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.
Compare Discover Promotions to the latest banking promotions from institutions like Chase Bank, Huntington Bank, HSBC, TD Bank, BBVA, CIT Bank, Bank of America, Citibank, & more!
| PROMOTIONAL LINK | OFFER | REVIEW |
| Discover Bank Online Savings terms apply | Up to $200 Cash + 3.90% APY | Review |
| Discover Bank CD | Up to 4.75% APY | Review |
| Discover Bank Money Market | Up to 3.85% APY | Review |
| Discover Bank IRA CD | Up to 4.75% 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
Chase Total Checking®Chase Premier Plus CheckingSMHSBC Premier CheckingHSBC Advance CheckingHuntington Asterisk-Free Checking®Huntington 5 Checking®Huntington 25 Checking®BBVA Checking
 • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit • Access to more than 16,000 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 locator.chase.com. • Chase Overdraft AssistSM – no overdraft fee 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* *With Chase Overdraft AssistSM, we won’t charge an Overdraft Fee 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 you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts. |
See all Chase Total Checking offers and all other Chase offers here.
See all Chase Premier Checking offers and all other Chase offers here.
*See all HSBC Premier Checking offers here and all other HSBC Bank offers here.
*See all HSBC Advance Checking offers here and all other HSBC Bank offers here.
See all Huntington Asterisk-Free Checking offers and all other Huntington offers here.
See all Huntington 5 Checking offers and all other Huntington offers here.
See all Huntington 25 Checking offers and all other Huntington offers here.
See all other BBVA offers here.
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 $200/$150 Bonus with promo code HMB223 by 06/15/2023 • Earn high interest rate of 3.90% 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 To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB223 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. 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 interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. |
Compare Savings Accounts
American Express® Personal SavingsChase SavingsSMCIT Bank Savings BuilderDiscover Online SavingsAxos Bank High Yield Savings
 With the American Express® High Yield Savings Account: • Earn 4.00% APY as of 5/31/23 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly. • Links easily with your current bank accounts. No need to switch banks. • FDIC Insured. Your account is insured to at least $250,000 per depositor. • 24/7 Account Access |
Learn more about American Express High Yield Savings and the latest Amex credit card offers here.
See all Chase Savings offers and all other Chase offers here.
 With the CIT Bank Savings Builders account: • Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster. • Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate. • FDIC Insured |
Learn more about CIT Bank Savings Builder from CIT Bank. Our full list of CIT Bank bonuses here.
Open a Discover Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code HMB223 by 06/15/2023 • Earn high interest rate of 3.90% 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 To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB223 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. 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 interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. |
Read more about Discover Bank Online Savings here. Our full list of Discover Bank bonuses here.
 • Earn up to 0.61% APY with interest compounded daily and no monthly fees with the Axos Bank High Yield Savings account • No minimum balance requirements • Free ATM card upon request • $250 minimum opening deposit • Free Incoming Wires |
Read more about Axos Bank High Yield Savings here. Our full list of Axos Bank Promotions here.
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
Compare Money Market Accounts
Axos Bank High Yield Money MarketDiscover Money MarketBBVA Money MarketCIT Bank Money Market
• Earn 0.25% APY with the Axos Bank High Yield Money Market • FDIC Insured • Check writing privileges • No monthly maintenance fees • No minimum balance requirements • Debit card transactions • Minimum Balance Required to Open the Account: $ 1000.00 |
Read more about Axos Bank High Yield Money Market here. Our full list of Axos Bank Promotions here.
 • Get started and open a Discover Money Market Account in 3 easy steps. • Available nationwide online • Earn high yields with flexible access to your cash. • Earn 3.85% APY balances $100,000 and over • Earn 3.80% APY balances under $100,000 • Open with as little as $2,500. • No hidden fees. No surprises. • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs |
Read more about Discover Bank Money Market here. Our full list of Discover Bank bonuses here.
Learn more about BBVA Bank Money Market. Our full list of BBBVA bonuses here.
With the CIT Bank Money Market Account, you can earn a competitive interest rate and access your money easily. • Earn 1.55% APY on your funds • One of the nation's top rates — several times the national average. • Get up to 6 digital transfers/withdrawals per statement cycle • Save smart and get more for your money • Higher rates than traditional banks • Get 24/7 Account Access • Secure banking features • Open with as little as $100 • FDIC insured |
Learn more about CIT Bank Money Market. Our full list of CIT Bank bonuses here.
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 | 3.40% APY |
| 9-Month Term | 3.50% APY |
| 12-Month Term | 4.75% APY |
| 18-Month Term | 4.75% APY |
| 24-Month Term | 4.30% APY |
| 30-Month Term | 4.30% APY |
| 3-Year Term | 4.30% APY |
| 4-Year Term | 4.00% APY |
| 5-Year Term | 4.00% APY |
| 7-Year Term | 3.80% APY |
| 10-Year Term | 3.80% APY |
Compare CD Accounts
CIT Bank CDCIT Bank No-Penalty CDDiscover CDBBVA CD
 • Available online nationwide • Earn up to 5.00% APY • $1,000 minimum to open • Selection of terms to meet your needs • A range of choices. Low minimum deposits. • No fees to open or maintain the account • Available as Custodial • Open a CIT Bank Certificate of Deposit Account today! |
Learn more about CIT Bank CDs. Our full list of CIT Bank bonuses here.
With the CIT Bank No-Penalty 11-Month CD: • Earn 4.90% APY on your funds with just a $1,000 minimum deposit. • The perfect balance between a great fixed rate and flexible money access. • Access funds, if needed. No penalty. • No opening or maintenance fees • Shorter 11-month timeframe and a great APY • If you need your funds prior to the maturity date, you can withdraw your money — including any interest earned — beginning seven days after the funds have been received. No penalty. No problem. It's the security of a CD with the flexibility to access your funds early if you need them. |
Learn more about CIT Bank No-Penalty CD. Our full list of CIT Bank bonuses here.
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months • Rates ranging from 2.00% APY up to 4.75% APY. • Opening a Discover Bank Certificate of Deposit is extremely quick and easy. • Funds on deposit are FDIC-insured up to the maximum allowed by law. • Start today with a minimum deposit of $2,500! • Get started and open a Discover CD in 3 easy steps. |
Read more about Discover Bank CDs here. Our full list of Discover Bank bonuses here.
See all BBVA CD offers and all other BBVA offers here.
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
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!
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