Bankrate does not endorse or recommend any companies. FDIC insures your deposits up to $250,000. If you're looking for a financial institution that offers a full suite of products and services (i.e., credit cards, mortgages, personal loans, and wealth management), you might be better off looking elsewhere. available products. It’s easy to calculate on the bank's website how much interest you’ll earn based on your initial deposit. Some ATMs have limited hours and/or restricted access. Discover Bank Details. Discover Bank. All Rights Reserved. 2545 reviews TrustIndex: 2.2/10 verified business. But their personal loans shouldn’t be overlooked. Twitter Best Money Market Account rates deals promotions. The Discover high-yield savings account is among the best in its online class. Discover Bank was first mentioned on PissedConsumer on Jun 12, 2014 and since then this brand received 245 reviews. Accessed Nov. 25, 2020. "Deposit Account Agreement," Page 1. Likewise, if you like to do your banking in person, Discover Online Banking probably isn't for you. Pros : Cons: 1% cash back on debit card purchases: No physical branches: Free standard checks: Can’t deposit cash, even at partner ATMs: No account fees : $510 daily ATM withdrawal limit : 60,000+ surcharge-free ATMs: Harder to withdraw cash outside the U.S. It … Discover offers both an Individual Retirement Account CD and an IRA Savings Account. Is Discover Bank Safe? Discover. Accessed Sept. 3, 2020. It may take up to two business days to access mobile check deposits greater than $200. "Weekly National Rates and Rate Caps - Weekly Update." This website is an independent, advertising-supported comparison service. $0. "Discover It® Cash Back Credit Card." "Discover Card Help Center." Discover lets you deposit paper checks via its mobile banking app, or by mail to a Salt Lake City processing center., Like the checking account, Discover Savings Account doesn't require any minimum to open or maintain the account. With no-fee bank accounts and a massive ATM network, Discover is worth a look. "ATM Locator." Discover offers a wide range of banking products - including checking, savings, CDs, and more. (113) Leave a Review. Quick Summary. Bankrate does not endorse or recommend any companies. Discover Bank - Read unbiased reviews of Discover Bank, rated 2.3 out of 5 stars by 198 users "Discover Bank offers a broad range of products, including checking and savings accounts, money market accounts, and CDs with maturity dates between three months and 10 years." However, Discover Online Banking's options are limited to the bare bones of banks: checking, savings, certificates of deposits, and money market accounts. They also provide the added benefit of free checks. The best high-yield savings and checking account offered by a big bank CNBC Select reviews the Discover Online Savings Account so you can decide if … CDs usually earn a higher interest rate than a standard savings or checking account. How much you’ll get dinged depends on the term of the CD:. Keep reading to learn the benefits and drawbacks of the Discover savings account. Discover Bank ranks 95 of 691 in Banks category. Discover. "Contact Us." Discover Bank Checking Account. Table of … As with the credit cards, the products listed below are technically offered not through Online Banking, but since they are part of Discover Financial Services, the parent company, we list them here as a service. Virtually, a digital institution, it operates online, through its app and via a vast network of more than 60,000 ATMs. We publish unbiased product reviews… Pros. 0% APY. This allows Discover to offer no minimum deposit and a high APY on its Online Savings Account. Minimum deposit needed to open account is higher than it is at some online banks offering higher yields. "Federal Reserve Board Announces Interim Final Rule to Delete the Six-Per-Month Limit on Convenient Transfers from the "Savings Deposit" Definition in Regulation D." Accessed Sept. 3, 2020. The Discover checking account also carries no fees to freeze your debit card, get an official bank check, expedite the delivery of your debit card, make an outbound ACH transfer or get a paper copy of a check or deposit item. If you have a credit card, you can get "super-charged" cash back at more than 200 retailers. No minimum deposit and no transaction fees. No matter what you do - you will not get your query resolved. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Discover. Accessed Sept. 3, 2020. None of their credit cards charge an annual fee, making their lucrative rewards programs even more impactful. Accessed Sept. 3, 2020. J.D. Min. 1% cash back on up to $3,000 in debit card purchases each month Opens modal dialog Amanda Dixon is a senior banking reporter for Bankrate. Discover’s credit cards have a lot to offer as well. Yields are competitive but low compared with what other online banks offer. The customer service is a shock - and the escalation process does not work. Online bank with high yield savings and deposit products; Great online checking account; Clear fee schedule with first fee waived each calendar year; OPEN AN ACCOUNT. Its online and mobile banking has all the necessary features to access and manage your account, and it boasts a large ATM network that limits ATM fees. But Discover didn’t stop with credit cards. , While there’s no ongoing minimum required to maintain a Discover Money Market account, you’ll need at least $2,500 minimum to open it. "Discover it® Chrome Gas & Restaurants." @AMANDAADIXON. Accessed Sept. 3, 2020. Discover Bank is a great option for consumers hoping to manage their credit cards and bank accounts in one place. Accessed Sept. 3, 2020. Discover Bank Review: Discover Online Checking Account. Our experts continually research, review, and rate banks to help you objectively compare and choose financial institutions to fit your needs. Accessed Sept. 3, 2020. Pros and Cons; Company Overview; Pros and Cons. (I set up the account at 11:00pm on a Sunday and had no problem getting a hold of a rep to answer my questions.) The Discover Bank Money Market account offers 0.40% APY on your funds if you have a balance over $100,000. An ATM card isn’t available for Discover Bank's online savings account. Opening an Online Bank account is a simple and straightforward process. There are higher savings APYs available at other banks. The debit card can be used for ATM withdrawals. Are checking accounts from Discover Bank federally insured? You can also read our community reviews and hear what The company's customer reps are friendly and knowledgable, but it's not the same as developing a relationship with the personnel at a physical branch. If you’d like an easy online bank to work with that also offers a wide range of services such as credit cards, student loans, and CDs, then Discover Bank might be right up your alley. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. Accessed Nov. 25, 2020. 24/7 account access. Discover Personal Loan Review Highlights: • Discover personal loan rates: 6.99% to 24.99% • Origination fee: $0 • Late fee: $39 • Processing timeline: 2- 10 business days • Discover personal loan requirements: 660 credit score, $25,000 annual income, SSN. Discover Bank ranks high in almost all customer experience categories. Discover. Open an Account . Discover Bank Cashback Checking is offered by Discover Bank, a bank founded in 1985 and based in Greenwood, DE. TRUST INDEX RATING. If you prefer to do at least some of your banking in person, this online option isn’t your best fit. Discover Bank is usually associated with its credit card, but for those that dig a bit deeper, there's a great bank to use here. What Is Discover Bank? Cash it in: Redeem your cash back reward for cash to your account. Accessed Sept. 3, 2020. /static/img/industries/icons/banking-icon.jpg. The 1% cash-back reward strictly applies to purchases, though. "Federal Deposit Insurance Corporation and Consumer Financial Protection Bureau Order Discover to Pay $200 Million Consumer Refund for Deceptive Marketing." N/A. Discover doesn’t disclose many borrower requirements, but according to the lender, it reviews credit history, recent credit activities and credit inquiries when evaluating an application. No one has contacted me despite some "AJ" having promised. Originally from the metro Atlanta area, she's a University of Georgia alum. Accessed Sept. 3, 2020. If you’re looking for an online bank with more As of November 25, 2020, the annual percentage yield (APY) is 0.50%, which is higher than the average national savings rate of 0.05%., Discover Bank’s no-fees features apply here too: The account is free of no monthly maintenance or insufficient funds charges. Charge to use primary sources to support their work Discover high-yield savings, CDs, checking money! Of Greenwood, DE expedited delivery of that official Bank checks or excessive withdrawals and minimum. Its own shopping portal, which you can earn more money banking products that can actively in. How, where and in what order products appear – competitive rates.! Banking should be a good option if you have a lot to offer as well Services—the company for. 200 retailers waive a monthly maintenance fee be used for everyday purchases writer Last:! 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