Discover Bank Review 2023
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance

CDs
Savings
MMA
About Bankrate Score
Overview
Discover Bank is a great option for consumers who want to manage their credit cards and bank accounts in one place.
Highlights
- High APY
- No Monthly Fees
- 24/7 Customer Service
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Overall
Discover Bank is an online institution within a financial services company offering various banking products, including deposit accounts, credit cards, personal loans and student loans. Discover’s online savings account comes with a competitive rate and no monthly fees. While the bank had offered a highly rated cash-back checking account, it is not available to new customers at this time. The account may reopen in the spring, according to a Discover spokesperson.
Pros
-
Discover doesn’t charge fees on any of its deposit products.
-
The CDs, savings and money market accounts all pay competitive rates.
Cons
-
The $2,500 minimum deposit for CDs and the money market account is steep.
-
Discover’s outgoing wire transfer fee is higher than what some other banks charge.
-
Discover maintains only one branch, so it’s not ideal for those who wish to bank in person.
Discover Bank banking products
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of 7/12/2023
Discover Bank savings overview
Account holders won't get access to an ATM card, but Discover Bank offers free official bank checks and expedited delivery for them.
Pros
-
The savings account pays a competitive yield.
-
There’s no minimum opening deposit or balance requirements.
-
There’s no monthly service fee.
Cons
-
An ATM card isn’t available for Discover Bank's online savings account.
-
There are higher annual percentage yields (APYs) available at other online banks.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.

APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bank fees
Fee | Charged? | |
---|---|---|
Overdraft fee | $0 | |
Non-sufficient funds fee | $0 | |
Monthly maintenance fee | $0 | |
Out-of-network ATM fee | $0 | |
Excessive transaction fee | $0 |
About Discover Bank
Discover Bank offers certificates of deposit (CDs), a money market account and a high-yield savings account. It has also become one of the largest credit card issuers in the country.
The Discover card made its debut in the mid-1980s when Sears, Roebuck & Co. still offered financial services. Sears’ bank, the Greenwood Trust Co., was later renamed Discover Bank in 2000. It is headquartered in Greenwood, Delaware.
Bank experience
Discover Bank offers surcharge-free access to more than 60,000 ATMs nationwide and a mobile app earning positive scores in the App Store and Google Play. The app lets you deposit checks, pay your bills and find out account information, among other things.
While Discover operates only one branch, you can reach bank representatives 24/7 via phone.
Discover’s credit cards have a lot to offer as well. None of their credit cards charge an annual fee, and some award points or cash back. One such Discover card is the Discover it® Cash Back, which offers rotating quarterly bonus categories.
In 2018, Discover cardholders’ information was breached, as reported by Discover Financial Services to the California Attorney General. Discover Card notified affected cardholders.
Discover enables cardholders to call anytime 24/7 to report suspicious activity on their accounts. The bank also monitors transactions and contacts customers if it detects suspicious activity.
How Discover compares to other banks
Discover Bank vs. American Express National Bank
Both Discover Bank and American Express National Bank are online banks that offer competitive APYs and low fees. While both banks offer checking accounts, Discover’s checking account comes with an ATM card while American Express’ checking account doesn’t.
Another difference between the two banks is Discover offers a money market account that pays a highly competitive yield, while American Express does not offer a money market account. Discover also offers a wider range of CD terms than American Express.
Discover Bank FAQs
Review Methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.