Discover® Bank 2025 Review: Savings, Money Markets, and CDs
Online banks can offer an alternative to traditional banks or credit unions when you’re looking for a place to keep your savings.
Discover Bank offers numerous ways to save while earning competitive interest rates on deposit accounts.
If you’re ready to open a new savings account or certificates of deposit, it’s helpful to learn more about Discover Bank’s offerings.
What Is Discover Bank?
Discover is perhaps best known as an issuer of credit cards, but it also offers a wide range of banking products and services. If you’re interested in banking online, you can choose from savings accounts, money market accounts, and certificates of deposit, something you may already know from reading other Discover Bank reviews.
Officially established in 2000, Discover Bank is an online-only bank, so there are no branches to visit. However, the bank does offer the option to withdraw money and complete other transactions via ATM.
Discover Bank customers can use their debit card or credit card to withdraw money from over 415,000 ATMs, including over 60,000 surcharge-free ATMs, through the Allpoint or MoneyPass networks.
Popular Discover Bank Accounts
Compare Top Checking Accounts
Finding the best savings account to meet your needs is as simple as using our listing below. Compare checking account fees and perks now.
How Discover Bank Works
Discover Bank is an online bank, which means it differs in several key ways from traditional banks or credit unions. Here’s a closer look at what you can expect if you decide to open an account with Discover.
Maintenance fees
Online banks can be a good choice for savers who want to minimize banking fees. Because they tend to have lower overhead costs than brick-and-mortar banks and credit unions, they can pass those savings on to customers in the form of fewer fees.
Discover Bank is a good example of an online bank that charges no monthly maintenance fees or hidden fees. Whether you have a Discover Bank savings account, a Discover Bank money market account, or a CD account, you never pay a monthly maintenance fee.
Account minimums
One thing to pay attention to when opening any new bank account is the minimum deposit requirement. With Discover Bank, there are no minimum balances or deposits for money market accounts, CDs, and regular savings accounts.
Can you open multiple accounts?
Discover Bank does allow you to open multiple accounts. If you’re just interested in saving, you could open savings accounts and money market accounts. You can also set up a CD ladder with Discover using multiple certificates of deposit.
However, remember that FDIC coverage limits apply. The current limits are $250,000 per depositor, per bank, and per account ownership.
Account access and customer support
When you open an account with Discover Bank, you have the option to manage it online or via the Discover mobile app. Both allow for 24/7 access to your money.
And again, while you don’t have access to funds through branch banking, you can still withdraw money or complete other transactions through Discover’s extensive ATM network.
If you need help with your Discover Bank account, customer support is available by phone 24/7 at 1-800-347-7000. You can also log in online to initiate a live chat.
Online and mobile banking experience
Discover Bank makes it easy to manage your accounts online or through the Discover mobile app. With either one, you can:
- View account balances
- Transfer funds between accounts
- Schedule bill payments
- Set up transfers to and from externally linked bank accounts
- Download and view electronic statements
- Send money to friends and family using Zelle
You can also use the mobile app to make mobile check deposits and locate ATMs nearby if you need to withdraw money.
Discover Bank Online Savings Account
The Discover Bank Online Savings Account offers a competitive interest rate that’s five times higher than the national average. Discover Bank ranked in the top 10 overall for best savings account interest rates in the America’s Best Rates Survey. This savings account has no minimum deposit requirement and no hidden fees of any kind.
Current savings account rates
Discover Bank Money Market Account
Money market accounts combine features of savings and checking accounts. The Discover Bank Money Market Account also offers competitive interest rates for savers with no monthly maintenance fees or minimum balances required.
This account allows you to write checks, make purchases, or withdraw money at an ATM using a debit card.
Current money market account rates
Discover Bank CD Rates
Discover Bank offers certificates of deposit with terms ranging from three months to 10 years to help you save for short-term and long-term financial goals.
There’s no minimum deposit required and no monthly maintenance fees, and you can open multiple CDs if you’re interested in laddering them.
Discover Bank CD rates are tiered, based on your CD term. An early withdrawal penalty applies if you take money out before your CD matures.
Current CD rates
Discover Bank Personal Loans
Discover issues credit cards and offers personal loans. These loans have fixed interest rates and no origination fees.
You can choose repayment terms ranging from 36 to 84 months, and, in most cases, you can make a same-day decision on whether or not you’re approved. A Discover personal loan could be worth considering if you need money to consolidate and pay down debt, fund home repairs or renovations, or cover another large expense.
Compare current personal loan rates
Discover Bank Pros and Cons
This Discover savings review wouldn’t be complete without looking at the pros and cons. Before you decide to open an account, consider these advantages and potential downsides:
Pros
Cons
Locations – Branches & ATMs
Since Discover Bank is an online bank, you don’t have access to physical branches. But you can manage your accounts and withdraw money at more than 415,000 ATMs, including 60,000 fee-free ATMs in the Allpoints and MoneyPass networks.
