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Discover Bank vs Relay

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to Relay? Read our comparison chart below.

Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms and have a minimum deposit of $2,500. There are no service fees.

While Relay lets you open up to 20 individual business checking accounts and 50 debit cards at no extra charge. There's also free cash deposits and free mailed checks through the app. There's no monthly fee.

Compare Discover Bank with Relay, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 Discover BankRelay
 Visit SiteVisit Site
 

Discover Bank

Relay

SPECIAL OFFER
Discover Online Savings - $200 Cash Bonus - Learn More

Read Discover Bank Review

SPECIAL OFFER
No-Fee Business Checking - Learn More

Read Relay Review

 

Benefits and Features

Savings
3.30% APY
No savings features
CD2.00% to 4.30% APY. Terms of 3 months to 10 years. $2,500 minimum 
CheckingCashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for detailsUp to 20 individual business checking accounts; no monthly fees; no overdraft fees
Money Market3.20% APY under $100,000; 3.25% APY $100,000 or more. $2,500 minimum deposit. 
APY 
N/A
Customer Service
24/7
Phone: Monday - Friday, 9 am - 5 pm ET; Email: Everyday
Minimum Deposit to Open 
$0
ACH Transfer Fee 
$0
ATMs
Over 60,000 no-fee ATMs
55,000+ AllPoint ATMs
Balance Requirement 
None
Cash Deposit Fee $0 for cash deposits at Allpoint ATMs
Incoming Wire Transfer Fee 
$0
IRA CD12-month CD APY of 4.25%. 24-month CD APY of 4.30%. 5-year CD APY of 4.30%. 
Locations
Online Only
Online only
Out of Network ATM Fee 
Fee from ATM owner
Outgoing Wire Transfer Fee $5 for domestic; $10 for international
Overdraft Fee 
$0
Monthly Fee 
$0
 

CreditDonkey® Reviews

 Discover BankRelay
SavingsStarStarStarStarHalf Star
CheckingStarStarStarStarEmpty StarStarStarStarStarStar
Money MarketStarStarStarStarHalf Star
Customer ServiceStarStarStarStarStarStarStarStarStarEmpty Star
Mobile AppStarStarStarStarStarStarStarStarStarHalf Star
FeesStarStarStarStarStar
Pros & ConsPros:
  • High yield
  • No fees
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Pros:
  • Up to 20 checking accounts
  • Up to 50 debit cards
  • $0 monthly fee
Cons:
  • No interest
  • No paper checks
Bottom LineSolid online bank with high APY rates and good customer service... Read full reviewOne of the best online business banking accounts for large teams... Read full review
 Visit SiteVisit Site

No-Fee Business Checking

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Discover Bank: Pricing information and data points from published website as of 11/10/2022

Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 3/15/2023
Discover Bank
Member FDIC

Discover Online Savings - $150 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 3/15/2023
Discover Bank
Member FDIC

Online Savings Account - Earn 3.30% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
Relay

No-Fee Business Checking

  • $0 monthly service fee
  • $0 minimum opening deposit
  • Open up to 20 individual business checking accounts
  • Issue up to 50 Mastercard┬« debit cards to your team
Banking services provided by Evolve Bank & Trust; Member FDIC.

Which is Better: Discover Bank or Relay?

Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Discover Bank or Chase.

In short: Discover Bank's customer service is outstanding. Relay's checking is excellent.


Articles on Discover Bank

Discover Bank

Discover offers high interest rates on its online savings and CD accounts. But there are downsides. Here's what you need to know before you open an account.

Discover Savings Review

Discover Bank online savings account offers a high interest rates and no monthly fees. But is it the right place for your money? Read on to find out, plus the best way to open an account.

Discover CD Review

Discover Bank's CD account offers high rates and no hidden fees. But is the term worth it? Read this review before you open a CD.

Is Discover a Good Bank

Discover Bank promises great rates and no fees. But is it actually a good and safe bank? Find out if it is a real and legit bank.

Is Discover Savings Worth It

Looking for a better place to keep your money safe? Find out if a Discover Online Savings Account is worth it for you.

Discover Savings Bonus

You could earn $150 or $200 when you open a Discover Online Savings Account. Find out how to qualify for this Discover Bank promotion.

Articles on Relay

Relay Financial Review

Relay Financial offers online banking services for businesses. Yes, it is free. But, is it the right platform for you? Find out.

Which Do You Think is Best?





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