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Discover Bank

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.

4.30%

Online Savings Account - Earn 4.30% 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.
$30

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

  • 4.80% APY for 12-month term
  • 4.50% APY for 18-month term
  • 3.75% APY for 36-month term
  • 3.75% APY for 5-year term

Money Market Account

  • Earn 4.15% APY for balances under $100,000
  • Earn 4.20% 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 4.80% APY
1.5 Years 4.50% 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

IRA Certificate of Deposit

  • 4.80% APY for 12-month term
  • 3.75% APY for 36-month term
  • 3.75% APY for 5-year term
4.80%

IRA Certificate of Deposit - Up to 4.80% APY

  • $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 4.80% APY
1.5 Years 4.50% 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
Discover Bank Trending Offers
Last hourOnline Savings Account - Earn 4.30% APY selected by a visitor from North Carolina
1 hour agoCertificate of Deposit selected by a visitor from New Jersey
Yesterday1 Year CD - 4.80% APY selected by a visitor from California
YesterdayIRA Certificate of Deposit selected by a visitor from Florida
2 days agoMoney Market Account selected by a visitor from Washington
High-Yield Savings Premier - 5.36% APY

High-Yield Savings Premier - 5.36% APY

  • No account activity or maintenance fees
  • $500 minimum opening deposit
  • FDIC insured
5.36% annual percentage yield (APY) is accurate as of 1/17/2024 and subject to change at the Bank's discretion. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Member FDIC
Citibank
Member FDIC

Enhanced Direct Deposit - Earn $300 Cash Bonus

Earn $300 cash bonus when you open a new eligible checking account with Enhanced Direct Deposit and complete required activities. Member FDIC

  • Open a new eligible Citi Checking account with Enhanced Direct Deposits
  • Deposit at least two Enhanced Direct Deposits directly into your new checking account within 90 calendar days from account opening.
  • Your total combined Enhanced Direct Deposit must equal $1,500 or more.
  • Earn a $300 cash bonus. Your cash bonus will be deposited to your open, eligible checking account within 30 calendar days after required activities have been completed.
Chase
Member FDIC

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*
Expires 4/17/2024
Bank of America
Member FDIC

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.
Expires 5/31/2024

About Discover Bank

Discover® Bank offers some of the highest interest rates for its savings account. In addition, Discover offers cashback checking. There are no fees for checking and savings accounts.

Is Discover Banking good?
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 Account.

Read our full review of the pros and cons of Discover Bank.

What to Open at Discover Bank

  • Cashback Debit. You earn 1% cash back on up to $3,000 in debit card purchases each month (up to $30/month). There is no minimum balance requirement. Discover Bank has no fees. That includes no fee to reorder checks or replace debit card. There are over 60,000 no-fee ATMs. See website for details.

    The Discover debit card also has no foreign transaction fee, which is rare for debit cards.

  • Online Savings Account. Discover® Online Savings Account offers a high 4.30% 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.

Is Discover Bank FDIC insured?
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.

  • Does Discover Bank offer checking accounts?
    Yes, Discover offers a Cashback Debit checking account with no minimum balance or activity requirements and no fees. You earn 1% cash back on up to $3,000 in debit card purchases each month (up to $30/month). See website for details.

  • 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 4.30% 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.

What Banks Give Bonuses for Opening Accounts?

What the Experts Say

CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said:

    Highlights

    Savings
    4.30% APY
    CD
    2.00% to 4.80% APY depending on terms. $2,500 minimum
    Checking
    Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details
    Money Market
    4.15% APY under $100,000; 4.20% APY $100,000 or more. $2,500 minimum deposit.
    ATMs
    Over 60,000 no-fee ATMs
    Customer Service
    24/7
    IRA CD
    12-month CD APY of 4.80%. 18-month CD APY of 4.50%. 24-month CD APY of 4.00%. 5-year CD APY of 3.75%.
    Locations
    Online Only

    More Information

  • Pricing information and data points from published website as of 02/07/2024.
  • 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.
 Discover Bank
Member FDIC
 Visit SiteLearn More
 

Discover Bank

Capital One

 

Benefits and Features

Savings
4.30% APY
4.35% APY
CD2.00% to 4.80% APY depending on terms. $2,500 minimum4.00% to 5.00% APY. Terms of 6 months to 5 years. 12-month CD APY of 5.00%
CheckingCashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details
0.10% APY
Money Market4.15% APY under $100,000; 4.20% APY $100,000 or more. $2,500 minimum deposit. 
ATMs
Over 60,000 no-fee ATMs
Over 70,000 no-fee Capital One & Allpoint ATMs
Customer Service
24/7
Mon-Sun: 8am - 11pm (ET)
IRA CD12-month CD APY of 4.80%. 18-month CD APY of 4.50%. 24-month CD APY of 4.00%. 5-year CD APY of 3.75%. 
Locations
Online Only
Online Only
 Visit SiteLearn More

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 02/07/2024.

Capital One: Pricing information from published website as of 02/26/2024.


Discover Bank Alternatives

Chase
Member FDIC

Chase Secure Banking℠ - $100 Bonus

Expires 4/17/2024
  • 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 plus no overdraft fees with a Chase debit card that helps you stay within your balance.
  • Track your credit score, get a personalized action plan provided by Experian™ to help improve your score and receive identity monitoring for free through Chase Credit Journey®.
  • 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 or receive money with Zelle® all for a $4.95 monthly service fee.
  • Bank from anywhere with access to more than 15,000 Chase ATMs, more than 4,700 Chase branches, the Chase Mobile® app and Chase.com.
Bank of America
Member FDIC

Bank of America Business Advantage Checking Account - $200 Bonus Offer

Expires 6/30/2024
Earn a cash bonus in three steps:
  1. Open a new eligible business checking account by June 30, 2024
  2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
  3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
*Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC
CIT Bank
Member FDIC

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
Bluevine

Free 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
Banking services provided by Coastal Community Bank, Member FDIC
Lili

Free Checking Account for Sole Proprietors and Single-Member LLC

  • Sign up in 3 minutes; no credit check
  • No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at 38,000+ locations
  • Automatic Savings
  • Get paid up to 2 days early
Banking services provided by Choice Financial Group, Member FDIC

Articles on Discover Bank

Discover Bank

Discover® Bank 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

Make your money work with Discover® Bank high yield savings: high interest, no fees. Find out its benefits, drawbacks, and the easy way to open an account.

Discover CD Rates

Maximize returns with Discover® Bank lucrative CD rates - no hidden fees. Read this detailed review.

Discover Bank Locations

Wondering if there is a Discover® Bank near you? Read this article to find out.

Discover Checking Account Fees

Does Discover® Cashback Debit have any fees? Find out if they are completely fee-free.

Who Owns Discover

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.

Discover Checking Account Minimum Balance

Discover® Cashback Debit doesn't have a minimum balance. But what's the catch? Read on for all the details.

Discover Checking Account Requirements

Discover® checking account offers no monthly fees and a rewarding cashback program. Here's what you need to open an account today.

Discover Savings vs Money Market

Discover® Bank boasts solid rates for both their money market and savings accounts. Find out which one is more suited for you.

Is Discover a Real Bank

Looking for a safe bank with great rates? This analysis of Discover® Bank reveals all - is it legit? Find out now.

Is Discover Savings Worth It

Is your money secure in a high-yield Discover® savings account? Get your answers now.

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More Bank Promotions

Capital One 360 Promo Code

360 Performance Savings - 4.35% APY

Ally Bank Promotions

Online Savings Account - 4.35% APY
Chase
Member FDIC

Chase Coupon

Chase Bank $300 Bonus

Wells Fargo Promotions

Personal Checking Account - $2,500 Bonus
Bank of America
Member FDIC

Bank of America Promotions

Bank of America Advantage Banking - $200 Bonus Offer

Marcus

Marcus Online Savings - Earn 4.50% APY

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About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

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