Discover Bank Review 2025
Written by
Edited by
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
Overview
Discover Bank is a great option for consumers who want to manage their credit cards and bank accounts in one place. As an online-only bank without branches, consumers considering Discover should be comfortable banking solely online, though Discover provides a wide network of fee-free ATMs where you can get access to your cash.
Highlights:
High APY 24/7 Customer Service No Monthly FeesHighlights:
CDs
Checking
Savings
MMA
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
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 Checking rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
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.
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 deposit accounts, particularly its savings products, offer competitive rates without the monthly fees, making them highly accessible to just about anyone.
Pros
-
Discover doesn’t charge fees on any of its deposit products.
-
The CDs, savings and money market accounts all pay competitive rates.
-
The bank offers a highly rated cash-back checking account.
-
Discover® Bank’s Cashback Debit account has a service that may help get your personal information off of certain websites.
Cons
-
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
Discover® Online Savings Account
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.
Rate history for Discover® Bank's Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Discover® CD
Pros
-
The CDs require no minimum deposit amount and earn yields well above national averages.
-
The wide range of terms available, ranging from three months to 10 years, makes it easy to ladder CDs.
-
The bank makes it easy to find info about early withdrawal penalties.
Cons
-
Some banks may pay slightly more competitive yields.
Rate history for Discover® Bank's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
Discover® Money Market Account
Pros
-
The money market account earns a competitive APY.
-
The account doesn’t require a minimum opening deposit and doesn’t charge a monthly fee.
-
It comes with a debit card, check-writing privileges and the ability to get free checks.
Cons
-
You need at least $100,000 to get the bank’s highest money market account yield.
Discover® Cashback Debit Account
Pros
-
The checking account doesn’t charge fees or require a set minimum balance.
-
Customers can earn cash back on up to $3,000 in debit card purchases each month.
-
Discover offers surcharge-free access to more than 60,000 ATMs.
-
Those enrolled in direct deposit can receive paychecks up to two days early.
Cons
-
The Discover® Cashback Debit account doesn’t earn interest, which some competitors offer on their rewards checking accounts.
How Discover compares to other banks
Compare different account types offered by Discover Bank. Annual percentage yields (APYs) shown were updated between Feb. 15, 2025 and Feb. 21, 2025.
|
Selected bank
Discover Bank savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
American Express National Bank savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Search for or select a bank:
No banks found
Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
|---|---|---|
|
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Feb. 15, 2025 and Feb. 21, 2025.
|
||
| 3.75% | 3.80% | |
|
Minimum balance for APY
|
||
| $0.00 | $0.00 | |
|
Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
|
||
| $1,875 | $1,900 | |
| Discover Bank’s Online Savings Account offers a top-notch yield. There isn’t a minimum opening deposit or minimum balance requirement, and customers won’t pay a monthly fee for the account. | American Express National Bank offers a competitive yield on its High Yield Savings Account. The account doesn’t require a minimum opening deposit. The account also doesn’t have a monthly service fee or minimum balance requirements to worry about. | |
|
|
N/A
|
|
|
N/A
|
|
APY offering:
3.75%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
3.80%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
|
Bank fees
| Fee | Charged? | |
|---|---|---|
| Overdraft fee | None | |
| Non-sufficient funds fee | None | |
| Monthly maintenance fee | None | |
| Out-of-network ATM fee | None* | |
| Excessive transaction fee | None |
Customer experience
Customer support
24/7 support is available. As an online-only bank, Discover doesn’t have physical branches you can visit, except for one office in Delaware. But Discover customers can call the bank anytime to get help, no matter the account. The bank also monitors transactions and contacts customers if it detects suspicious activity.
High customer satisfaction. Discover Bank ranked above average in overall satisfaction among online-only banks for its savings product, according to J.D. Power’s 2024 Direct Banking Satisfaction Study. However, it scored slightly below average for its checking account.
Digital experience
Highly rated mobile app. Discover’s app has been reviewed by more than four million users, receiving high marks on both the Apple App and Google Play stores. The app makes it a breeze to see the specs of your account, according to a Bankrate staff member with a Discover account. “In just a few seconds, I can see my current balance, current APY, interest rate, interest YTD, scheduled transactions and the number of limited transactions used in the current month.” You can easily schedule and manage automatic payments, set alerts and even find tax documents.
Mobile app limitations. Discover’s app doesn’t have a savings calculator for existing customers, so if you want to calculate savings potential, you’ll have to head to the website. Moreover, searching for previous transactions can be frustrating, as searches are limited to time frame and amount.
Email alerts. One of Discover’s best features is its “check out your new APY” emails, which are sent to customers after an interest rate hike. “Discover keeps me updated on how its high-yield savings account is maximizing my savings potential with this transparency,” said a Bankrate staff member who uses the account personally.
The above images were last updated on August 20, 2024.
Complaints
FDIC action. In July 2023, the Federal Deposit Insurance Corp. issued a consent order to Discover Financial Services, which addressed shortcomings in Discover Bank’s compliance management system in connection with consumer protection laws. While the FDIC didn’t issue a fine, Discover agreed to improve its consumer compliance infrastructure.
Bankrate staff insights
"I’m perfectly happy with my Discover savings account because I appreciate a company that offers a strong app in terms of ease of use, transparency and functionality," said a Bankrate staff member with a Discover account. "The email reminders are helpful because they remind me to check in on my savings progress every month or so, which keeps my savings account (and progress) top of mind.” However, the Bankrate staff member noted that Discover’s calculator limitations make it harder to confidently know how APY changes impact savings plans, but its app makes it easy to adjust my transfers when needed."
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
Featured customer reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.
Our editor's take
Not only is Discover’s mobile app highly rated, the bank took first place in overall satisfaction among savings providers in J.D. Power’s 2023 Direct Banking Satisfaction Study. While wait times may vary when contacting support, high customer satisfaction indicates most people have a good experience getting help from Discover Bank.
Choosing the right bank for you will depend on what accounts you’re interested in and your personal situation. While Discover offers stellar deposit accounts, if you value being able to bank in person, it may not be the right fit for you, since Discover has only one branch.
We want to know what you think about Discover Bank
Do you have experience with Discover Bank? Let us know your thoughts.
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.
Discover Bank customer reviews
Discover Bank has 25 reviews
Dive into community reviews below and see what others think about Discover Bank.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
Thank you for sharing your experience with Bankrate
