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, cashback checking, and 24/7 customer service.
0.40%
Online Savings Account - Earn 0.40% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Certificate of Deposit
- 0.50% APY for 12-month term
- 0.55% APY for 36-month term
- 0.60% APY for 5-year term
Money Market Account
- Earn 0.30% APY for balances under $100,000
- Earn 0.35% APY for balances $100,000 and over
Discover CD Rates
- $2,500 minimum opening deposit
- No fees
- FDIC insured
| Term | CD Rates |
|---|---|
| 3 Months | 0.20% APY |
| 6 Months | 0.25% APY |
| 9 Months | 0.30% APY |
| 1 Year | 0.50% APY |
| 1.5 Years | 0.50% APY |
| 2 Years | 0.50% APY |
| 2.5 Years | 0.55% APY |
| 3 Years | 0.55% APY |
| 4 Years | 0.55% APY |
| 5 Years | 0.60% APY |
| 7 Years | 0.60% APY |
| 10 Years | 0.60% APY |
IRA Certificate of Deposit
- 0.50% APY for 12-month term
- 0.55% APY for 36-month term
- 0.60% APY for 5-year term
$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 Checking has no minimum balance requirement, no fees, and free online bill pay.
Compare Promotions
CIT Bank Savings Connect (Savings + Checking)
- Earn a competitive high yield savings rate with access and convenience features of an eChecking account.
- Earn up to 0.50% APY on Savings Connect and 0.25% APY on eChecking.
- Savings Connect is a tiered interest rate account dependent on the account holder opening a linked qualifying eChecking concurrently and makes periodic qualifying deposits.
- Base Tier: (0.40% APY, 0.399% Interest Rate) A minimum qualifying deposit of $200 is not deposited each month into the linked eChecking or the eChecking account is closed.
- Upper Tier: (0.50% APY, 0.499% Interest Rate) A qualifying deposit of $200 or more is deposited into the linked eChecking account each month.
- Both accounts will earn an interest rate of 0.499% for the first month as a special introductory rate.
- APY assumes a qualifying deposit of $200 or more is made to the linked eChecking account each month.
- Minimum of $100 for both the Savings Connect and eChecking to open ($200 total).
CIT Bank Money Market Account - 0.45% APY
- 0.45% APY
- $100 minimum opening deposit
- No monthly maintenance fee
- FDIC insured
HSBC Advance Checking - $200 Welcome Deposit
- Get a $200 Welcome Deposit for eligible new customers who open a new HSBC Advance checking account and complete the following qualifying activities.
- Open your new HSBC Advance checking account online by March 31, 2021; and
- Make recurring monthly Qualifying Direct Deposits totaling at least $500 from a third party to your HSBC Advance checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening
- You will automatically receive the $200 Welcome Deposit in your new HSBC Advance checking account approximately eight weeks after completing all qualifying activities. It's that simple.
- Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
CIT Savings Builder - Earn 0.40% APY
Earn up to 0.40% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC
High Yield Savings - 0.61% APY
- 0.61% APY on all balance tiers
- No minimum balance requirements
- No fees to open or maintain account
- Free ATM card upon request
- FDIC Insured
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 checking accounts and Discover savings accounts. Even though it's an online bank, it's easy to access your money through over 60,000 no-fee ATMs across the country.
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 checking accounts and Discover savings accounts. Even though it's an online bank, it's easy to access your money through over 60,000 no-fee ATMs across the country.
Read our full review of the pros and cons of Discover Bank.
Discover Checking Account
Earn up to $360 cash back per year with a Discover Cashback Checking account. Benefits include no monthly fees, no balance or activity requirements, and over 60,000 no-fee ATMs. Here's how the cash back work: spend $3,000 in debit card purchases each month to earn $30 monthly cash back. That equals $360 yearly cash back.
What to Open at Discover Bank
- Cashback Checking. 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.
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 0.4% 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 checking and savings are FDIC insured up to $250,000. This means:
Discover Bank accounts are safe and offers some of the highest interest rates on online savings. Discover Bank checking and savings 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.
Cashback Checking:
- $0 monthly service fee
- $0 ATM fee at over 60,000 ATMs in the US
- $0 for online bill pay
- $0 for check order
- $0 for replacement debit card
- $0 for official bank check
- $0 for outbound ACH transfers
- $0 for deposited item returned
- $0 for incoming wire
- $0 for stop payment
- $0 insufficient funds fee
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). - How do I withdraw money from my Discover bank account?
You can withdraw money from your Discover checking account in these ways:- No-fee cash withdrawals at over 60,000 Allpoint® and MoneyPass® ATMs
- Online transfers to an external bank account
- Choose additional cash over when you pay for purchases with your debit card
- Checks (check orders are free)
- Wire transfers ($30 charge for outgoing wire transfers)
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. - No-fee cash withdrawals at over 60,000 Allpoint® and MoneyPass® ATMs
- 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 0.4% 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.
Bonus Categories for 2020:
January - March 2020: Grocery Stores, Walgreens & CVS
April - June 2020: Gas Stations, Uber, Lyft & Wholesale Clubs
July - September 2020: Restaurants & PayPal
October - December 2020: Amazon.com, Walmart.com & Target.com
What Banks Give Bonuses for Opening Accounts?
High Yield Savings Account - Earn up to $125 Bonus
Earn $25 on your first $5,000 deposit and an additional bonus of $5 for each subsequent $5,000 that you deposit up to $125.
HSBC Advance Checking - $200 Welcome Deposit
- Get a $200 Welcome Deposit for eligible new customers who open a new HSBC Advance checking account and complete the following qualifying activities.
- Open your new HSBC Advance checking account online by March 31, 2021; and
- Make recurring monthly Qualifying Direct Deposits totaling at least $500 from a third party to your HSBC Advance checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening
- You will automatically receive the $200 Welcome Deposit in your new HSBC Advance checking account approximately eight weeks after completing all qualifying activities. It's that simple.
- Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
HSBC Advance Checking - Up to $240 Cash Bonus
- Get up to $240 with a 3% Cash Bonus Checking Offer when you open a new HSBC Advance checking account and complete the following qualifying activities.
- Open your new HSBC Advance checking account online by March 31, 2021; and
- Set up Qualifying Direct Deposits into your new HSBC Advance checking account; and then
- Enjoy 3% Cash Bonus, up to $240, on Qualifying Direct Deposits up to $40 per month, during the first 6 calendar months after account opening
- You will automatically receive the 3% Cash Bonus in your new HSBC Advance checking account approximately eight weeks after completing that month's qualifying activities.
- Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
HSBC Premier Checking - $450 Welcome Deposit
- Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
- Open your new HSBC Premier checking account online by March 31, 2021; and
- Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
- You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
- Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
Highlights
Savings
0.40% APY
0.40% APY
CD
0.20% to 0.60% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.50%. Minimum deposit of $2,500 to open.
0.20% to 0.60% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.50%. Minimum deposit of $2,500 to open.
Checking
Earn 1% cashback on up to $3,000 in debit card purchases each month
Earn 1% cashback on up to $3,000 in debit card purchases each month
Money Market
0.30% APY under $100,000; 0.35% APY $100,000 or more. $2,500 minimum deposit.
0.30% APY under $100,000; 0.35% APY $100,000 or more. $2,500 minimum deposit.
Customer Service
24/7
24/7
ATMs
Over 60,000 no-fee ATMs
Over 60,000 no-fee ATMs
IRA CD
12-month CD APY of 0.50%. 24-month CD APY of 0.50%. 5-year CD APY of 0.60%.
12-month CD APY of 0.50%. 24-month CD APY of 0.50%. 5-year CD APY of 0.60%.
Locations
Online Only
Online Only
- Pricing information and data points from published website as of 01/28/2021
- 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 | 0.20% to 0.60% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.50%. Minimum deposit of $2,500 to open. | 0.20% to 0.85% APY. Terms of 3 months to 5 years. 12-month CD APY of 0.60% |
| Checking | Earn 1% cashback on up to $3,000 in debit card purchases each month | 0.10% APY under $15,000; 0.25% APY $15,000 or more |
| Money Market | 0.30% APY under $100,000; 0.35% APY $100,000 or more. $2,500 minimum deposit. | |
| Customer Service | ||
| ATMs | Over 43,000 no-fee Allpoint ATMs | |
| IRA CD | 12-month CD APY of 0.50%. 24-month CD APY of 0.50%. 5-year CD APY of 0.60%. | |
| 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 01/28/2021 Ally Bank: Pricing information from published website as of 2/19/2021. | ||
Discover Bank Alternatives
Chase Total Checking® - $200 Bonus
- Enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit
- Access to 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.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
CIT Bank Money Market Account - 0.45% APY
- 0.45% APY
- $100 minimum opening deposit
- No monthly maintenance fee
- FDIC insured
HSBC Advance Checking - $200 Welcome Deposit
- Get a $200 Welcome Deposit for eligible new customers who open a new HSBC Advance checking account and complete the following qualifying activities.
- Open your new HSBC Advance checking account online by March 31, 2021; and
- Make recurring monthly Qualifying Direct Deposits totaling at least $500 from a third party to your HSBC Advance checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening
- You will automatically receive the $200 Welcome Deposit in your new HSBC Advance checking account approximately eight weeks after completing all qualifying activities. It's that simple.
- Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
TD Beyond Checking - $300 Cash Bonus
- New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
- 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, Rush Bill Payments and more.
- Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
- TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
- Overdraft Payback - 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 Zero Liability protection and 24/7 fraud monitoring.
- Monthly maintenance fee waived on one TD Simple CheckingSM account and any Savings and Money Market accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.
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 Checking Review
With Discover Bank's Cashback Debit account, you'll pay no fees and earn money for purchases. Learn more about these benefits—and some downsides—in our guide.
Discover CD Rates
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.
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