Who Owns Discover
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You've probably heard of Discover credit cards, but what exactly is Discover® Bank? Is it a legitimate bank? Read on for all the details.
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Discover® Bank is an online bank with headquarters in the U.S. They are primarily known for their credit cards, but they do have a selection of deposit products too.
Because it is online, all transactions can only be done via the bank's website, the Discover Mobile App, or on the phone. But, you can expect fewer fees and charges compared to the typical brick-and-mortar bank.
Who Owns Discover® Bank?
Discover® Bank is a subsidiary bank of Discover Financial Services–a digital banking and payment services company based in Delaware.
Discover Financial Services is a bank holding company regulated by the Federal Reserve and one of the top 50 largest in the U.S. with $138 billion in assets [1].
No. Discover® Bank is online only and does not have physical branches. But they do have a wide network of over 60,000 fee-free ATMs in the U.S if you ever need to withdraw money from your account.
Is Discover® Bank Real?
Yes, Discover Bank is a legit bank based in Greenwood, Delaware, with a history going as far back as 1911. They are regulated and insured by the Federal Deposit Insurance Corporation (FDIC #5649). Discover Financial Services owns the bank.
Discover Bank operates as an online-only bank, offering their services through online and mobile banking platforms. But, they are subject to the same legal regulations as any traditional bank.
What is Discover® Bank known for?
Discover is famous for their Discover-branded credit cards which they first launched nationally in 1986. But they do have other deposit and loan products available, including a savings account, checking account, CDs, and personal loans.
In 1985, Discover acquired Greenwood Trust Company which allowed their foray into other banking products. Greenwood Trust Company was incorporated in 1911 and was renamed to Discover Bank in 2000.
Discover's credit cards, deposits, and loans are offered through Discover Bank today.[2]
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Is Discover® Bank Safe?
Yes, it is. Your money is perfectly safe with Discover Bank as it is covered by FDIC insurance.[3] Your deposits are protected up to $250,000 per depositor, per ownership category.
Thus, in the unlikely event that the bank fails, you can rest easy knowing that you won't lose your savings.
Is Discover a Good Bank?
Discover is a good option if you're looking for an online-only bank. They offer a variety of banking products and services with competitive rates and features. You can also get access to their secure online website and mobile app for a seamless banking experience wherever you are.[4]
How to Reach Discover® Bank?
You can do your banking at Discover anytime by logging into your Discover Account Center, or on their Discover Mobile App available for iOS and Android.
Note that you need to be registered on the Discover Account Center to use the app.
If you need to speak to a representative, you can call their 24/7 customer support lines, depending on your concern. For phone banking or opening a new account, you can call 1-800-347-7000.
For instances where you need to send a physical letter or a check, Discover also has designated PO Boxes you can write to.
What Is Discover Bank's Routing Number?
Discover Bank has two routing numbers.[5] For direct deposits and electronic transfers via ACH and domestic wire transfers from other banks in the U.S., it is 031100649.
For international wire transfers from banks outside the U.S., the routing number is 043000261.
Discover® Bank Products
Discover Bank has a selection of deposit accounts available, including a rewards checking account and CDs with some competitive rates. Here's a list of what they offer.
- Discover® Cashback Debit
- Discover® Online Savings Account
- Discover® Certificate of Deposit
- Discover® Money Market Account
- Discover IRA Certificate of Deposits
- Discover IRA Savings Account
You can open any of these accounts online through their website or you can call Discover at 1-800-347-7000.
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
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.
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.
Certificate of Deposit
- 4.70% APY for 12-month term
- 4.40% APY for 18-month term
- 3.75% APY for 36-month term
- 3.75% APY for 5-year term
Money Market Account
- Earn 4.00% APY for balances under $100,000
- Earn 4.05% APY for balances $100,000 and over
Discover® CD Rates
- $2,500 minimum opening deposit
- No fees
- FDIC insured
| Term | CD Rates |
|---|---|
| 3 Months | 2.00% APY |
| 6 Months | 4.25% APY |
| 9 Months | 4.25% APY |
| 1 Year | 4.70% APY |
| 1.5 Years | 4.40% APY |
| 2 Years | 4.00% APY |
| 2.5 Years | 3.75% APY |
| 3 Years | 3.75% APY |
| 4 Years | 3.75% APY |
| 5 Years | 3.75% APY |
| 7 Years | 3.75% APY |
| 10 Years | 3.75% APY |
- Western Alliance Bank:
High-Yield Savings Premier - 5.36% APY - CIT Bank Platinum Savings:
5.05% APY - UFB Secure Savings:
Earn up to 5.25% APY - CloudBank 24/7:
High Yield Savings Account - 5.24% APY - Customers Bank:
High-Yield Savings Account - 5.11% APY - Nelnet Bank:
High-Yield Savings Account - 5.22% APY - RBMAX:
High-Yield Savings Account - 5.15% APY - Mission Valley Bank:
High Yield Savings Account - 5.12% APY - Quontic:
High Yield Savings - 4.50% APY - Adda Bank:
High Yield Savings Account - 4.90% APY
Bottom Line
Discover Bank is an online bank that offers some impressive deposit products with attractive perks and relatively high APY.
If you're looking for an online bank, Discover is one that you can consider for your spending and savings needs.
High-Yield Savings Premier - 5.36% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
UFB Secure Savings - Earn up to 5.25% APY
- Earn up to 5.25% APY*
- No monthly maintenance fees
- No minimum deposit required to open an account
- Access your funds 24/7 with easy-to-use digital banking tools
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
High Yield Savings Account - 5.24% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- Deposits are FDIC insured through Third Coast Bank SSB
High-Yield Savings Account - 5.11% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- FDIC insured
References
- ^ National Information Center. Large Holding Companies, Retrieved 09/25/2023
- ^ Discover. Our History, Retrieved 10/26/2023
- ^ FDIC. Discover Bank, Retrieved 11/19/2023
- ^ Discover. Security Center, Retrieved 10/18/2023
- ^ Discover. The Basics: What is the Discover Bank Routing Number?, Retrieved 11/19/2023
Online Savings Account - Earn 4.25% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America Advantage Banking - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 5/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
U.S. Bank Smartly® Checking and Standard Savings - Up to $700 Bonus
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $3,000 to $4,999.99 to earn $100, $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $15,000 or more by July 17, 2024
- Maintain that balance until October 31, 2024
Offer may not be available if you live outside of the U.S. Bank footprint or are not an existing client of U.S. Bank or State Farm.
CIT Bank Platinum Savings - 5.05% APY
- 5.05% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Write to Rue Atanacio at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
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