December 8, 2023

Who Owns Discover

Read more about Discover Bank
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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® Bank is an online bank with headquarters in the U.S. They are primarily known for their credit cards, but they do have a selection of deposit products too.

Because it is online, all transactions can only be done via the bank's website, the Discover Mobile App, or on the phone. But, you can expect fewer fees and charges compared to the typical brick-and-mortar bank.

Do you consider Discover to be a legitimate bank?

Who Owns Discover® Bank?

Discover® Bank is a subsidiary bank of Discover Financial Services–a digital banking and payment services company based in Delaware.

Discover Financial Services is a bank holding company regulated by the Federal Reserve and one of the top 50 largest in the U.S. with $138 billion in assets [1].

Does Discover have any branches?
No. Discover® Bank is online only and does not have physical branches. But they do have a wide network of over 60,000 fee-free ATMs in the U.S if you ever need to withdraw money from your account.

Is Discover® Bank Real?

Yes, Discover Bank is a legit bank based in Greenwood, Delaware, with a history going as far back as 1911. They are regulated and insured by the Federal Deposit Insurance Corporation (FDIC #5649). Discover Financial Services owns the bank.

Discover Bank operates as an online-only bank, offering their services through online and mobile banking platforms. But, they are subject to the same legal regulations as any traditional bank.

What is Discover® Bank known for?

Discover is famous for their Discover-branded credit cards which they first launched nationally in 1986. But they do have other deposit and loan products available, including a savings account, checking account, CDs, and personal loans.

In 1985, Discover acquired Greenwood Trust Company which allowed their foray into other banking products. Greenwood Trust Company was incorporated in 1911 and was renamed to Discover Bank in 2000.

Discover's credit cards, deposits, and loans are offered through Discover Bank today.[2]

Is Discover® Bank Safe?

Yes, it is. Your money is perfectly safe with Discover Bank as it is covered by FDIC insurance.[3] Your deposits are protected up to $250,000 per depositor, per ownership category.

Thus, in the unlikely event that the bank fails, you can rest easy knowing that you won't lose your savings.

Is Discover a Good Bank?

Discover is a good option if you're looking for an online-only bank. They offer a variety of banking products and services with competitive rates and features. You can also get access to their secure online website and mobile app for a seamless banking experience wherever you are.[4]

How to Reach Discover® Bank?

You can do your banking at Discover anytime by logging into your Discover Account Center, or on their Discover Mobile App available for iOS and Android.

Note that you need to be registered on the Discover Account Center to use the app.

Register your account here to access and manage it online or on the mobile app.

If you need to speak to a representative, you can call their 24/7 customer support lines, depending on your concern. For phone banking or opening a new account, you can call 1-800-347-7000.

For instances where you need to send a physical letter or a check, Discover also has designated PO Boxes you can write to.

Check out the Discover website for the full list of their customer support numbers and PO Box addresses.

What Is Discover Bank's Routing Number?

Discover Bank has two routing numbers.[5] For direct deposits and electronic transfers via ACH and domestic wire transfers from other banks in the U.S., it is 031100649.

For international wire transfers from banks outside the U.S., the routing number is 043000261.

Discover® Bank Products

Discover Bank has a selection of deposit accounts available, including a rewards checking account and CDs with some competitive rates. Here's a list of what they offer.

  • Discover® Cashback Debit
  • Discover® Online Savings Account
  • Discover® Certificate of Deposit
  • Discover® Money Market Account
  • Discover IRA Certificate of Deposits
  • Discover IRA Savings Account

You can open any of these accounts online through their website or you can call Discover at 1-800-347-7000.

Compare Savings Account Offers

Bottom Line

Discover Bank is an online bank that offers some impressive deposit products with attractive perks and relatively high APY.

If you're looking for an online bank, Discover is one that you can consider for your spending and savings needs.


  1. ^ National Information Center. Large Holding Companies, Retrieved 09/25/2023
  2. ^ Discover. Our History, Retrieved 10/26/2023
  3. ^ FDIC. Discover Bank, Retrieved 11/19/2023
  4. ^ Discover. Security Center, Retrieved 10/18/2023
  5. ^ Discover. The Basics: What is the Discover Bank Routing Number?, Retrieved 11/19/2023
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus NEW

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • 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
  • 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*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • 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 9/30/2024.
  • To qualify, open a new eligible 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 eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, 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.
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% 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

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

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Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.


Do you consider Discover to be a legitimate bank?
64% Yes, absolutely.
9% Somewhat, but I have doubts.
18% No, I don't think it's a legitimate bank.
9% Legitimacy doesn't influence my choice of credit card.
Source: CreditDonkey
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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.

About CreditDonkey
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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.

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