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Discover Bank Review: A Comprehensive Guide

Discover Bank is a highly reputable online bank, well-known for its innovative financial products and customer-centric approach. Established in 1985 as a subsidiary of the Discover Financial Services, the bank has grown significantly over the years. Under the leadership of CEO Roger Hochschild, Discover Bank continues to focus on providing competitive products and exceptional customer service.

What is Discover Bank?

Discover Bank offers a wide range of banking services, including checking and savings accounts, CDs, money market accounts, and loans. As an online bank, it operates without physical branches, allowing for reduced overhead costs and higher interest rates for its customers.

How does Discover Bank Work?

Discover Bank's online platform and mobile app provide customers with a seamless banking experience. The user-friendly interface makes it easy to open an account, transfer funds, deposit checks, pay bills, and access customer support.

Discover Bank Competitors

  • Ally Bank: A popular online bank that offers high-yield savings accounts, interest-bearing checking accounts, and competitive CD rates.

  • Capital One: A well-known financial institution providing a variety of banking services, including high-yield savings accounts and fee-free checking accounts.

  • Chime: A mobile-based banking platform that offers no-fee checking accounts, automatic savings features, and early direct deposit access.

  • Marcus by Goldman Sachs: A digital bank with high-interest savings accounts, no-penalty CDs, and personal loans.

Pros and Cons


  • Competitive interest rates

  • No monthly fees or minimum balance requirements for checking and savings accounts

  • Access to over 60,000 fee-free ATMs

  • 24/7 customer support


  • No physical branches

  • Limited investment options

  • No business banking services


  • Discover Online Savings Account: High-yield savings account with no minimum balance or monthly fees

  • Discover Cashback Debit: Checking account with cashback rewards

  • Discover Money Market Account: High-interest account with check-writing privileges

  • Discover Certificates of Deposit (CDs): Competitive CD rates with various terms

  • Discover Personal Loans: Unsecured loans for various purposes

Discover Online Savings Account Review

The Discover Online Savings account offers an attractive interest rate, significantly higher than the national average. There are no monthly fees or minimum balance requirements, making it an excellent option for individuals looking to grow their savings. Customers can easily transfer funds between their Discover Bank accounts and external banks through the online platform or mobile app.

Discover Cashback Debit Review

Discover's Cashback Debit account is a standout feature, offering 1% cash back on up to $3,000 in debit card purchases per month. This account has no monthly fees, minimum balance requirements, or overdraft fees. Additionally, customers have access to over 60,000 fee-free ATMs nationwide.

Discover Money Market Account Review

The Discover Money Market account offers competitive interest rates while maintaining liquidity with check-writing privileges. This account requires a $2,500 minimum deposit, but there are no monthly fees. It also provides access to Discover's extensive ATM network.

Discover Certificates of Deposit (CDs) Review

Discover Bank's CDs offer competitive interest rates across various term lengths, ranging from three months to 10 years. There are no fees or hidden charges, and customers can opt for automatic renewal or choose to withdraw their funds at the end of the term.

Discover Personal Loans Review

Discover offers unsecured personal loans for various purposes, including debt consolidation, home improvement, and major expenses. The loan amounts range from $2,500 to $35,000, with fixed interest rates and flexible repayment terms. The online application process is straightforward, and customers can often receive a decision within minutes. Once approved, funds are typically disbursed within one business day.


Discover Bank is an excellent choice for individuals seeking competitive interest rates, user-friendly online banking, and a wide range of financial products. With its fee-free accounts, cashback rewards on debit purchases, and extensive ATM network, Discover Bank provides a comprehensive and convenient banking experience. However, customers seeking face-to-face interactions or business banking services may need to explore other options.

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