Discover Bank Promotions
Read our in-depth review of Discover Bank to see why Discover Bank scored 4.6 stars out of 5. We like their high yield, no fees, and 24/7 customer service.
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 CY223 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 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Online Savings Account - Earn 3.90% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Certificate of Deposit
- 4.75% APY for 12-month term
- 4.30% APY for 36-month term
- 4.00% APY for 5-year term
Money Market Account
- Earn 3.80% APY for balances under $100,000
- Earn 3.85% 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 | 3.40% APY |
| 9 Months | 3.50% APY |
| 1 Year | 4.75% APY |
| 1.5 Years | 4.75% APY |
| 2 Years | 4.30% APY |
| 2.5 Years | 4.30% APY |
| 3 Years | 4.30% APY |
| 4 Years | 4.00% APY |
| 5 Years | 4.00% APY |
| 7 Years | 3.80% APY |
| 10 Years | 3.80% APY |
IRA Certificate of Deposit
- 4.75% APY for 12-month term
- 4.30% APY for 36-month term
- 4.00% APY for 5-year term
Compare Promotions
Money Market Deposit Account - 5.01% APY
- $1 minimum deposit
- No fees
- 24/7 online access to funds
- NCUA insured
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 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 fee 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*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee 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 you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
CIT Bank Money Market Account - 1.55% APY
- 1.55% APY
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
GoHenry Kids' Debit Card
- Real-time spend notifications.
- Block and unblock cards easily.
- Teach financial independence safely.
All Ages - Banking and Invest in One App
- Flexible controls, spending notifications, in-app chore list
- Age: No minimum age
- Fees: Starts at $4.99/month, per family (up to 5 kids). $9.98/month for Greenlight Max. $14.98 per month for Greenlight Infinity.
About Discover Bank
Discover Bank offers some of the highest interest rates for its savings account.
We rank Discover Bank as one of the top online banks in the nation. Discover offers some of the highest interest rates on savings products. There are no fees including minimum or service fees for Discover savings accounts.
Read our full review of the pros and cons of Discover Bank.
What to Open at Discover Bank
- Online Savings Account. Discover online savings account offers a high 3.90% APY with no monthly service fee or minimum opening deposit.
- Money Market Account. The Money Market account offers a high, competitive APY and more money flexibility. You get a free debit card and checks. You can write checks, pay bills, and make debit card purchases (up to 6 of these types of transactions per month). You can make unlimited ATM withdrawals.
The minimum to open is $2,500. After that, there is no minimum balance requirement.
- 12-month CD. Discover offers one of the best APYs for a 12-month CD. The minimum deposit to open is $2,500. If you can commit to not touching that money for a year, then you'll get a higher APY than with the regular savings account.
- Discover credit cards. Discover Bank offers some popular credit cards, all with no annual fee. You can find a wide array of options, including credit cards for cash back, travel rewards, student, business, and bad credit. All Discover credit cards have no foreign transaction fee.
Discover Bank accounts are safe and offers some of the highest interest rates on online savings. Discover Bank accounts are FDIC insured up to $250,000. This means:
- All individual accounts combined are insured up to $250,000
- All joint accounts combined are insured up to $250,000
- All Traditional and Roth IRA accounts combined are insured up to $250,000
What Not to Open at Discover Bank
- Short term CDs. For CD terms less than 12 months, the interest rate isn't great. In this case, it's much better to just save your money into the Discover Online Savings Account.
What You Need to Apply
- Social Security number or taxpayer ID
- Name and address
- Date of birth
- Email and phone number
- Account information to fund your account
Monthly Fees
Discover Bank has no fees at all. Many other banks have a monthly fee if you do not meet a minimum balance or direct deposit requirement. With Discover, there are no fees and it is still a member FDIC bank so your money is safe.
Online Savings:
- $0 monthly service fee
- $0 for official bank check & expedited delivery
- $0 for deposited item returned
- $0 for incoming wire
- $0 for each excessive withdrawal
- $0 for stop payment order
- $0 insufficient funds fee
Money Market:
- $0 minimum balance fee
- $0 ATM fee at over 60,000 ATMs in the US
- $0 for check order
- $0 for replacement debit card
- $0 for deposited item returned
- $0 for incoming wire
- $0 for each excessive withdrawal
- $0 for stop payment
- $0 insufficient funds fee
Certificate of Deposits:
- $0 monthly service fee
- $0 for official bank check
- $0 for incoming wire
Discover Bank Locations
Discover is an online bank, which means you can't just walk into a neighborhood branch to do business and ask questions.
Discover only has 2 physical locations in Delaware:
- A full service bank at 502 E. Market Street, Greenwood, DE
- An administration office at 12 Read's Way, New Castle, DE
Common Questions
- Is Discover a bank?
Discover is an online bank based in Greenwood, Delaware. It was originally established in 1911 as Greenwood Trust Company and was acquired by Discover in 1985. Discover offers a full range of services, including online banking, loans, and Discover credit cards. - Is Discover bank safe?
Yes, though it's an online bank, Discover Bank is FDIC insured. That means you are protected against the loss of your deposit if the bank fails, up to $250,000. This makes Discover a good place to save and earn more interest on your savings. - How do I withdraw money from my Discover bank account?
Discover savings account does not offer an ATM card. You can withdraw by transferring funds to your Discover checking account or to an external bank account.Federal law limits you to 6 withdrawals and transfers per month for savings accounts. However, there are no limits on official checks mailed to you. - How long does it take to deposit money to Discover?
Funds from ACH credit transfers and wire transfers initiated at an external bank to Discover will be available for withdrawal on the business day they receive the deposit.Funds from ACH transfers initiated at Discover Bank (to be withdrawn from your external bank account) are generally available within 4 business days after the date your request was initiated.
Sometimes the availability of funds may be delayed up to 10 business days. For instance, if you are a new customer or if you have overdrawn your account repeatedly in the last 6 months.
Note: Business Days are Monday through Friday, excluding Federal Reserve Bank Holidays.
- How often is Discover savings account compounded?
Discover Online Savings offers 3.90% APY. The interest is compounded daily and deposited monthly. You'll start earning interest as soon as you deposit money into a Discover savings account. - Can you deposit cash with Discover Bank?
Discover Bank does not accept ATM cash deposits. Customers can deposit cash into a separate checking account, such as one with a local bank or credit union, and then transfer the money into a linked Discover Bank account. - Can I have 2 Discover Savings Accounts?
Discover Bank has no limit on the number of online savings accounts you can open.
Discover Credit Card Promotions
- How much is Discover card cashback bonus?
Discover It will match all the cash back you've earned at the end of your first year. This offer is only for new customers. This card earns 5% cash back in bonus categories that change each quarter (up to the quarterly maximum; requires free activation each quarter). All other purchases earn 1% cash back. - What is the 5% cash back calendar for Discover It?
5% cash back on up to $1,500 in purchases in rotating categories that change each quarter (requires free and easy sign-up for 5% Cashback Bonus)*
Limitations apply*. See issuer's website for additional program details.
What Banks Give Bonuses for Opening Accounts?
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 CY223 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 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
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 CY223 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 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Business Savings - $200 Bonus
- New business owners get a $200 welcome bonus!
- Earn 0.20% APY
- $1,000 minimum opening deposit
- No monthly maintenance fees with $2,500 minimum average daily balance
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 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 fee 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*
*With Chase Overdraft Assist℠, we won't charge an Overdraft Fee 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 you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
Citi Priority Account - Earn up to $2,000 Cash Bonus
Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities. Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds. Maintain a minimum balance for 60 consecutive calendar days from the 21st day. If your balance falls to a lower tier at any point during the maintenance period, the bonus changes. Bonus will be paid within 30 days after you successfully complete all required activities.
| Balance Levels | Maximum Bonus |
|---|---|
| $10,000 - $29,999 | $200 |
| $30,000 - $74,999 | $500 |
| $75,000 - $199,999 | $1,000 |
| $200,000 - $299,999 | $1,500 |
| $300,000 and above | $2,000 |
What the Experts Say
CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said:
Highlights
3.90% APY
2.00% to 4.75% APY depending on terms. $2,500 minimum
Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details
3.80% APY under $100,000; 3.85% APY $100,000 or more. $2,500 minimum deposit.
24/7
Over 60,000 no-fee ATMs
12-month CD APY of 4.75%. 24-month CD APY of 4.30%. 5-year CD APY of 4.00%.
Online Only
- Pricing information and data points from published website as of 03/17/2023.
- For the complete terms and conditions, view the merchant's website. While reasonable effort has been made to maintain accurate and updated information, the information shown on this site may vary, be out of date, or not applicable to you. All information is provided without warranty. Please review the terms and conditions on the merchant's website.
More Information
| ||
 |  | |
Discover Bank | Ally Bank | |
|---|---|---|
Benefits and Features | ||
| Savings | ||
| CD | 2.00% to 4.75% APY depending on terms. $2,500 minimum | 2.50% to 4.80% APY. Terms of 3 months to 5 years. 12-month CD APY of 4.50% |
| Checking | Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details | 0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000 |
| Money Market | 3.80% APY under $100,000; 3.85% APY $100,000 or more. $2,500 minimum deposit. | |
| Customer Service | ||
| Mobile App | ||
| ATMs | Over 43,000 no-fee Allpoint ATMs | |
| IRA CD | 12-month CD APY of 4.75%. 24-month CD APY of 4.30%. 5-year CD APY of 4.00%. | |
| Locations | ||
| | |
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 03/17/2023. Ally Bank: Pricing information from published website as of 5/24/2023. | ||
Discover Bank Alternatives
Chase Secure Banking℠ - $100 Bonus
- New Chase checking customers enjoy a $100 checking account bonus when you open a Chase Secure Banking℠ account with qualifying transactions. Open online or at any Chase branch.
- Set up direct deposit and you may get your money up to two business days early-exclusively for Chase Secure Banking℠ customers.
- No minimum deposit to open an account and get started.
- No overdraft fees with a Chase debit card that helps you stay within your balance.
- Chase Secure Banking℠ customers told us they save an average of $50 a month on fees after opening their account.
- JPMorgan Chase Bank, N.A. Member FDIC.
- Pay bills, cash checks and send money with Zelle® all for a $4.95 monthly service fee.
- Bank from anywhere with access to more than 16,000 Chase ATMs, more than 4,700 Chase branches, the Chase Mobile® app and Chase Online℠.
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
CIT Bank Platinum Savings - 4.85% APY
- 4.85% 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
Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
TD Beyond Checking - $300 Cash Bonus
- Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
- Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Overdraft Payback and more.
- Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more within a statement cycle, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
- TD ATM fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
- Get overdraft fees automatically reversed up to two times a year.
- Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
- TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring.
- Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
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Ally Bank Promotions
