Savings Account Details
5.10
%
APY
$0
Min balance for APY
Offer rate as of3/17/2024
Interest rate4.97%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
0 Monthly Acct Fees. No Balance Cap to Earn APY.
Member FDIC
CD
4.9
Rating: 4.9 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.05
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/17/2024
$500
Minimum deposit
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.
Marcus by Goldman Sachs
Member FDIC
CD Details
5.05
%
APY
$500
Min. deposit
14mo
Term
Offer rate as of3/17/2024
Minimum deposit$500
Expires 4/17/24. APY may change before CD is opened & funded.
Member FDIC
CD
4.7
Rating: 4.7 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.05
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/17/2024
$0
Minimum deposit
Promoted offer
BMO Alto
Member FDIC
CD Details
5.05
%
APY
$0
Min. deposit
1yr
Term
Offer rate as of3/17/2024
Minimum deposit$0
Overall
Discover Bank is an online institution within a financial services company offering various banking products, including deposit accounts, credit cards, personal loans and student loans. Discover’s deposit accounts, particularly its savings products, offer competitive rates without the monthly fees, making them highly accessible to just about anyone.
Pros
Discover doesn’t charge fees on any of its deposit products.
The CDs, savings and money market accounts all pay competitive rates.
The bank offers a highly rated cash-back checking account.
Discover® Bank’s Cashback Debit account has a service that may help get your personal information off of certain websites.
Cons
The $2,500 minimum deposit for CDs and the money market account is steep.
Discover’s outgoing wire transfer fee is higher than what some other banks charge.
Discover maintains only one branch, so it’s not ideal for those who wish to bank in person.
Discover® Bank banking products
4.9
/5
Rating: 4.9 stars out of 5
See methodologyCompare savings rates
SCORE BREAKDOWN
APY offering:
4.30%
Rating: 5 stars out of 5
5/5
Minimum balance to earn interest:
$0.00
Rating: 5 stars out of 5
5/5
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Access to funds:
Good
Rating: 4 stars out of 5
4/5
FEATURES
4.25% APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of3/17/2024
$0 minimum deposit to open
Discover® Bank savings overview
The Discover® Online Savings Account offers a competitive yield. There's no minimum deposit required to open an account and no minimum balance requirement. The account doesn’t charge a monthly service fee either.
Account holders won't get access to an ATM card, but Discover® Bank offers free official bank checks and expedited delivery for them.
Pros
The savings account pays a competitive yield.
There’s no minimum opening deposit or balance requirements.
There’s no monthly service fee.
Cons
An ATM card isn’t available for Discover® Bank's online savings account.
There are higher annual percentage yields (APYs) available at other online banks.
-
See how rates for this account have changed over time.Interact with the trend lines to view APY by date.
Discover® Bank
APY
APY
National average APY
How do we get this data?
Discover® Bank savings rates
Date
Discover® Bank
APY
APY
National average APY
03/14/2024 4.25% 0.57% 03/12/2024 4.30% 0.57% 03/05/2024 4.30% 0.57% 02/27/2024 4.30% 0.58% 02/20/2024 4.30% 0.58% 02/13/2024 4.30% 0.58% 02/08/2024 4.30% 0.58% 02/06/2024 4.35% 0.58% 01/30/2024 4.35% 0.58% 01/23/2024 4.35% 0.58% 01/16/2024 4.35% 0.58% 01/09/2024 4.35% 0.58% 01/02/2024 4.35% 0.58% 12/26/2023 4.35% 0.57% 12/12/2023 4.35% 0.57% 12/05/2023 4.35% 0.57% 11/28/2023 4.35% 0.60% 11/21/2023 4.35% 0.60% 11/14/2023 4.35% 0.60% 11/07/2023 4.35% 0.60% 10/31/2023 4.35% 0.58% 10/27/2023 4.35% 0.58% 10/24/2023 4.30% 0.58% 10/17/2023 4.30% 0.58% 10/10/2023 4.30% 0.58% 10/03/2023 4.30% 0.58% 09/26/2023 4.30% 0.57% 09/19/2023 4.30% 0.57% 09/12/2023 4.30% 0.57% 09/05/2023 4.30% 0.57% 08/29/2023 4.30% 0.54% 08/22/2023 4.30% 0.54% 08/15/2023 4.30% 0.54% 08/08/2023 4.30% 0.54% 08/01/2023 4.30% 0.54% 07/27/2023 4.30% 0.54% 07/25/2023 4.15% 0.54% 07/18/2023 4.15% 0.54% 07/11/2023 4.15% 0.54% 07/10/2023 4.15% 0.54% 07/04/2023 4.15% 0.54% 06/27/2023 4.15% 0.49% 06/22/2023 4.15% 0.49% 06/20/2023 4.00% 0.49% 06/13/2023 4.00% 0.49% 06/09/2023 4.00% 0.49% 06/07/2023 4.00% 0.49% 06/06/2023 3.90% 0.49% 05/30/2023 3.90% 0.46% 05/23/2023 3.90% 0.46% 05/17/2023 3.90% 0.46% 05/16/2023 3.75% 0.46% 05/09/2023 3.75% 0.46% 05/02/2023 3.75% 0.46% 04/25/2023 3.75% 0.42% 04/18/2023 3.75% 0.42% 04/13/2023 3.75% 0.42% 03/17/2023 3.60% 0.39%
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.35
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/17/2024
Rating: 4.9 stars out of 5
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min balance for APY
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of3/17/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Promoted offer:
4.1
/5
Rating: 4.1 stars out of 5
See methodologyCompare CD rates
SCORE BREAKDOWN
APY offering:
4.70% - 1 yr
Rating: 4 stars out of 5
4/5
Minimum deposit:
$2,500.00
Rating: 3 stars out of 5
3/5
Range of term lengths:
3 mos – 5 yrs
Rating: 5 stars out of 5
5/5
Early withdrawal penalty:
Great
Rating: 5 stars out of 5
5/5
Offer no-penalty or bump-up CDs:
No
Rating: 0 stars out of 5
0/5
Offer IRA CDs:
Yes
Rating: 5 stars out of 5
5/5
FEATURES
2.00% – 4.70% APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of3/17/2024
$2,500 minimum deposit to open
3 months – 5 years
Discover® Bank CD overview
Discover® Bank offers 12 terms of traditional CDs that range from three months to 10 years, making it easy to build a CD ladder. Several of the CDs pay competitive yields. The minimum deposit to open a CD is $2,500.
The bank is very upfront with information about its early withdrawal penalties, which vary depending on the CD term. For example, the penalty for CDs maturing in one to four years is six months of simple interest.
Pros
Discover® CDs tend to pay competitive yields.
The wide range of terms available makes it easy to ladder CDs.
The bank makes it easy to find info about early withdrawal penalties.
Cons
The $2,500 minimum deposit requirement may be high for some people.
-
See how rates for this account have changed over time.Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
Discover® Bank
APY
APY
National average APY
How do we get this data?
Discover® Bank CD rates
Date
Discover® Bank
APY
APY
National average APY
03/12/2024 3.75% 1.43% 02/27/2024 3.75% 1.42% 02/20/2024 3.90% 1.42% 02/13/2024 3.90% 1.42% 02/06/2024 3.90% 1.42% 01/30/2024 4.00% 1.43% 01/23/2024 4.00% 1.43% 01/16/2024 4.00% 1.43% 01/09/2024 4.00% 1.43% 01/02/2024 4.00% 1.43% 12/26/2023 4.00% 1.43% 12/12/2023 4.00% 1.43% 12/05/2023 4.00% 1.43% 11/28/2023 4.00% 1.45% 11/21/2023 4.00% 1.45% 11/14/2023 4.00% 1.45% 11/07/2023 4.00% 1.45% 10/31/2023 4.00% 1.46% 10/24/2023 4.00% 1.46% 10/17/2023 4.00% 1.46% 10/10/2023 4.00% 1.46% 10/03/2023 4.00% 1.46% 09/26/2023 4.00% 1.43% 09/19/2023 4.00% 1.43% 09/12/2023 4.00% 1.43% 09/05/2023 4.00% 1.43% 08/29/2023 4.00% 1.38% 08/22/2023 4.00% 1.38% 08/15/2023 4.00% 1.38% 08/08/2023 4.00% 1.38% 08/01/2023 4.00% 1.38% 07/25/2023 4.00% 1.35% 07/18/2023 4.00% 1.35% 07/11/2023 4.00% 1.35% 07/04/2023 4.00% 1.35% 06/27/2023 4.00% 1.33% 06/20/2023 4.00% 1.33% 06/13/2023 4.00% 1.33% 06/06/2023 4.00% 1.33% 05/30/2023 4.00% 1.30% 05/23/2023 4.00% 1.30% 05/16/2023 4.10% 1.30% 05/09/2023 4.10% 1.30% 05/02/2023 4.10% 1.30% 04/25/2023 4.10% 1.29% 04/18/2023 4.10% 1.29%
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
CD
5.05
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/17/2024
Rating: 4.9 stars out of 5
Bankrate CD rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$500
Min. deposit
14mo
Term
Marcus by Goldman Sachs
Member FDIC
CD Details
5.05
%
APY
$500
Min. deposit
14mo
Term
Offer rate as of3/17/2024
Minimum deposit$500
Expires 4/17/24. APY may change before CD is opened & funded.
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Compare top money market rates
Discover® Bank money market overview
Customers will need to deposit at least $2,500 to open a Discover® money market account. It does pay a highly competitive interest rate that’s well above the national average.
The account also doesn’t have a monthly service fee.
A debit card is available in addition to free checks. Both your initial order and any check reorders are free. It's also possible to get free official bank checks and free expedited delivery on them.
Super savers benefit the most from the bank's money market account. A balance of $100,000 or more will earn you a slightly higher APY.
Pros
The money market account doesn’t have a monthly fee.
It pays an above-average interest rate.
It comes with check-writing privileges and the ability to get free checks.
Cons
The $2,500 minimum opening deposit may be steep for some people.
You need at least $100,000 to get the bank’s highest money market account yield.
5.0
Rating: 5 stars out of 5
Bankrate Score
Compare top checking rates
Discover® Bank checking overview
The Discover® Cashback Debit account is a good option for those who don’t want to jump through a lot of hoops to avoid fees. There’s no minimum deposit required to open an account and no minimum balance requirement. The account also doesn’t charge fees.
The account doesn’t earn interest, but Discover® Bank offsets that by offering 1 percent cash back on up to $3,000 in debit card purchases each month. Early direct deposit allows customers to get paid up to two days early.
This is currently the only checking option offered by Discover® Bank.
Discover® Bank has a network of 60,000 surcharge-free ATMs in the U.S. through the Allpoint and MoneyPass networks.
Pros
The checking account doesn’t charge fees.
Customers can earn cash back on debit card purchases each month.
Discover offers surcharge-free access to thousands of ATMs.
Those enrolled in direct deposit can receive paychecks up to two days early.
Cons
The Discover® Cashback Debit account doesn’t earn interest, which some competitors offer on their rewards checking accounts.
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Checking Account
0.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/17/2024
Rating: 4.9 stars out of 5
Bankrate Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
To open
$0
To avoid fees
SoFi
Member FDIC
Checking Account Details
0.50
%
APY
$0
To open
$0
To avoid fees
Offer rate as of3/17/2024
Minimum to avoid fees$0
Monthly fees$0
Overdraft/NSF fees$0
Out of network ATM fee$0
Has online accessYes
Compare more:Bankrate's best high-yield savings account offers
Bank fees
| Fee | Charged? | |
|---|---|---|
| Overdraft fee | None | |
| Non-sufficient funds fee | None | |
| Monthly maintenance fee | None | |
| Out-of-network ATM fee | None | |
| Excessive transaction fee | None |
Find out:Tips to avoid common bank fees
Customer experience
Customer support
24/7 support is available. As an online-only bank, Discover doesn’t have physical branches you can visit, except for one office in Delaware. But Discover customers can call the bank anytime to get help, no matter the account. The bank also monitors transactions and contacts customers if it detects suspicious activity.
High customer satisfaction. Discover Bank took first place in overall satisfaction among online-only banks for both its savings products, according to J.D. Power’s 2023 Direct Banking Satisfaction Study. It ranked second for its checking account, which was named the overall best checking account as part of the 2023 Bankrate Awards.
Digital experience
Highly rated mobile app. Discover’s app has been reviewed by more than four million users, receiving high marks on both the Apple App and Google Play stores. The app makes it a breeze to see the specs of your account, according to a Bankrate staff member with a Discover account. “In just a few seconds, I can see my current balance, current APY, interest rate, interest YTD, scheduled transactions and the number of limited transactions used in the current month.” You can easily schedule and manage automatic payments, set alerts and even find tax documents.
Mobile app limitations. Discover’s app doesn’t have a savings calculator for existing customers, so if you want to calculate savings potential, you’ll have to head to the website. Moreover, searching for previous transactions can be frustrating, as searches are limited to time frame and amount.
Email alerts. One of Discover’s best features is its “check out your new APY” emails, which are sent to customers after an interest rate hike. “Discover keeps me updated on how its high-yield savings account is maximizing my savings potential with this transparency,” said a Bankrate staff member who uses the account personally.
Complaints
FDIC action. In July 2023, the Federal Deposit Insurance Corp. issued a consent order to Discover Financial Services, which addressed shortcomings in Discover Bank’s compliance management system in connection with consumer protection laws. While the FDIC didn’t issue a fine, Discover agreed to audit and improve its consumer compliance infrastructure.
Bankrate staff insights
"I’m perfectly happy with my Discover savings account because I appreciate a company that offers a strong app in terms of ease of use, transparency and functionality," said a Bankrate staff member with a Discover account. "The email reminders are helpful because they remind me to check in on my savings progress every month or so, which keeps my savings account (and progress) top of mind. However, Discover’s calculator limitations make it harder for me to confidently know how APY changes impact my savings plans, but its app makes it easy to adjust my transfers when needed."
About Discover Bank
Discover Bank offers certificates of deposit (CDs), a money market account and a high-yield savings account. It has also become one of the largest credit card issuers in the country.
The Discover card made its debut in the mid-1980s when Sears, Roebuck & Co. still offered financial services. Sears’ bank, the Greenwood Trust Co., was later renamed Discover Bank in 2000. It is headquartered in Greenwood, Delaware.
How Discover compares to other banks
Discover Bank vs. American Express National Bank
Both Discover Bank and American Express National Bank are online banks that offer competitive APYs and low fees. However, Discover offers a money market account that pays a competitive yield, while American Express does not offer a money market account. Discover also offers a wider range of CD terms than American Express.
Learn more:Best online banks
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Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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