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Our Rating:

Discover Bank Review 2020

Discover Bank is great for customers looking to have a single issuer for both their credit cards and banking accounts. Discover offers access to a wide network of branches and deposit accounts with higher yields.

Discover Overall |

82%
Discover Bank is an online financial institution within a financial services company that offers a number of products including credit cards, student loans, and personal loans.

Pros

  • Checking account offers rewards like 1% cashback when using their debit card on everyday purchases.
  • Discover offers a full spectrum of financial products.
  • Manage your credit cards, bank accounts, and loan payments from a single app.
  • No monthly minimums or fees to open an account.
  • Free access to a large ATM network

Cons

  • Not many physical branch locations
  • No interest offered on the checking account.

CD Rates |

82%

Traditional CDs are offered by Discover Bank. The terms range from 3 months to 10 years. The minimum required deposit is $2,500.

Depending on the CD term, early withdrawal penalties may be applied. The penalty for CDs maturing in one to four years is six months of simple interest.

Pros

  • Daily compounding interest
  • A wide range of terms offered

Cons

  • A minimum deposit of $2,500 required to open an account
  • Only traditional CDs are offered

Checking Accounts |

76%

Discover offers a Cashback Debit account. It's a good choice for individuals who want to earn 1% cashback on up to $3,000 debit purchases. There’s no minimum deposit required to open an account and no minimum balance to avoid monthly fees.
Because Discover offers a competitive cashback reward, this checking account does not offer interest.

Pros

  • 1% cash back on up to $3,000 each month on debit card purchases
  • No fee for use of out of network ATMs
  • No minimum balance to open or minimum monthly balance to avoid fees

Cons

  • The account offers no interest

Savings Accounts |

98%

The Discover Online Savings Account features a competitive APY with no minimum deposit required to open an account and no minimum balance required to waive a monthly maintenance fee.

Pros

  • No minimum deposit required when opening an account.
  • No maintenance fees.

Cons

  • No ATM cards offered on Discover Bank's online savings accounts.

Bank Features

Discover Bank offers an award-winning customer support experience. There are only two physical branches but bank representatives can be reached either by phone or online 24/7 at (800) - 347 - 7000.

Discover also offers access to more than 60,000 free ATMs nationwide. Their mobile app has a 4.8 rating with 2,870,864 reviews on the Apple App Store. From their app, you can deposit checks, pay your bills, manage your banking accounts, credit cards, and open loans.

Bank History

In the mid-1980s Sears and Roebuck & Co. launched the Discover Card. Discover Bank eventually spun off into it own bank and has grown to become one of the largest credit card providers in the country. Now, Discover offers a full suite of financial services products.