Discover Bank Promotions

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.

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.

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.
  

• 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 2021:
  January - March 2021: Grocery Stores, Walgreens and CVS
  April - June 2021: Gas Stations, Wholesale Clubs and Select Streaming Services
  July - September 2021: Restaurants and PayPal
  October - December 2021: Amazon.com, Walmart.com and Target.com
  

What Banks Give Bonuses for Opening Accounts?

Member FDIC

High Yield Savings and Essential Checking - $100 Bonus

Click Here to Get Deal

For a limited time, get a $100 bonus when you open a High Yield Savings account and Essential Checking account when you use promo code GET100.

Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Get $450 Welcome Deposit

Expires 6/30/2021

• 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 June 30, 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.

Member FDIC

HSBC Premier Checking - Up to $600 Cash Bonus

Get up to $600 Cash Bonus

Expires 6/30/2021

• Get up to $600 with a 3% Cash Bonus Checking Offer when you open a new HSBC Premier checking account and complete the following qualifying activities.
• Open your new HSBC Premier checking account online by June 30, 2021; and
• Set up Qualifying Direct Deposits into your new HSBC Premier checking account; and then
• Enjoy 3% Cash Bonus, up to $600, on Qualifying Direct Deposits up to $100 per month, during the first 6 calendar months after account opening
• You will automatically receive the 3% Cash Bonus in your new HSBC Premier 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.

Member FDIC

Introducing Chase Business Complete Banking℠ - $300 Bonus

Get $300 Coupon

Expires 7/23/2021

• Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
• More ways to waive fees. Multiple options to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
• Convenient access to payment processing. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept℠.
• Same-day deposits with QuickAccept℠. Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
• Alerts to help you stay on top of your account activity.
• Easy account management through Chase Business online and the Chase Mobile® app.
• Unlimited electronic deposits, ACH and Chase Quick Deposit℠.
• Convenient access to 16,000 ATMs and more than 4,700 branches.

What the Experts Say

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