Discover® Bank, an online financial institution, is currently offering generous bonuses when you apply for some of their accounts including checking, savings, money market and even CDs! To find out if Discover Bank is right for you, continue reading the review below.
When you choose to open a Discover Cashback Checking account, you are eligible to earn up to $360 cash back in a year. If you want to start a savings account online, then consider opening a Discover Online Savings account.
Discover Bank offers high interest rates that are comparable to other big named banks, so be sure to check out all the products they have.
Discover originated in Greenwood, Delaware and are dedicated to making sure their customers get the most out of their banking. They also offer 24/7 customer service since they are only available online.
| PROMOTIONAL LINK | OFFER | REVIEW |
| Discover® Bank Online Savings terms apply | 4.20% APY | Review |
| Discover® Checking | $360 Cash Back | Review |
| Discover® Bank CD | Up to 4.50% APY | Review |
| Discover® Bank Money Market | Up to 4.05% APY | Review |
| Discover® Bank IRA CD | Up to 4.50% APY | Review |
Checking Account Options
Discover Bank offers only one checking account, but it earns cash back every time you make a transaction with your Discover Bank Debit Card.
When you sign up for a Cashback Debit Card, you can earn up to $360 cash back in one year! For additional details click here.
Discover Bank Cashback Checking Account:
- Signing up for this checking account is free of charge
- You will earn 1% cashback with each Discover Cashback Debit Card purchase
- If you spend up to $3,000, you will automatically get $360 back
- There are absolutely no monthly fees
- There are also no minimum balance requirements
- Discover Bank will match all the Cashback you’ve earned automatically
Compare Checking Accounts
Savings Account Options
Discover Bank offers one savings account and this account earns a competitive APY. Learn more about Discover Bank’s Online Savings account here.
View our list of the best savings accounts here.
 Open a Discover® Online Savings Account for all these features: • Earn high interest rate of 4.20% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details |
Compare Savings Accounts
Money Market Account Options
Money Market accounts allow for a higher yield and gives access to your funds with either checks or a bankcard. Discover Bank has a pretty decent money market that earns high interest.
For a limited time offer, Discover Bank is offering a great APY rate when your overall balance is at least $99,999.
If you have a balance of $100,000 or higher, you can increase the APY to an even more competitive rate! See current rates below.
View our list of the best money market accounts here.
Money Market Features:
- Withdrawals at over 60,000 ATMs nationwide
- A Replacement Debit Card
- Standard checks
- Official bank check
- Online bill pay
- Expedited delivery for debit card replacement
- Expedited delivery for official bank checks
- Deposited item returned
CD Account Options
Discover Bank offers long term CDs that earn pretty high interest rates. You can earn a phenomenal APY rate when you apply for a 10-Year Term CD!
| CD Term | APY Rate |
|---|---|
| 3-Month Term | 2.00% APY |
| 6-Month Term | 4.10% APY |
| 9-Month Term | 4.40% APY |
| 12-Month Term | 4.50% APY |
| 18-Month Term | 4.25% APY |
| 24-Month Term | 4.00% APY |
| 30-Month Term | 3.75% APY |
| 3-Year Term | 3.75% APY |
| 4-Year Term | 3.60% APY |
| 5-Year Term | 3.60% APY |
| 7-Year Term | 3.60% APY |
| 10-Year Term | 3.60% APY |
Compare CD Accounts
| Consumers Credit Union | 5.20% APY 13-Month Certificate | Review |
| Mission Valley Bank | 5.15% APY 1-Month CD | Review |
| Mission Valley Bank | 5.15% APY 3-Month No Penalty CD | Review |
| Ponce Bank | 5.14% APY 1-Month High Yield CD | Review |
| Ponce Bank | 5.10% APY 3-Month High Yield CD | Review |
| Quontic Bank | 5.10% APY 6-Month CD | Review |
| Ponce Bank | 5.07% APY 4-Month No-Penalty CD | Review |
| Service Credit Union | 5.00% APY 12-Month CD | Review |
| Nelnet Bank | 5.00% APY 12-Month CD | Review |
| First Citizens Bank | 5.00% APY 11-Month CD | Review |
| First Financial Northwest Bank | 4.90% APY 12-Month CD | Review |
| Sallie Mae | 4.85% APY 14-Month CD | Review |
| Sallie Mae | 4.80% APY 10-Month CD | Review |
| Alliant Credit Union | 4.80% APY 12-Month Certificate | Review |
| SkyOne Federal Credit Union | 4.75% APY 5-Month CD | Review |
| Live Oak Bank | 4.70% APY 12-Month CD | Review |
| Live Oak Bank | 4.70% APY 12-Month Business CD | Review |
| GreenState Credit Union | 4.60% APY 10-Month CD | Review |
| Discover Bank | 4.50% APY 12-Month CD | Review |
| Blue Federal Credit Union | 4.50% APY 15-Month CD | Review |
| First Mid Bank & Trust | 4.50% APY 9-Month CD | Review |
| SkyOne Federal Credit Union | 4.50% APY 15-Month CD | Review |
| Western Alliance Bank | 4.30% APY 3-Month CD | Review |
| Sun Canyon Bank | 4.29% APY 11-Month CD | Review |
| Blue Federal Credit Union | 4.25% APY 9-Month No Penalty CD | Review |
| Rising Bank | 4.25% APY 6-Month CD | Review |
| SkyOne Federal Credit Union | 4.20% APY 12-Month CD | Review |
| Western Alliance Bank | 4.10% APY 5-Month CD | Review |
| Rising Bank | 4.00% APY 12-Month CD | Review |
| Western Alliance Bank | 4.00% APY 6-Month CD | Review |
| Southwestern National Bank | 4.00% APY 5-Month CD | Review |
| Southwestern National Bank | 3.75% APY 8-Month CD | Review |
| Nelnet Bank | 3.56% APY 24-Month CD | Review |
| Southwestern National Bank | 3.50% APY 10-Month CD | Review |
| CIT Bank | 3.50% APY 13-Month CD | Review |
| CIT Bank | 3.50% APY 11-Month No-Penalty CD | Review |
| Western Alliance Bank | 3.00% APY 12-Month CD | Review |
| Nelnet Bank | 3.30% APY 36-Month CD | Review |
| CIT Bank | 3.00% APY 6-Month CD | Review |
| CIT Bank | 3.00% APY 18-Month CD | Review |
Reasons to Bank with Discover Bank
- Discover Bank is recommended for those who are low on funds as it is an online bank whose accounts don’t require opening minimum deposits.
- You automatically receive a Discover Cashback Debit Card when you open a checking account that earns cash back rewards.
- Discover Bank offers great bonuses when you sign up for their select accounts, and all of them are completely free of charge.
- Their deposits for CDs are pretty low compared to other banks, but earns extremely high and competitive interest.
- Discover Bank cuts out all fees. They have no monthly fees nor minimum balance requirements since it is not a traditional bank, but that benefits customers who are more new to the banking world.
- Discover Bank offers APY for their Money Market if you meet the minimum deposit amount. Their money market also comes with notable features.
- Almost anyone can apply for a Discover checking or savings account as long as you are 18 years old or older.
Reasons Not to Bank with Discover Bank
- Discover Bank is only available online so if you prefer to talk to a representative face to face in person at a branch, then they might not work out for you. You can, however, talk to a representative on the phone.
- There is no ATM card, only a Discover Bank Cashback rewards Debit Card.
- There are no Relationship Rewards accounts so if you prefer to link your accounts to each other, then consider looking into other banks.
Discover Bank Routing Number
The routing number for Discover Bank is 031100649. You can find your routing number on the lower left corner of your Discover Bank check.
Contact Customer Service
Discover Bank’s customer service is 1 (302)-323-7810 and they operate 24/7.
How Discover Bank Compares
- Chase Bank: Chase is one of the biggest banks in the U.S and offers just about almost everything. Compared to its other competitors, Chase offers much more checking account options.
- Ally Bank: Ally Bank is another online only bank that offers very similar account options as Discover Bank, but offers pretty high interest rates as well.
- TD Bank: TD Bank also offer bonuses for signing up for a checking account! They have various account options that suit all kinds of consumers as well.
- Capital One 360: Capital One 360, you can bank fee-free with online and mobile checking that actually pays you back. Whether you’re looking for one of their 40,000 fee-free ATMs or a Capital One location–chances are they are right nearby.
Compare to Other Banks
- Discover Bank vs Chase
- Discover Bank vs Ally Bank
- Discover Bank vs Bank of America
- Discover Bank vs Wells Fargo
- Discover Bank vs KeyBank
- Discover Bank vs Regions Bank
- Discover Bank vs US Bank
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Bottom Line
If you want a very simple and condensed online banking institution, then consider Discover Bank.
Both of Discover Bank’s checking and savings accounts are free to open, and you can even open them at the same time to acquire all the bonuses being offered! Take advantage of these promotions and cashback rewards while they last.
However, keep in mind that when you look for a checking or savings account be sure to look into all the fees charged. Don’t focus on the interest rate alone, but on what the account will cost you overall.
If you’re interested in banking with Discover Bank, see our list of the latest Discover Bank Bonuses! For more options from a variety of banks, see our list of the best bank promotions!
Compare Discover Promotions to the latest banking promotions from institutions like Chase Bank, Huntington Bank, HSBC, TD Bank, CIT Bank, Bank of America, Citibank, & more!
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