Features

The chances are credit and Diners Club cards—not checking and saving accounts—come to mind when you think of Discover. Discover is the third largest credit card brand in the United States, but it is also a direct bank that offers a wide variety of products and services that go way beyond credit cards. A direct bank is a bank that operates entirely through online and telephone banking.

Discover Card was first launched in 1985 by Sears. In 1997 in merged with Morgan Stanley and was spun off as a separate company in 2007. It is one of the fastest growing banks in the United States with a total loan growth of 6% between 2009 and 2013, and a 19% average return on equity during the same period. As of 2015, it is valued at $25.8 billion and made $9.51 billion in sales. Discover has its headquarters in Riverwoods, a suburb of Chicago, Illinois. It has an A+ rating with the BBB and a four-star rating with Bauer Financial.

What Are Discover’s Checking and Savings Accounts Like?

Discover is one of the larger online banks. This gives you the peace of mind of an established financial institutions with the 24/7 customer service, better rates, and reduced fees of online banking. Discover also owns Pulse’s ATM network, which gives it a total of 60,000 surcharge-free ATMs.

Checking Account

Discover’s checking account charges no monthly fees and has not monthly balance requirements. It doesn’t pay a regular interest rate, but customers do receive 10 cents cash back for every debit card purchase up to a maximum of $120 a year. You only require $25 to open an account. Paying bills online and reordering checks is free. Even ordering an expedited replacement debit card is free. It doesn’t stop there. Official bank checks, ACH outbound transfers, and incoming wire transfers are also free.

Outgoing wires do have a $30 fee. Returned deposits have a $15 fee, and there’s also a $30 insufficient funds free. However, these are lower than the fees charged by traditional branch banks.
Savings Account

Discover’s savings account has no monthly balance requirements, no monthly fees and offers 0.95% APY regardless of your balance. Compare that to the 0.01% APY most banks offer. The minimum opening deposit is $500.

What Are The Advantages And Disadvantages of Discover's Checking And Savings Accounts?

Discover provides a nice balance between full-service banking, with access to CDs, retirement account and money markets with low fees and high-interest rates. Although Discover doesn’t have the highest interest rates among online banks, its rates are similar to most banks Here are the pros and cons of Discover’s checking and savings accounts.

We like:
- High-interest rates (0.95% APY)
- Wide selection of financial products under one roof (CDs, IRAs, Money Market)
- Large surcharge-free ATM network
- No monthly fees
- No monthly balance requirements
- Cashback on purchases up to $120 a year
- Low fees
- Transparent fee schedule: no hidden fees
- Excellent online and mobile banking platforms

We don’t like:
- $500 minimum initial deposit for savings accounts
- Not the highest interest rate available for online banks
- No regular interest rate on checking accounts. Effective maximum return of $120 a year.

 

 

  • Branch
  • Online
  • CDs
  • Checking
  • IRAs
  • Savings
  • Mobile App
  • Savings Interest Rate
    0.95%
  • Bauer Financial A+/A Rating

Personal Banking Products

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0.95
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Est. 1985

  • Branch
  • Mobile App
  • Online
Savings Interest Rate 0.95%
Checking Interest Rate 1%
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0 votes

Way, way, way too long of a hold on checks that you deposit! Having to wait days and days to get your own money is silly. I have put in checks from large banks and had to wait several days. Are they crazy? This is good money that people use to pay their bills.


0 votes

It is easy to pay the account online and to view your statements and transactions. They don't charge high fees or application fees and they give credit limit increases. It could be worse, you could have something else in 'your wallet.'


0 votes

customer service is friendly, available, easy to understand and helpful. True to the banks word. after making payments on time, having no issues with my account I was given an automatic credit line increase


0 votes

No complaints. Easy to get and if you stay on track with payments they increase your limit much faster than any other card company i have seen.


0 votes

As another person noted here, they take forever to deposit checks that you scan. I also have USAA and they do it within a day, but Discover seems to be way behind the times on this one. I'm not sure what the problem is in this day and age, but I don't have time to wait for my checks to clear.


0 votes

The customer service is friendly. The online payment systems is quite easy to use and allows you to set up for recurring payments. I am satisfied so far


0 votes

I will be forever grateful for the service I received at Discover Bank was the first bank that gave me a credit line. Love this bank! Discover bank is awesome in my book. Would recommend.


0 votes

All and all, I can't complain. This company was the first to give me an unsecured credit card since my issues with Citi and I'm happy with them.


0 votes

I've been a Discover customer for many years. I have always used my local bank, but I moved out of the area to retire recently and away from my local bank. When I saw Discover has banking, I figured that it was a good idea to try it—it would make things easier and more seamless, which is what you definitely want when you retire. I'm happy to say that it has been a smooth process, and I would recommend it


0 votes

When I got a Discover card, they offered me $100 to open a banking account with them, so I thought what the heck. I figured that I would use the account as a backup one, but I've found that I slowly am changing over to this being my regular account. I like how it's online and I don't have to go into any bank. I know other banks do this, too, but I didn't really use my other physical bank as a virtual one, and Discover made that necessary. That ... being said, I found that I really liked it. More Less


0 votes

When I got a Discover card, they offered me $100 to open a banking account with them, so I thought what the heck. I figured that I would use the account as a backup one, but I've found that I slowly am changing over to this being my regular account. I like how it's online and I don't have to go into any bank. I know other banks do this, too, but I didn't really use my other physical bank as a virtual one, and Discover made that necessary. That ... being said, I found that I really liked it. More Less


0 votes

Pretty good banking experience. They have little things that I don't always like, like the fact that it takes awhile for money that you deposit to be available. I really like my money to be available the day after I put it in. I probably cut things too close when it comes to paying my bills, but that's the way it is.


0 votes

Glad someone gave me a chance. Only use it for gas and then pay off monthly. But it's helped rebuild, capital one approved me after 4/5 months with Discover. No have 2 unsecured and slowly rebuilding my credit


0 votes

Customer service is okay and payments post the next day. I really cant complain about this card. Never banked anywhere else so I really cant say


0 votes

I have had just an okay experience with my Discover checking account. Lert me tell you why. No matter what I do, they hold my money for way to long once I deposit it! Why? I call and I get a run around and they try to explain, but it makes no sense. there is no reason in this day and age that they wouldn't be able to make sure a check I deposit is good and get me my funds right away! Or at least the next day!


0 votes

Really easy banking experience wth Discover! I have to say that I'm not surprised, since they have such a great credit card. I like their customer service, and the fact that you have a better chance of getting a credit card from them if you want a card, which I do!


0 votes

Okay experience with my checking account, but their website is horrible! They do maintenance on it constantly, which means that when you go online to do something, it's impossible! I am not sure why they are having so much trouble with the site. My brother is a programmer. I feel like sending him over to help!


0 votes

I like everything about Discover banking but the long time it takes them to deposit checks that you scan. Holy Moley, what takes so long? I put a check in on a Tuesday and it wasn't in yet on Friday. I wanted the money for a weekend trip, so I was out of luck and had borrow some money. Not really pleased with that, but maybe it was just a fluke.


0 votes

I love my Discover credit card, but the checking account is ridiculous! I recently tried to set up direct deposit with my paycheck. It took awhile to get it done and then they held my money for 10 days! Hey, I have a mortgage to pay here! Are they going to pay it for me while they hold my money?


0 votes

Discover knows that they're doing, as usual. I've had their card for a long time and decided to try their banking. It runs really smoothly. No fees, and I can get online to check my balance, what cleared, etc., whenever I want. I was a little not used to not having an actual bank to go to, but now I see how easy it is to bank without worrying about leaving the house.


0 votes

Really like how the fees with this bank are nonexistent. I was totally burned out from getting dinged left and right with big fees from other banks that I'd been with, which is why I decided to go with Discover. I also like how I got $100 bucks to open an account, which was nice.


0 votes

I was just happy that I was given an unsecured line of crredit. The intrest rate is a little high, but I dont carry a balance. After 6 months my credit line went up.


0 votes

I love not having fees! I used to pay so much to Bank of America just to have a lousy checking account. Now that I'm with Discover, I spend about ΒΌ that I use to in that area, which means more money in my checking account and then in my savings account when I transfer it over. I hate to waste money, so I'm happy with this!


0 votes

I had a problem with my account which ended up being an error on my part in terms of adding, but I called prior to knowing this. The customer service person was so nice and patient with me when she explained what went wrong. I was embarrassed that it was obviously my fault, but she was very kind and just told me to have a nice day. Great customer service!


0 votes

Great customer service with this bank. It really makes sense to have this bank if you have Discover card and if you don't like to go to the bank but just want to get things taken care of online. I also am happy that the few times that I have had to make a call in for customer service that they answered the phone quickly and took care of my problem rapidly.


0 votes

I have liked my experience with Discover so far, except for one big problem that they have. On the few occasions when I've deposited checks by taking a photo, it has taken way too many days for the money to land in my account. Really messed me up with paying my bills when that happened. For that reason, I only use it as secondary account for money I'm saving.


0 votes

I find customer service to be friendly, available, easy to understand and helpful. True to the banks word. after making payments on time, having no issues with my account I was given an automatic credit line increase. I give this bank 5 stars.


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