Discover Bank Review 2025
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At a glance
Overview
Discover Bank, which was acquired in May 2025 by Capital One, continues to offer strong accounts with consistently solid rates, few fees and perks like cash back. Discover is an online-only bank so if you want in-person customer service, you’ll need to look elsewhere.
Highlights:
High APY 24/7 Customer Service No Monthly FeesHighlights:
CDs
Checking
Savings
MMA
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.1/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Discover Bank is an online institution within a financial services company offering various banking products, including deposit accounts, credit cards, personal loans and student loans. Discover’s deposit accounts, particularly its savings products, offer competitive rates without the monthly fees, making them highly accessible to just about anyone.
Pros
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Discover doesn’t charge fees on any of its deposit products.
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The CDs, savings and money market accounts all have strong rates.
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Discover’s checking account comes with a cash back perk, no overdraft fees and the ability to deposit cash.
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24/7 Customer Service.
Cons
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Discover’s outgoing wire transfer fee is higher than what some other banks charge.
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Discover is an online-only bank, so in-person banking isn’t available.
Discover® Bank banking products
Discover® Online Savings Account
Pros
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The savings account pays a competitive yield.
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There’s no minimum opening deposit or balance requirements.
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There’s no monthly service fee.
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No excessive transaction fees.
Cons
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An ATM card isn’t available for Discover® Bank's online savings account.
Discover’s savings account has paid a consistently competitive rate for years. It’s not always the highest, but it’s always good.Yuliya Goldshteyn, Bankrate deposits editor
Rate history for Discover® Bank's Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Discover® CD
Pros
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The CDs require no minimum deposit amount.
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Most terms earn yields that are competitive.
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Wide range of terms available.
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The bank makes it easy to find info about early withdrawal penalties.
Cons
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The bank doesn’t offer specialty CDs, such as no-penalty CDs.
The CDs at Discover are much like the bank’s other deposit accounts: competitive-enough yields and very few downsides. One standout feature of Discover's CDs is the wide range of terms, starting at three months and stretching to ten years.
Rate history for Discover® Bank's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
Discover® Money Market Account
Pros
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The money market account earns a competitive APY.
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The account doesn’t require a minimum opening deposit and doesn’t charge a monthly fee.
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It comes with a debit card, check-writing privileges and the ability to get free checks.
Cons
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You need at least $100,000 to get the bank’s highest money market account yield.
Many money market accounts with high rates charge monthly fees, even at online banks, but not Discover. Though this yield may not be the highest you can possibly find for a money market account, you’ll never have to worry about fees eating into your earnings.
Discover® Cashback Debit Account
Pros
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The checking account doesn’t charge monthly fees or require a set minimum balance.
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No monthly fees.
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No set minimum balance to open.
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No overdraft fees.
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Cash back on up to $3,000 in debit card purchases each month.
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Surcharge-free access to more than 60,000 ATMs.
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Early direct deposit is available.
Cons
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The Discover® Cashback Debit account doesn’t earn interest, which some competitors offer on their rewards checking accounts.
Unlike some other online banks, Discover offers the ability to deposit cash for free. The catch is you can’t do it at one of the regular ATMs you have fee-free access to; instead, you’ll have to visit a Walmart.
The Discover Cashback Debit account has consistently been one of the best checking accounts on the market
This account is especially good for people who use their debit card often and can take advantage of the generous cash back perk. But even if you’re not inclined to use your debit card often, this is still a worthwhile account because it’s largely fee-free and has a wide ATM network.
How Discover compares to other banks
Compare different account types offered by Discover Bank. Annual percentage yields (APYs) shown were updated between Nov. 27, 2025 and Dec. 3, 2025.
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Selected bank
Discover Bank savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
American Express National Bank savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 27, 2025 and Dec. 3, 2025.
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| 3.40% | 3.40% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $1,700 | $1,700 | |
| Discover Bank’s Online Savings Account offers a fairly competitive yield. There isn’t a minimum opening deposit or minimum balance requirement, and customers won’t pay a monthly fee for the account. | American Express National Bank offers a competitive yield on its High Yield Savings Account. The account doesn’t require a minimum opening deposit. The account also doesn’t have a monthly service fee or minimum balance requirements to worry about. | |
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APY offering:
3.40%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
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APY offering:
3.40%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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Bank fees
| Fee | Charged? | |
|---|---|---|
| Overdraft fee | None | |
| Non-sufficient funds fee | None | |
| Monthly maintenance fee | None | |
| Out-of-network ATM fee | None* | |
| Excessive transaction fee | None |
Customer experience
Customer support
24/7 support is available. As an online-only bank, Discover doesn’t have physical branches you can visit but Discover customers can call the bank anytime to get help from a real person.
High customer satisfaction. Discover Bank ranked above average in overall satisfaction among online-only banks for its savings product, according to J.D. Power’s 2025 Direct Banking Satisfaction Study. However, it scored slightly below average for its checking account.
Digital experience
Highly rated mobile app. Discover’s app has been reviewed by more than four million users, receiving high marks on both the Apple App and Google Play stores. You can easily schedule and manage automatic payments, set alerts and even find tax documents.
Easy-to-use website. Discover’s website makes finding rate and fee information for its accounts easy for potential (and current) customers. Rates are prominent upon landing on a product’s page as is what you won’t pay fees for. There’s also clear instructions for how to open each account. We didn’t open an account to test what it’s like managing your money on the bank’s site or app, but we can say that this kind of transparency isn’t always the norm with banks.
Complaints
FDIC action. In 2023, the Federal Deposit Insurance Corp. issued a consent order to Discover Financial Services, which addressed shortcomings in Discover Bank’s compliance management system in connection with consumer protection laws. While the FDIC didn’t issue a fine, Discover agreed to improve its consumer compliance infrastructure.
The above images were last updated on August 20, 2024.
Video overview: Savings feature on website
All rates, features and offers shown in the media on this review were accurate at the time they were procured, but may have changed since recording. The content may also contain views and opinions that do not reflect those of Bankrate.
Bankrate staff insights
Where did this quote come from?
Our focus at Bankrate is on delivering accurate content and the right context for making well-informed financial decisions.
We gather real quotes from real people through surveys, interviews, and testimonials from Bankrate staff and consumers like you who have actual experience with these products. We then hand-pick what to feature to ensure credibility and relevance.
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
Featured customer reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews. Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers. Some reviews may be edited for length and clarity.
Our editor's take
Not only is Discover’s mobile app highly rated, the bank took first place in overall satisfaction among savings providers in J.D. Power’s 2023 Direct Banking Satisfaction Study. While wait times may vary when contacting support, high customer satisfaction indicates most people have a good experience getting help from Discover Bank.
Choosing the right bank for you will depend on what accounts you’re interested in and your personal situation. While Discover offers stellar deposit accounts, if you value being able to bank in person, it may not be the right fit for you, since Discover has only one branch.
We want to know what you think about Discover Bank
Do you have experience with Discover Bank? Let us know your thoughts.
Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
