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Discover®️ Bank Review


ConsumersAdvocate.org Rating: 4.9 / 5 (Excellent)
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Discover® Bank is a subsidiary of Discover Financial Services originally established in 1911. This online bank offers a variety of banking products such as high-yield savings, money market, and CD accounts and a cash-back checking account. The company is rated stable by several bond rating agencies.
 
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How is Discover® rated?

Breakdown

5.0/5
Availability/Customer Service
5.0/5
Accounts Performance and Fees
4.8/5
Financial Strength

Overall Rating: 4.9 / 5 (Excellent)

Not only does Discover® offer a variety of banking products designed to maximize customers' balance, but a large number of digital features make it as easy as possible for customers to manage their accounts. Additionally, Discover® has great financial ratings. These features make Discover® Bank an excellent alternative for consumers who want to enjoy the benefits of online banking (no fees, higher yields, convenient digital services) with the stability of a decades-old company that will stick around for the long run.

Discover® General Banking Services

Availability/Customer Service - 5 / 5

Discover® Bank offers several online banking products, such as checking and savings accounts, money market accounts, and certificates of deposit. The checking account earns customers 1% cash back on up to $3,000 purchases. This account also includes access to fee-free ATMs in the Discover® network. On the website, consumers can compare Discover's features with those of other online banks.

Savings Accounts

Savings Account
Discover® Online Savings Account
Savings Account APY (Annual Percentage Yield)
4.25%

Checking Accounts

Checking Account
Discover® Cashback Checking Account

Additional Services

Cards
Credit Cards
Debit/ATM Cards
Loan Products
Personal Loans
Home Equity Loans
Student Loans
Physical Branches
Discover® Bank is an entirely online financial institution, but still operates the Greenwood Trust Company in Delaware as its only physical branch.
Rewards Programs/Special Offers
Discover® has a 5% cash back rewards credit card with participating online and brick-and-mortar vendors. The company also features 1% cash back on up to $3,000 in monthly debit card purchases with its checking account.

Other Bank Accounts

CDs
Money Market Accounts
Brokerage Accounts
Retirement Accounts
IRA
Roth IRA
Accounts for Children
Sweep Accounts
Student Accounts
Joint Accounts

Discover® Digital Banking Services

Accounts Performance and Fees - 5 / 5

As an online bank, Discover® has a wealth of convenient features to help consumers handle their finances entirely over the internet. With the mobile app and the desktop website, Discover® clients are able to deposit checks, set up automatic online bill payments, and transfer funds to other accounts.
Mobile App
Yes
Mobile Features
Photo Check Deposit
Card Blocking
Digital Wallet Synching
Transfer Funds
Bill Pay
Online Banking Features
Direct Deposit
Online Bill Pay
Transfer Funds
Account Alerts (Text/Email)
Resources/Additional Features
Personal Assistance

Discover® Financial Strength and Reputation

Financial Strength - 4.8 / 5

Discover® Bank started its long career in 1911 as the Greenwood Trust Company. It was later purchased by Discover® Financial Services and renamed Discover® Bank. Discover® holds stable ratings from S&P and Moody's, two major bond rating agencies. This means the company's financial strength is high. As for its reputation, Discover® has an A+ rating from the Better Business Bureau, but a large number of customer complaints filed with the organization. Likewise, the Consumer Financial Protection Board has logged several thousands of complaints. This is to be expected for a company of this size.
Year Founded
1911
Standard & Poor's Financial Rating
BBB
Moody's Financial Rating
Baa3
Live Help 24/7
Yes
Contact Methods
Phone
Email
Chat
Social Media
Text
BBB Rating
A+
BBB Total Complaints
892
BBB Resolved Complaints
151
Trustpilot Rating
7.4 out of 10
Consumer Financial Protection Board (CFPB) Complaints
11,594
Date Collected
2018-08-28

Company Profile

Full Name
Discover®️ Bank
Company Website
https://www.discover.com/
Headquarters
502 East Market Street, Greenwood, DE, 19950

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Customer Comments & Reviews

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gravellejoan02
8/20/2021
After the death of my father, my mother and I attempted to have her listed as the owner of a cd in his name, for which she was the beneficiary. It has been months since we began that process. After providing all the paperwork necessary, she was declared the account owner, and he options were to put the money into another Discover account or have a check sent to her. There is no option to have the monies wired to another bank. We requested a check be sent to her current address, due to the fact that the address on my father's account was no longer where my mother is living. That house had been sold, and she was at a new address. The discover bank representative insisted on sending the... Read More

harperharinger4
10/28/2020
I have been banking with discover bank saving account for 10 years.I moved and changed my address today.Discover sent me an email indicating they will send confirmation to both old and new address.Why would they send a letter to my old address after i moved with someone else living there? Arent they supposed to protect my privacy and security?By sending a letter to my old address they are putting my privacy and security at risk.Other banks dont do that so why does discover bank have this outdated protocol.Called their customer service and they said its system generated and they have no control over it.Horrible/worst decision to bank with these outdated online banks.Run aways from these... Read More

Top Rated
  • $0 minimum starting deposit
  • Checking account—earn 1% cash back on up to $3,000/m in debit purchases 
  • No monthly fees
  • Access to 60,000 free ATMs nationwide
  • High-yield money market and CDs
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