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Discover Bank Review 2025

Updated January 2, 2025
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At a glance

Overview

Discover Bank is a great option for consumers who want to manage their credit cards and bank accounts in one place. As an online-only bank without branches, consumers considering Discover should be comfortable banking solely online, though Discover provides a wide network of fee-free ATMs where you can get access to your cash.

News update: On April 18, 2025 U.S. bank regulators approved Capital One’s purchase of Discover Bank. The deal is set to close on May 18. It is not clear right now what this means for current Discover banking customers and whether Capital One intends to continue offering Discover banking products and services but a press release from Discover said that there won’t be any immediate changes to customer accounts after the deal closes. Capital One has said that they will still offer Discover-branded credit cards, in addition to Capital One’s suite of cards.

Highlights:

High APY 24/7 Customer Service No Monthly Fees
4.7
Rating: 4.7 stars out of 5
Bankrate Score
Info Icon

CDs

Rating: 4.5 stars out of 5
4.5 /5

Checking

Rating: 5 stars out of 5
5.0 /5

Savings

Rating: 4.4 stars out of 5
4.4 /5

MMA

Rating: 4.5 stars out of 5
4.5 /5
4.4
Rating: 4.4 stars out of 5
Customer Score
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See all 51 consumer reviews Arrow Right Icon
Sponsored offers
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These are sponsored offers rated highly by us for competitive rates, fees, and minimums.

Bank logo
Member FDIC
Checking Account
0.00
%
APY
APY
Info Icon
As of 5/13/2025
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Bank logo
Member FDIC
Savings Account
4.30
%
APY
APY
Info Icon
As of 5/13/2025
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right Icon
Promoted offer: No monthly maintenance fee, $0 to open, easily grow your money
Bank logo
Banking services provided by Sutton Bank, Member FDIC*
Checking Account
3.75
%
APY
APY
Info Icon
As of 5/13/2025
$0
Min. balance for APY
View offer Arrow Right Icon

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

  • Checkmark Icon

    Discover doesn’t charge fees on any of its deposit products.

  • Checkmark Icon

    The CDs, savings and money market accounts all pay competitive rates.

  • Checkmark Icon

    The bank offers a highly rated cash-back checking account.

  • Checkmark Icon

    Discover® Bank’s Cashback Debit account has a service that may help get your personal information off of certain websites.

Cons

  • Discover’s outgoing wire transfer fee is higher than what some other banks charge.

  • Discover maintains only one branch, so it’s not ideal for those who wish to bank in person.

Discover® Bank banking products

Discover® Online Savings Account

4.4
/5
Rating: 4.4 stars out of 5
SCORE BREAKDOWN
APY offering:
3.60%
Rating: 4 stars out of 5
4/5
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Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
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Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Access to funds:
Good
Rating: 4 stars out of 5
4/5
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Pros

  • Checkmark Icon

    The savings account pays a competitive yield.

  • Checkmark Icon

    There’s no minimum opening deposit or balance requirements.

  • Checkmark Icon

    There’s no monthly service fee.

Cons

  • An ATM card isn’t available for Discover® Bank's online savings account.

  • There are higher annual percentage yields (APYs) available at other online banks.

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® Bank
APY
APY
Info Icon
National average APY
How do we get this data?
Info Icon

Discover® CD

4.5
/5
Rating: 4.5 stars out of 5
SCORE BREAKDOWN
APY offering:
4.00%
Rating: 4 stars out of 5
4/5
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Minimum deposit:
$0.00
Rating: 5 stars out of 5
5/5
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Range of term lengths:
3 mos – 10 yrs
Rating: 5 stars out of 5
5/5
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Early withdrawal penalty:
Great
Rating: 5 stars out of 5
5/5
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Offer no-penalty or bump-up CDs:
No
Rating: 0 stars out of 5
0/5
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Offer IRA CDs:
Yes
Rating: 5 stars out of 5
5/5
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Pros

  • Checkmark Icon

    The CDs require no minimum deposit amount and earn yields well above national averages.

  • Checkmark Icon

    The wide range of terms available, ranging from three months to 10 years, makes it easy to ladder CDs.

  • Checkmark Icon

    The bank makes it easy to find info about early withdrawal penalties.

Cons

  • Some banks may pay slightly more competitive yields.

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® Bank
APY
APY
Info Icon
National average APY
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How do we get this data?
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Discover® Money Market Account

4.5
/5
Rating: 4.5 stars out of 5
SCORE BREAKDOWN
APY offering:
3.50%
Rating: 4 stars out of 5
4/5
Info Icon
Minimum balance for APY:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info Icon
Check writing:
Yes
Rating: 5 stars out of 5
5/5
Info Icon
Debit/ATM access:
Good
Rating: 4 stars out of 5
4/5
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Pros

  • Checkmark Icon

    The money market account earns a competitive APY.

  • Checkmark Icon

    The account doesn’t require a minimum opening deposit and doesn’t charge a monthly fee.

  • Checkmark Icon

    It comes with a debit card, check-writing privileges and the ability to get free checks.

Cons

  • You need at least $100,000 to get the bank’s highest money market account yield.

Discover® Cashback Debit Account

5.0
/5
Rating: 5 stars out of 5

Pros

  • Checkmark Icon

    The checking account doesn’t charge fees or require a set minimum balance.

  • Checkmark Icon

    Customers can earn cash back on up to $3,000 in debit card purchases each month.

  • Checkmark Icon

    Discover offers surcharge-free access to more than 60,000 ATMs.

  • Checkmark Icon

    Those enrolled in direct deposit can receive paychecks up to two days early.

Cons

  • The Discover® Cashback Debit account doesn’t earn interest, which some competitors offer on their rewards checking accounts.

How Discover compares to other banks

Compare different account types offered by Discover Bank. Annual percentage yields (APYs) shown were updated between May 6, 2025 and May 12, 2025.

Selected bank
Discover Bank savings account
Discover Bank Logo
Member FDIC
Bankrate score
Rating: 4.4 stars out of 5
4.4
Info Icon
Most comparable
American Express National Bank savings account
American Express National Bank Logo
Member FDIC
Bankrate score
Rating: 4.4 stars out of 5
4.4
Info Icon
Read review
Search for or select a bank:
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Bankrate score
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Read review
APY
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3.60% 3.60%
Minimum balance for APY
$0.00 $0.00
Estimated earnings
Info Icon
$1,800 $1,800
Discover Bank’s Online Savings Account offers a top-notch 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.
  • Discover’s savings account offers a high yield on all balances.
  • There is no monthly maintenance fee.
  • There is no minimum deposit required to open an account.
  • American Express features 24/7 customer support.
  • The bank lets you make automatic deposits into your savings account.
    N/A
  • The Online Savings Account doesn’t offer ATM access.
  • Some online banks offer a higher yield.
    N/A
APY offering:
3.60%
4/5
Info Icon
Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
Info Icon
APY offering:
3.60%
4/5
Info Icon
Minimum balance for APY:
$0.00
5/5
Info Icon
Monthly service fee:
$0.00
5/5
Info Icon
Minimum balance to avoid fee:
$0.00
5/5
Info Icon
Access to funds:
Good
4/5
Info Icon
Info Icon
Info Icon
Info Icon
Info Icon
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Bankrate does not currently track additional product details for this bank.

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
*Third parties may charge you a fee if you use an out-of-network ATM.

Customer experience

Customer support

24/7 support is available. As an online-only bank, Discover doesn’t have physical branches you can visit, except for one office in Delaware. But Discover customers can call the bank anytime to get help, no matter the account. The bank also monitors transactions and contacts customers if it detects suspicious activity.

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 2024 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. The app makes it a breeze to see the specs of your account, according to a Bankrate staff member with a Discover account. “In just a few seconds, I can see my current balance, current APY, interest rate, interest YTD, scheduled transactions and the number of limited transactions used in the current month.” You can easily schedule and manage automatic payments, set alerts and even find tax documents.

Mobile app limitations. Discover’s app doesn’t have a savings calculator for existing customers, so if you want to calculate savings potential, you’ll have to head to the website. Moreover, searching for previous transactions can be frustrating, as searches are limited to time frame and amount. 

Email alerts. One of Discover’s best features is its “check out your new APY” emails, which are sent to customers after an interest rate hike. “Discover keeps me updated on how its high-yield savings account is maximizing my savings potential with this transparency,” said a Bankrate staff member who uses the account personally.

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The above images were last updated on August 20, 2024.

Video overview: Savings feature on website

Thumbnail title card, "Bankrate staff User diary"

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.


Complaints

FDIC action. In July 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.

Bankrate staff insights

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"I’m perfectly happy with my Discover savings account because I appreciate a company that offers a strong app in terms of ease of use, transparency and functionality," said a Bankrate staff member with a Discover account. "The email reminders are helpful because they remind me to check in on my savings progress every month or so, which keeps my savings account (and progress) top of mind.” However, the Bankrate staff member noted that "Discover’s calculator limitations make it harder to confidently know how APY changes impact savings plans, but its app makes it easy to adjust my transfers when needed."

"Discover Bank's customer service is excellent. I once called them about missing funds in my high-yield savings account, but it turned out I had made a mistake during the transfer. I quickly was able to talk to someone over the phone and the patient customer service representative guided me through the situation until I identified my error."

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.

DaLoubie
Jan 1, 2024
SoFi vs Discover Savings Account
I really like Discover as a company and their products. Their app is really friendly to use and has everything that you need to do. Customer service is very good compared to other banks. The biggest thing is there’s very little wait time. I once had to call them about a minor issue that I had, got transferred 2-3 times to the correct department and all were picked up within minutes.
via Reddit
Fubbalicious
Nov 1, 2023
KeyBank vs Discover Bank?
I've used Discover Bank and as far as online banks, it's fine though nothing great or bad either. Their telephone support is US based and good and is available 24/7. The pros with Discover: 1% cashback debit, good phone support and decent high-yield interest. Cons: less merchant acceptance of Discover debit, long transfer times, no ATM fee reimbursement and no physical branches.
via Reddit

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.

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Do you have experience with Discover Bank? Let us know your thoughts.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.

Discover Bank customer reviews

CTA Discover Bank has 51 reviews

Discover Bank has 51 reviews

Dive into community reviews below and see what others think about Discover Bank.

4.4 Star Icon
51 ratings
Info Icon
Score breakdown
5 stars
57%
4 stars
33%
3 stars
8%
2 stars
0%
1 star
2%
Score by category
Overall Rating 4.4 / 5
Competitiveness of APY 4.3 / 5
Amount of fees 4.4 / 5
Customer support 4.5 / 5
Website / Mobile app 4.6 / 5
Verified Badge Icon Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about Discover Bank.
Search Icon
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Anonymous account holder
March 21, 2025
The app is generally good, although some times you can’t click out of some areas because the app goes over the edge of the screen. Costumer service I can’t really say much about, since I’ve never had to reach out due to having no issues.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
March 21, 2025
The app is fantastic. It’s very easy to use. ATMS are easy to find. I was worried about this at first since there are no actual branches.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 27, 2025
It has been easy to use and I feel that they are trustworthy and safe. I have not had any issues with them.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 5 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 27, 2025
I really like my overall experience with Discover Bank. They are attentive and their mobile app is really easy to use and access.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 27, 2025
It is a great bank that has solid digital formwork and I have not had any issues with their website or app in transferring money and receiving it, plus their customer support is also very responsive.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 4 / 5
Anonymous account holder
February 27, 2025
Customer service is generally helpful, but there have been a few times when I had to explain my issue several times to get the right support.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 27, 2025
Discover's customer service is great because every time I called, I got to talk to a real person almost immediately, and there wasn't much of a wait.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 25, 2025
The app is very helpful for checking balances, and their Yes - Savings services are good.
Score by category
Amount of fees 5 / 5
Competitiveness of APY 4 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 25, 2025
The website at Discover is user-friendly, making it simple to manage my accounts online.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 5 / 5
Customer support 4 / 5
Website / Mobile app 5 / 5
Anonymous account holder
February 25, 2025
I always feel confident using Discover’s app for its secure and smooth transactions.
Score by category
Amount of fees 4 / 5
Competitiveness of APY 3 / 5
Customer support 3 / 5
Website / Mobile app 5 / 5