Discover Checking Account Requirements
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Discover® checking account offers no monthly fees and a rewarding cashback program. Here's what you need to open an account today.
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The Discover® Cashback Debit boasts $0 monthly fees and no minimum balance. You can also earn a 1% cashback on up to $3,000 in purchases each month. See website for details.
With all these attractive features, it is no surprise that many are curious about it. Luckily, it doesn't take much to get your own Discover® Checking account.
Read on to know all the requirements to open one and other essential details.
Online Checking Account - Earn Cash Back
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: 60,000+ Allpoint or MoneyPass ATMs
- Perks: 1% cashback on up to $3,000 in purchases each month. See website for details
What Do You Need to Open a Discover® Checking Account?
Once you've established that you're eligible to open a Discover checking account, you can start preparing the information and documents you may need to show.
They typically ask for the following:
- Personal Information (e.g., name, date of birth)
- Contact Information (e.g., email, phone number, residential address)
- Social Security Number (SSN) or Employer Identification Number (EIN)
- Government ID (e.g., driver's license or state ID card)
You can prepare your preferred funding method and chosen deposit amount beforehand as well.
Discover® Cashback Checking – Up to $30/Month Cashback
Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.
Who is Eligible to Open an Account?
In order to open a Discover® Checking account, you must meet the following criteria:
- Must be a U.S. citizen, U.S. resident alien, or other U.S. person
- Be at least 18 years old (21 years old if you live in Delaware[1])
- Have a valid SSN or EIN and a valid residential U.S. address
- Must not have foreign tax status (e.g. W-8 filing status[2])
If you meet all the requirements above, you're one step closer to opening your own free checking account.
Are There Limitations to Opening an Account?
Yes, there is. You cannot own more than one Discover® Cashback Debit account. That's either as an individual or as a joint owner.
If you already have an account or two prior to March 20, 2022, and want to open a new one today, unfortunately, that is no longer allowed.[3]
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Rewards Checking - Up to 3.30% APY
- Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!†
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
Discover® Checking Account Fees
On top of having no minimum balance requirement, the Discover Checking account has no monthly fees as well. Here's the full list of fees and charges you get to avoid:
- $0 monthly fees
- $0 charges for insufficient funds
- $0 for official bank checks
- $0 for debit card replacements
- $0 for check reorders
Is it Hard to Open a Discover® Checking Account?
Opening a Discover® checking account is simple and easy. Since Discover® Bank is an online bank, most people can apply through their website, making it quite accessible.
As long as you meet the eligibility criteria and have all the required information, opening a Discover checking account should be a painless process.
However, it would be good to note that Discover reportedly uses the ChexSystems. This could affect the approval or denial of your account application because they'll see records of your banking history.
How to Open a Discover® Checking Account?
You can easily open an account from the comfort of your own home. Here's how to do it through their website:
- Go to the Discover Cashback Debit page and select Open a Checking Account.
- Fill out the application form with the necessary information.
- Fund your account.
If your new Discover Cashback Debit account does not receive a deposit within 45 days of opening, the account will close, and you need to complete a new application.[4]
Should You Get a Discover® Checking Account?
If you're a frequent debit card user, then Discover® Cashback Debit account might be a good fit for you. Specifically, if you use your checking account or debit card for most of your spending.
You can take advantage of the 1% cashback on up to $3,000 of your purchases monthly ($360 per year). You can also avoid all those pesky fees and charges–except for a $30 service charge for outgoing wire transfers.[5]
If these sound good to you, and you happen to be eligible to open an account, you can consider getting a Discover Cashback Debit account.
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
Bottom Line
Opening a Discover checking account is easy enough for most people. As long as you meet the eligibility requirements and have all the necessary documents, you shouldn't encounter any problems.
If you're not sure about a requirement or criteria, try to read through the fine print or call Discover's customer service for help.
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
Rewards Checking - Up to 3.30% APY
- Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!†
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
Free Rewards Checking
- Earn up to 5.00% APY*
- Unlimited reimbursement for any and all ATM fees**
- Over 30,000 ATMs & over 5,000 shared branches
- No monthly maintenance fees
- No minimum balance
Key Smart Checking® - $200 Bonus
- Open a Key Smart Checking® account online by July 19, 2024.
- Make the minimum opening deposit of $10, plus one direct deposit of at least $500 within the first 60 days of account opening.
- Your $200 cash bonus will be deposited into your account within 90 days of meeting requirements. Account must not be closed or restricted during the time of promotional period.
High Yield Checking - Up to 7% APY
- Earn 7% APY on average daily balances up to $10,000 and .50% on balances above $10,000.
- No minimum balance required but does require a minimum funded amount of $25.
- No monthly account fee
Rewards Checking Plus - Up to 2% Cash Back
- Up to 2% cash back on purchases.
- No monthly fees
- Get paid up to 2 days early.
- Maximize your rewards with direct deposit.
Fifth Third Momentum® Checking - $200 Bonus
Open an eligible Fifth Third checking account. Make direct deposits totaling $500 or more within 90 days of account opening to qualify for bonus. The cash bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements.
References
- ^ The Delaware Code Online. Fiduciary Relations, Retrieved 08/30/2023
- ^ IRS. Instructions for Form W-8BEN (10/2021), Retrieved 08/30/2023
- ^ Discover Bank. Opening an Account: How many Cashback Debit accounts can I have?, Retrieved 11/02/2023
- ^ Discover Bank. About Your Account: How long do I have to fund my Cashback Debit Account?, Retrieved 11/02/2023
- ^ Discover Bank. The Basics: Is there a service charge for sending a wire transfer?, Retrieved 11/02/2023
Write to Rue Atanacio at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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