Discover Bank

Discover Bank Reviews

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Written by Ashley Eneriz
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Edited by Jana Lynch

About Discover Bank

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Founded in 1986, Discover is an online bank that is part of the Discover Financial Services family of companies. Well known for its credit cards, Discover also offers online checking and savings accounts as well as certificates of deposit (CDs) and money market accounts (MMAs). Despite being a fully online bank, Discover has 24/7 customer service. Customers can manage their accounts via the mobile app.

Pros
  • High APY
  • $0 account fees
  • 60,000+ no-fee ATMs
Cons
  • No in-person branches
  • No cash deposits

What is Discover Bank?

Discover Bank is the online bank division of Discover Financial Services. It offers savings accounts, checking accounts, CDs and money market accounts, as well as retirement accounts, personal and home loans, and credit cards. Discover does not offer special student or senior bank accounts, though the $0 account minimum and $0 account maintenance fee make it a good choice for students over the age of 18 and older adults.

Discover Bank is an FDIC-insured institution, meaning that deposits are insured up to $250,000 per customer. As an online bank, Discover does not have any physical branches for customers to visit, but its customer service is available 24/7, 365 days via phone.

How does Discover Bank work?

Discover Bank is available to all U.S. residents who are at least 18 years old. Opening a savings or checking account is simple, especially since you do not need to have a minimum opening deposit. To open an account, you will need to provide your personal information, such as your name, address, Social Security number and date of birth. If additional documents are needed, you can upload them securely on the site.

Once you have an online account, you can link it to other financial accounts to enable direct money transfers. Additionally, you can set up direct deposit for your paycheck, and when using this feature for your checking account, you can receive your check up to two days early.

Discover offers the latest banking technology for customers, including digital wallets that allow you to connect your bank account to Google Pay, Samsung Pay or Apple Pay. The Discover app can sync to your wearable device so you can check your balance and account activity with just a tap.

Additionally, with the Discover mobile app, you can manage your money and freeze your debit card instantly if you lose your card.

Discover Bank products and services

Discover Bank offers competitive online banking services, with high interest rates and minimal fees. It also offers an automatic savings feature, Auto Redemption, to make earning a high APY easier. The feature automatically deposits your debit card cashback bonus into your selected savings account each month. Below are some other products and features.

Checking account
Discover’s checking account comes with no account fees or insufficient funds fees. Customers can earn 1% cash back on up to $3,000 in debit card purchases each month. Discover has a network of over 60,000 ATMs across the country for no-fee withdrawals for customers.
High-yield savings account
With Discover’s savings account, you can enjoy zero fees on account maintenance, insufficient funds and excessive withdrawals. There is no minimum deposit requirement.
Certificate of deposit
You can choose from CDs that range in terms from three to 10 years without any fees. These high-yield CDs come with a guaranteed return but are also subject to early withdrawal fees. Minimum deposits start at $2,500.
Money market account
Enjoy the perks of a high-yield savings account paired with the convenience of a checking account with a money market account. Discover’s money market accounts do not have an account maintenance fee, insufficient funds fee or excessive withdrawal fee. You need a minimum of $2,500 to open a money market account, but you do not need to keep a minimum balance.

Discover Bank fees

Discover does not charge any account-related fees, though there are a few fees that customers need to be aware of. There is a $30 service charge for each outgoing wire transfer from your Discover account.

Withdrawing from your CDs early will also incur fees, which vary based on the CD term you have. The fees range from three months of simple interest to 24 months of simple interest. You will also pay a fee for using an out-of-network ATM.

Discover Bank FAQ

How do I add people to my Discover Bank account?

Discover online banking allows you to add authorized users, also known as joint account holders, to your account, as long as they are U.S. residents. You must fill out an authorization form that includes their personal information and signature.

Does Discover Bank use Zelle?

When you log in to your Discover savings or checking account, you can send or receive money through Zelle. However, if you are a new customer, Zelle might not be available to you because Discover has paused new enrollments to the platform at the time of publishing.

How do I withdraw money from my Discover Bank account?

Even though Discover Bank is an online bank, it is very easy to access your money. You can do an online transfer from your Discover Bank account to another financial account through the site or the mobile app. There are also 60,000 no-fee ATMs across the country. Additionally, online bill pay and your debit card and checkbook make it possible to pay others.

Is Discover Bank legit?

Discover Bank is a legitimate and reputable financial institution that offers online banking with 24/7 customer service and no monthly fees. If you’re looking for an online banking platform that provides access to checking, savings, money market accounts and certificates of deposit — as well as other financial products —  Discover is worth considering.

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Discover Bank Reviews

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    Page 1 Reviews 0 - 10
    Customer ServicePrice

    Reviewed Feb. 15, 2025

    When making additional payments on a personal loan, Discover continues to charge interest after the monthly interest has ALREADY been paid and the account is fully current. They refuse to respond when I asked multiple times why my extra principal payments were not applied completely to principal.

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    Customer ServiceSales & MarketingPriceStaff

    Reviewed Feb. 5, 2025

    I can’t believe the low rating for Discover Bank. I’ve had their credit card since 2006 and never had an issue. So several years ago I saw a 200 dollar bonus for opening a regular high interest savings account. I decided to give it a try. I was with one of the big and awful banks and was getting next to nothing in interest for any of my accounts and TERRIBLE customer service. So I decided to try the checking account also. I have never been happier with a bank.

    I noticed that people were complaining about not being able to make a cash deposit, but I read awhile back that you can make cash deposits at any Walmart to Discover bank. Maybe it should be better advertised. Any time I’ve called customer service for any reason, they are US based and courteous and helpful. In summary, I can’t think of even one complaint that I could make against Discover Bank and I highly recommend them for credit card, checking and savings accounts.

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      Reviewed Jan. 24, 2025

      Discover is an online bank, and assured me that they can complete all banking transactions and needs online. I have a check that was written to me and my fiancé, and we do not have a joint account. We agreed that I would deposit the check into my account as it was a refund on a security deposit I had paid. Discover Bank rejected the mobile deposit, saying we do not have a joint account and he did not endorse the check. They refused to have him endorse it and send it again via mobile deposit, saying I had to either request a new check and have us both sign or mail it to them as once a check is rejected once on mobile deposit, they will not let you re-submit. They provided no reasoning behind this, just saying it is their "policy."

      They also refused to pay for expedited mail with tracking, saying I am responsible for that. And with it being mailed, it could be lost and that would be on me to get a new check. It will take 5-7 business days to reach them, 5-7 business days for them to process it and it may still be rejected! They were not truthful that they could handle things online and they are keeping me from my money that is rightfully mine.

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      Customer ServicePunctuality & SpeedStaff

      Reviewed Jan. 18, 2025

      Having a relationship with Discover card, thought that moving my savings to their bank branch was a good move. WRONG! What a mess - agent taking app made an error on address, and could not open our account without address proof. We provided proof, received confirmation online of that submission and promised a reply in 10 days or less. 17 days later, no response. I called twice on days 13 and 16, and got hung up on as they transferred me from department to department. And they had enough of my info to call me back, but never did. I called again on day 17 and after 3 department transfers, was told I had to provide additional proofs besides driver's licenses - which were correct to address, but they said not. And they won't tell you what is in error, and proof they asked for additionally was not possible.

      Their mistake in taking my application is Discover still in error on their end. They have been of no help, and I asked them to just delete my application - which they refused. We walked away with them having our Soc Sec numbers and personal info, but no account. Terrible experience. Beware of their incompetence based on our experience and others here on Consumer Affairs. Our experience!

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      Customer ServiceCoverage

      Reviewed Jan. 17, 2025

      I opened an account with to test and see how it went before doing direct deposit. A couple of online transactions with the debit card went fine. Then, as I was standing in a store, paying for some groceries, the card declined, even though there were enough funds in the account to cover the charge. I had to pay with a different card/account. That was embarrassing. Got home and logged into my account and they had pulled the money from my account as if the transaction had gone through. I called them and they were nice and told me they were opening an investigation. A couple weeks later I get a letter saying they were denying my claim. So they basically stole my money. Stay far, far away from this shady bank.

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      Customer ServicePriceStaff

      Reviewed Jan. 16, 2025

      I actually worried that I was dealing with a fraud. I set up an account with Discover high interest savings. A test occurred between my bank and Discover. Three days later I transferred $100. Today 1/16/25, I tried to transfer $400 and got a message indicating I could not complete transaction. I was given three alternatives, go to my bank, make the transfer through their app, or use snail mail. I contacted customer support.

      The first person, Love, said that because my account was new, I would have to wait a while, but she couldn't define the time limit. Her supervisor, Julia, told me that my bank was not in the network so the transfer couldn't be made. She couldn't explain why I had already transferred funds successfully. Her supervisor, Khai, told me the same thing, my bank was not in the network. I told her I wanted to speak with someone higher and she said I'd have to write a letter. I gave up and called my bank. My bank told me that Discover uses a third party called Zelle, and that my bank does not use that entity because it is going away and will soon be unavailable. There you have it. I closed my account. Discover is not the kind of institution I can trust or respect.

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      Customer Service

      Reviewed Jan. 8, 2025

      Nearly everything they advertise about the cash back account is false. There are ATMs fees, no place to make deposits, and not accepted at as many places that take Visa and Mastercard. They continually put a 10 day hold on my deposits. The cashback I earned disappeared. I asked what happened to it and they said I didn't redeem it, so it was forfeited. Customer service is even worst. The representative answer, but they just read a script over and over. They don't really know about your account, but will try to small talk you out of what you are asking for. I asked for a supervisor and was told none are available for the same day. You have to leave a message, they tell the supervisor you need help the next day and they the supervisor has 24-48 hours to call you back. When you put money in it is immediate, but when you want your money back it takes 7 to 10 business days. Not worth the hassle.

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      Staff

      Reviewed Dec. 10, 2024

      When you file a dispute for a charge they do not go in your favor whether you have an unauthorized charge or never got your items. They are going to make you pay the charge. Use a different credit card online and they will back you up when you have a problem. Also you do not talk to a live person. You talk to a computer which tells you more or less where to go.

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      Staff

      Reviewed Dec. 8, 2024

      Savings and checking accounts. Verification on credit card equals a nightmare. From enhanced notary to 4506-C, the hurdles are ridiculous. Do not use Discover Bank. No person should be abused like this.

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      Customer ServicePunctuality & Speed

      Reviewed Dec. 7, 2024

      They closed my account with no notice. Which now drastically affected my credit score and caused other banks to lower my limit which again affected my credit score. Never pay anything late, but get punished for being responsible and not running up debt. What a lousy company policy and I called the customer service and was told there's nothing that can be done once in the count is closed. I will not be reopening an account with them or ever recommend anyone go with them. No other bank has ever done this to me.

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      Discover Bank Company Information

      Company Name:
      Discover Bank
      Website:
      www.discover.com