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Discover Bank Promotions

Read our in-depth review of Discover Bank to see why Discover Bank scored 4.8 stars out of 5. We like their high yield, cashback checking, and 24/7 customer service.

    Online Savings Account - Earn 2.10% APY

    • No minimum opening deposit
    • No monthly fee
    • No minimum balance required to waive monthly fee

    Certificate of Deposit

    • 2.65% APY for 12-month term
    • 2.70% APY for 24-month term
    • 3.00% APY for 5-year term

    Online Checking Account - Earn Cash Back

    • 1% cash back on up to $3,000 in debit card purchases each month
    • No monthly fee
    • Access to over 60,000 no-fee ATMs in the U.S.

    Money Market Account

    • Earn 1.95% APY for balances under $100,000
    • Earn 2.00% APY for balances $100,000 and over

    IRA Certificate of Deposit

    • 2.65% APY for 12-month term
    • 2.70% APY for 24-month term
    • 3.00% APY for 5-year term
    $150

    Discover Online Savings - $150 Cash Bonus

    Apply for your first Discover Online Savings Account by 6/3/19, online or by phone. Enter offer code NPBG519 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 by 6/17/19, 11:59 PM ET. Maximum bonus eligibility is $200.

    Expires 6/3/2019
    $200

    Discover Online Savings - $200 Cash Bonus

    Apply for your first Discover Online Savings Account by 6/3/19, online or by phone. Enter offer code NPBG519 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 by 6/17/19, 11:59 PM ET. Maximum bonus eligibility is $200.

    Expires 6/3/2019
    $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 monthly service fee, and free online bill pay.

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About Discover Bank

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

How to Get the Best Bonus at Discover Bank

Discover Bank frequently offers cash bonuses for new banking customers. Keep your eye out on our page for coupons. If you see one, be aware of when the offer expires and open an account quick.

Discover sign up bonuses are available to residents nationwide.

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 minimums or service fees for checking and 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.

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. You also get a fee forgiveness each calendar year. There is no fee to reorder checks or replace debit card. There are over 60,000 no-fee ATMs.

  • Online Savings Account. Discover online savings account offers a high 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.

  • 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.

Are Discover Bank accounts FDIC insured?
Yes, Discover Bank accounts are FDIC insured up to $250,00 per depositor, per deposit ownership category. 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.

Monthly Fees

Here are the fees for each Discover account.

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
  • $30 for outgoing wire
  • $15 for stop payment (per request)
  • $30 insufficient funds fee (1 max per day)

Online Savings:

  • $0 monthly service fee
  • $0 for official bank check & expedited delivery
  • $0 for deposited item returned
  • $0 for incoming wire
  • $15 for each excessive withdrawal
  • $15 for stop payment order for 6 months
  • $30 for outgoing wire
  • $30 insufficient funds fee (1 max per day)

Money Market:

  • $10 monthly service fee if average daily balance falls below $2,500
  • $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
  • $15 for each excessive withdrawal
  • $15 for stop payment (per request)
  • $30 for outgoing wire
  • $30 insufficient funds fee (1 max per day)

Certificate of Deposits:

  • $0 monthly service fee
  • $0 for official bank check
  • $0 for incoming wire
  • $30 for outgoing wire

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.

  • Does Discover Bank offer checking accounts?
    Yes Discover offers a Cashback Debit checking account with no minimum balance or activity requirements and no monthly service fee. 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 outgoing wire fee)

    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.

What Banks Have Sign Up Bonuses?

    HSBC Bank

    HSBC Advance Checking - $350 Bonus

      Get a $350 Welcome Deposit for eligible new customers who open an HSBC Advance checking account with qualifying activities.
    • Open your new HSBC Advance checking account online by June 2, 2019; and
    • Deposit a minimum Qualifying Balance of $10,000 or more in New Money in combined checking and savings accounts within 30 calendar days of account opening; and
    • Maintain at least the minimum Qualifying Balance for 90 calendar days from the date you deposited the minimum Qualifying Balance.
    • You will automatically receive the $350 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.
    Expires 6/2/2019
    Huntington Bank

    Asterisk-Free Checking Account - $150 Bonus

    Open a Huntington Asterisk-Free Checking account online. Make total deposits of at least $1,000 within 60 days of account opening. Your bonus of $150 will be deposited in your Asterisk-Free checking account after all requirements are met and your account is open for 90 days. This offer is available to applicants residing in Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia.

    Expires 8/30/2019
    HSBC Bank

    HSBC Premier Checking - $750 Bonus

      Get a $750 Welcome Deposit for eligible new customers who open an HSBC Premier checking account with qualifying activities.
    • Open your new HSBC Premier checking account online by June 2, 2019; and
    • Deposit a minimum Qualifying Balance of $100,000 or more in New Money in combined checking, savings, and/or eligible investment accounts within 30 calendar days of account opening; and
    • Maintain at least the minimum Qualifying Balance for 90 calendar days from the date you deposited the minimum Qualifying Balance.
    • You will automatically receive the $750 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.
    Expires 6/2/2019

    Highlights

    Savings
    2.10% APY. No monthly service fee and no minimum deposit.
    CD
    0.35% to 3.10% APY. Terms of 3 months to 10 years. 12-month CD APY of 2.65%. 5-year CD APY of 3.00%. Minimum deposit of $2,500 to open.
    Checking
    Earn 1% cashback on up to $3,000 in debit card purchases each month. No monthly service fee and no minimum deposit.
    Money Market
    1.95% APY under $100,000; 2.00% APY $100,000 or more. No monthly service fee. $2,500 minimum deposit.
    Customer Service
    24/7
    ATMs
    Over 60,000 no-fee ATMs
    IRA CD
    12-month CD APY of 2.65%. 24-month CD APY of 2.70%. 5-year CD APY of 3.00%.
    Locations
    Online Only

    More Information

  • Pricing information from published website as of 5/21/2019
  • 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 BankAlly Bank
 Visit SiteLearn More
 

Discover Bank

Ally Bank

 

Benefits and Features

Savings2.10% APY. No monthly service fee and no minimum deposit.2.20% APY. No monthly service fee and no minimum deposit.
CD0.35% to 3.10% APY. Terms of 3 months to 10 years. 12-month CD APY of 2.65%. 5-year CD APY of 3.00%. Minimum deposit of $2,500 to open.0.75% to 3.00% APY. Terms of 3 months to 5 years. 12-month CD APY of 2.70%. No minimum deposit to open.
CheckingEarn 1% cashback on up to $3,000 in debit card purchases each month. No monthly service fee and no minimum deposit.0.10% APY under $15,000; 0.60% APY $15,000 or more. No monthly service fee and no minimum deposit. Ally will refund ATM fees for other banks up to $10 per statement cycle.
Money Market1.95% APY under $100,000; 2.00% APY $100,000 or more. No monthly service fee. $2,500 minimum deposit.0.90% APY under $25,000; 1.00% APY $25,000 or more. No monthly service fee and no minimum deposit.
Customer Service
24/7
24/7
ATMs
Over 60,000 no-fee ATMs
Over 43,000 no-fee Allpoint ATMs
IRA CD12-month CD APY of 2.65%. 24-month CD APY of 2.70%. 5-year CD APY of 3.00%. 
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 from published website as of 5/21/2019

Ally Bank: Pricing information from published website as of 5/21/2019.


Discover Bank Alternatives


Articles on Discover Bank

    Discover Bank

    February 8, 2018 - Reviews for 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 Checking Review

    May 21, 2019 - Reviews for Discover Bank
    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 Savings Review

    May 20, 2019 - Reviews for Discover Bank
    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.

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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 card 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.