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Discover™ Online Savings Account Review

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Discover® Bank, a subsidiary of Discover Financial Services, provides consumer and commercial financial products. Originally founded in 1911 as Greenwood Trust Company, the organization was renamed by Discover Bank in 2000. Discover Bank offers credit cards, deposit products such as savings and checking accounts, CDs, traditional and Roth IRAs, personal loans, student loans, and home equity loans. Discover Bank operates entirely online except for the original branch in Greenwood, Delaware.
 
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How is Discover™ Online Savings Account rated?

Breakdown

5.0/5
Rates and fees
4.9/5
Balance Requirements
0.0/5
Availability & Type of Financial Institution
5.0/5
Financial Stability & Ratings
0.0/5
Customer Support

Overall Rating: 4.8 / 5 (Excellent)

Discover® Bank gets high marks from us for many reasons. First, its interest yield is among the highest in the industry. In addition to this, Discover also charges very little in the way of fees. There are no fees for insufficient balances, no monthly maintenance fees, official bank checks are free (even when expedited), and there is no minimum deposit to open an account. Additionally, with its First Fee Forgiveness program, Discover will waive the first penalty charged to the customer's account each calendar year. These could include insufficient funds fee, stop payment fee, or excessive withdrawal fee.

Discover has no brick-and-mortar branches. In order to withdraw money from your Discover savings account you must either initiate an online transfer to a linked Discover checking account (then have access to over 60,000 no-fee ATMs across the country), make a domestic or international wire transfer (for which a fee will apply), or request an official bank check. The company does, however, make depositing money very easy with mobile check deposit, direct deposits, and transfers from other banks and/or Discover accounts. This might incentivize customers to deposit more and withdraw less from savings.

Overall, with its solid reputation among its customers, high APY, lack of excessive fees, and ease of use, Discover continues to be an excellent choice for a savings account.

Discover™ Online Savings Account Account Features

Balance Requirements - 4.9 / 5

Discover® Bank's savings accounts offer one of the highest returns in the industry. Unsurprisingly, since it's an online bank, Discover's digital account management features are well-organized, efficient, and easy to use. It has other perks as well - Discover doesn't charge any maintenance or minimum balance fees and offers a "First Fee Forgiveness" program which waives the first fee charged to the customer's savings account whether it's due to excessive transfers/withdrawals or insufficient payments. This first fee forgiveness applies to the first fee charged in any calendar year.

APY (Annual Percentage Yield)

4.25%
Interest Compounded
Daily
Monthly
Integration with Other Online Accounts
Checking
Brokerage Accounts
Bonus Offers/Customer Perks
Discover® Bank offers a "First Fee Forgiveness" program, where the first eligible fee charged to a customer's savings account will be automatically waived and credited back to the account. Wire transfer fees are not eligible for this program; however, excessive withdrawal, insufficient funds, and stop payment fees are.
Mobile App
Yes
Debit/ATM Card
No
No-Fee ATM
No-Fee at Branded ATMs
Branch Offices
Discover® Bank operates as an online bank, with one branch in Greenwood, Delaware.

Discover™ Online Savings Account Fees and Restrictions

Rates and fees - 5 / 5

Discover® is transparent about its fee structure and with reason - they just don't have that many. They do not require a minimum balance or even a minimum deposit to open an account. There are no monthly maintenance fees and they do not charge if a deposit item is returned. The only fees Discover does charge are for excessive withdrawals, stop payment orders, wire transfers (only if outgoing), and for insufficient funds (one fee maximum per day).

Fees

Maintenence
Insufficient Balance Fee
Inactivity Fee
Passed Monthly Transaction Limit Fee
Returned Deposit Fee
Overdraft Fee
Out of Network ATM Fee
Minimum Opening Deposit
None
Minimum Balance for Promotional APY
-
Minimum Balance to Avoid Penalty
-
Maximum Balance
None

Discover™ Online Savings Account Reputation & Financial Strength

Financial Stability & Ratings - 5 / 5

Discover® Bank, as a subsidiary of Discover Financial Services, is highly rated by every credit agency. Unlike other major banks, however, it enjoys great customer reviews, including an A+ rating from the Better Business Bureau. Of the almost 9,000 complaints filed at the Consumers Financial Protection Bureau against DFS, only around 50 of these concern Discover Bank's savings accounts. Most of these complaints involved problems withdrawing cash from the account and/or not receiving the terms advertised by the bank.
Year Founded
1911
Standard & Poor's Financial Rating
BBB
Moody's Financial Rating
Baa3
Consumer Financial Protection Board (CFPB) Complaints
8,966

Contact Methods

  • Phone
  • Email
  • Social Media
BBB Rating
A+
BBB Composite Score
2 out of 5 stars
BBB Total Complaints
897
BBB Resolved Complaints
313
Customer Support Hours
24/7
Live Help 24/7
Yes

Company Profile

Full Name
Discover™ Online Savings Account
Company Website
https://www.discover.com/online-banking/savings-account/
Headquarters
502 Market Street, Greenwood, DE, 19950

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Customer Comments & Reviews

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jeffdoxsee1
12/21/2023
This is not helpful AT ALL. It doesn’t show ANY other Financial Instituitions BESIDES Discover. I’m guessing “Consumers Advocate” is owned by Discover Card?!?

Top Rated
Our Partner

Earn 4.25% APY* with a Discover™ Savings Account 

  • Earn over five times the national average with a high-yield savings account
  • No minimum opening deposit
  • No monthly fees
  • No overdraft fees
  • FDIC insured


*Rate as of 3/14/2024

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