About bank
Discover Bank is an online bank in the United States that offers a range of financial products and services, including checking and interest-bearing savings accounts, money market accounts, and certificates of deposit (CDs). The bank was established in 1985 and is headquartered in Greenwood, Delaware. Discover Bank operates primarily through its website and mobile app, providing customers with convenient access to their accounts and services.
Discover Bank offers some of the most competitive interest rates in the industry, making it an attractive option for customers looking to maximize their savings. The bank also offers a range of other benefits, including a cashback rewards program for its credit cards, a mobile app for managing accounts, and 24/7 customer service.
In addition to its high-yield savings accounts and deposit products, Discover Bank also offers personal loans, student loans, and home loans. The bank's loans are known for their competitive rates and flexible repayment terms, making them a popular choice for customers looking to finance a wide range of expenses.
Discover Bank is FDIC-insured, meaning that deposits are insured up to $250,000 per depositor. The bank is also a member of the Federal Reserve System, providing added customer security.
Discover Bank is a solid choice for customers looking for a convenient, reliable, and competitive bank. With its range of products and services, attractive interest rates, and 24/7 customer support, the bank offers a convenient and affordable solution for customers looking to manage their finances.
Key Features
Discover Bank offers a range of key features to its customers, including:
- Competitive interest rates. Discover Bank offers some of the most competitive interest rates in the industry, making it an attractive option for customers looking to maximize their savings.
- Cash back rewards program. Discover Bank's credit card customers can earn cash back rewards on their purchases, making it easier to earn rewards for everyday spending. For example, you can earn 1% cash back on up to $3,000 in debit card purchases each month. Purchases through digital wallets such as Google Pay or Apple Pay also bring rewards. Note: Certain digital wallet and third-party payment accounts transactions may not earn you a 2% bonus if the technology does not provide sufficient transaction details.
- Mobile banking. The bank's mobile app allows customers to manage their accounts, deposit checks, and pay bills from anywhere, at any time.
- 24/7 customer service. Discover Bank offers 24/7 customer service, making it easy for customers to get help with any questions or issues they may have.
- Range of financial products. Discover Bank offers a range of financial products, including checking and savings accounts, money market accounts, CDs, personal loans, student loans, and home loans.
- FDIC insurance. Discover Bank is FDIC-insured, meaning that deposits are insured up to $250,000 per depositor, providing added security for customers.
- Federal Reserve System membership. Discover Bank is a member of the Federal Reserve System, which provides added security and stability for customers.
- Convenient online and mobile access. The bank operates primarily through its website and mobile app, providing customers with convenient access to their accounts and services.
These key features make Discover Bank a convenient, reliable, and competitive option for customers looking to manage their finances. With its range of products and services, attractive interest rates, and 24/7 customer support, the bank offers a convenient and affordable solution for customers looking to achieve their financial goals.
Requirements
To open an account with Discover Bank, you typically need to meet the following requirements:
- Age. You must be at least 18 years old to open an account with Discover Bank.
- U.S. residency. You must be a U.S. resident with a valid Social Security number to open an account.
- Contact information. You will need to provide your full name, address, phone number, and email address.
- Identification. You may need to provide a government-issued ID, such as a driver's license or passport, to verify your identity.
It's important to note that these requirements may vary depending on the type of account you are opening and the specific circumstances of your situation. You can visit the Discover Bank website or speak with a representative to learn more about the specific requirements for opening an account.
Overall, opening an account with Discover Bank is a straightforward process that can typically be completed quickly and easily online or over the phone. With its range of products and services, competitive interest rates, and 24/7 customer support, Discover Bank is a convenient and affordable solution for customers looking to manage their finances.
Access on the Go
Discover Bank offers several options for customers to access their accounts on the go, including:
- Mobile app. Discover Bank offers a mobile app that allows customers to manage their accounts, deposit checks, and pay bills from anywhere, at any time. The app is available for both iOS and Android devices and can be downloaded from the App Store or Google Play.
- Online banking. Customers can also access their accounts through Discover Bank's website, which provides convenient and secure access to account information and services.
- ATM access. Discover Bank customers can use ATMs for free, including ATMs in the Allpoint and MoneyPass networks.
- Mobile deposit. With the Discover Bank mobile app, customers can easily deposit checks using their smartphone's camera.
- SMS banking. Customers can also access their accounts and receive account information through SMS banking, which allows them to receive account updates and perform simple transactions via text message.
These options allow Discover Bank customers to access their accounts and manage their finances from anywhere, at any time. Discover Bank provides convenient and secure access to your accounts and services if you prefer to use a mobile app, online banking, ATMs, or SMS banking.
Discover Bank products
Discover Bank offers a range of financial products and services, including:
- Discover chequing account. Discover Bank offers a checking account that provides customers with convenient and flexible access to their money.
- Discover online savings account. Discover Bank offers a high-yield savings account that provides customers with a convenient and easy way to save money and grow their balance over time without paying monthly fees. The Discover Bank Online Savings Account APY is currently 3.20% for Money Market account balances under $100,000, and 3.20% for balances of $100,000 and over. Whichever online bank account you choose, Discover promises to keep your terms simple. No minimum opening deposit is required, and there is no minimum balance requirement.
- Money market account. Discover Bank offers money market accounts with higher interest rates and the ability to write checks.
- Certificates of Deposit (CDs). Discover Bank offers CDs with a range of term lengths and competitive interest rates, allowing customers to earn a fixed rate of return on their deposits.
- Personal loans. Discover Bank offers personal loans with competitive interest rates, no origination fees, and the ability to check your rate without affecting your credit score.
- Student loans. Discover Bank offers student loans with flexible repayment options, competitive interest rates, and the ability to check your rate without affecting your credit score.
- Home loans. Discover Bank offers home loans with competitive interest rates, flexible loan options, and a streamlined application process.
- Credit cards. Discover Bank offers a range of credit cards, including cashback rewards cards, low-interest rate cards, and balance transfer cards.
These products and services allow Discover Bank customers to manage their finances and achieve their financial goals, whether they're looking to earn more on their savings, pay for a big purchase, or finance a major expense like a home or education. With its range of products, competitive interest rates, and 24/7 customer support, Discover Bank provides a convenient and affordable solution for customers looking to manage their finances.
Which associations does Discover Bank belong to?
Discover Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which provides insurance to depositors in the event that a bank fails. The FDIC is an independent U.S. government agency created in 1933 to promote public confidence in the banking system and protect depositors in the event of a bank failure.
In addition to the FDIC, Discover Bank is also a member of the Allpoint network, a network of ATMs that provides customers with surcharge-free access to their money. This network includes over 55,000 ATMs in the United States and around the world, providing customers with convenient access to their funds.
Discover Bank provides its customers with added protection and convenience by being a member of the FDIC and the Allpoint network, helping them confidently manage their finances.
Bank Reliability
Discover Financial Services is a well-established company that provides various financial services, including credit cards, personal loans, and savings accounts. As of my training data (2021), the company has a strong reputation for stability and reliability, with a long history of providing quality financial products and services to its customers.
Discover is a member of the FDIC (Federal Deposit Insurance Corporation), which means that customers' deposits are insured for up to $250,000 per depositor. This provides peace of mind to customers, as their deposits are protected in the event that Discover was to experience financial difficulties.
In terms of credit cards, Discover is known for offering competitive rewards programs and benefits and a strong commitment to customer service. The company has a 24/7 customer service hotline that is available to assist cardholders with any questions or concerns they may have.
Overall, Discover Financial Services has a strong reputation for reliability and stability and is considered to be a trusted provider of financial services. However, as with any financial institution, it is important for customers to research and compare options to ensure that they are choosing the best option for their needs.
Discover Bank vs. American Express Bank
Discover Bank and American Express Bank are two different financial institutions that offer a variety of financial products and services. Both institutions have a strong reputation for stability and reliability, but there are some key differences between the two that you may want to consider when making a decision.
Discover Bank primarily offers credit cards, personal loans, and savings accounts. In contrast, American Express Bank offers a wider range of financial products and services, including checking accounts, certificates of deposit, and investment services.
In terms of credit cards, Discover is known for offering competitive rewards programs and benefits, such as cash back on purchases and no annual fee. On the other hand, American Express is known for offering premium credit cards with higher rewards and exclusive benefits. Still, it also tends to have higher annual fees and stricter credit requirements.
When it comes to savings accounts, Discover Bank offers a high-yield savings account with a competitive interest rate. In contrast, American Express Bank offers savings accounts with lower interest rates but with the added benefits of being able to access their extensive network of ATMs.
Both institutions are FDIC-insured, meaning that deposits are insured up to $250,000 per depositor. However, American Express Bank has a long history and larger financial network than Discover Bank, which could be a factor to consider when choosing between the two.
In conclusion, both Discover Bank and American Express Bank are reliable financial institutions, but each has its own strengths and weaknesses. You should consider your specific financial needs and goals when deciding which institution to choose.
Discover Bank vs. Citi Bank
Discover Bank and Citi Bank are two financial institutions offering various financial products and services. Both institutions have a strong reputation for stability and reliability, but there are some key differences between the two that you may want to consider when making a decision.
Discover Bank primarily offers credit cards, personal loans, and savings accounts. In contrast, Citi Bank offers a wider range of financial products and services, including checking accounts, mortgages, investment services, and wealth management.
In terms of credit cards, Discover is known for offering competitive rewards programs and benefits, such as cash back on purchases and no annual fee. Citi Bank offers a variety of credit cards with rewards programs but also tends to have higher annual fees and more stringent credit requirements than Discover.
When it comes to savings accounts, Discover Bank offers a high-yield savings account with a competitive interest rate. Citi Bank offers savings accounts with lower interest rates but comes with added benefit of being able to access their extensive network of branches and ATMs.
Both institutions are FDIC-insured, meaning that deposits are insured up to $250,000 per depositor. Citi Bank has a long history and a larger financial network than Discover Bank, which could be a factor to consider when choosing between the two.
In conclusion, both Discover Bank and Citi Bank are reliable financial institutions, but each has its own strengths and weaknesses. You should consider your specific financial needs and goals when deciding which institution to choose.
Discover Bank vs. Bank of America
Discover Bank and Bank of America are two financial institutions offering various financial products and services. Both institutions have a strong reputation for stability and reliability, but there are some key differences between the two that you may want to consider when making a decision.
Discover Bank primarily offers credit cards, personal loans, and savings accounts. In contrast, Bank of America offers a wider range of financial products and services, including checking accounts, mortgages, investment services, and wealth management.
In terms of credit cards, Discover is known for offering competitive rewards programs and benefits, such as cash back on purchases and no annual fee. Bank of America offers a variety of credit cards with rewards programs but also tends to have higher annual fees and more stringent credit requirements than Discover.
When it comes to savings accounts, Discover Bank offers a high-yield savings account with a competitive interest rate. In contrast, Bank of America offers savings accounts with lower interest rates but with the added benefit of being able to access their extensive network of branches and ATMs.
Both institutions are FDIC-insured, meaning that deposits are insured up to $250,000 per depositor. Bank of America has a long history and a larger financial network than Discover Bank, which could be a factor to consider when choosing between the two.
In conclusion, both Discover Bank and Bank of America are reliable financial institutions, but each has its own strengths and weaknesses. You should consider your specific financial needs and goals when deciding which institution to choose.
Discover Bank vs. Capital One
Discover Bank and Capital One are two financial institutions offering a range of financial products and services. Both institutions have a strong reputation for stability and reliability, but there are some key differences between the two that you may want to consider when making a decision.
Discover Bank primarily offers credit cards, personal loans, and savings accounts. In contrast, Capital One offers a wider range of financial products and services, including checking accounts, mortgages, investment services, and wealth management.
In terms of credit cards, Discover is known for offering competitive rewards programs and benefits, such as cash back on purchases and no annual fee. Capital One also offers a variety of credit cards with rewards programs but tends to have higher annual fees and more stringent credit requirements than Discover.
When it comes to savings accounts, Discover Bank offers a high-yield savings account with a competitive interest rate. In contrast, Capital One offers savings accounts with lower interest rates but with the added benefit of being able to access their extensive network of branches and ATMs.
Both institutions are FDIC-insured, meaning that deposits are insured up to $250,000 per depositor. Capital One has a long history and a larger financial network than Discover Bank, which could be a factor to consider when choosing between the two.
In conclusion, Discover Bank and Capital One are reliable financial institutions, but each has strengths and weaknesses. You should consider your specific financial needs and goals when deciding which institution to choose.
