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Discover Bank review: is it trustworthy?

The Discover Bank offers several financial products with no fees! So, read the review and learn all about the benefits of opening an account!

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by Aline Augusto

Published on 01/18/2022

Discover Bank: online banking on your terms with no fees! 

Learn more about this bank: read our Discover Bank review. Source: Discover.
Learn more about this bank: read our Discover Bank review. Source: Discover.

Discover features accounts designed for you. Whether you search for retirement planning or daily financial management, this online banking delivers it. And it doesn’t offer only accounts. Its credit cards are also known as rewarding cards with no annual fees. Plus, Discover provides loans to different purposes and tools to make your financial goals easier to achieve. Then, check out the Discover Bank review we have prepared and decide if this bank is right for you!

Financial products offeredChecking account, Savings, Certificate of Deposit, Money Market account, Retirement accounts (IRA Certificate of Deposit and IRA Savings Account), Credit cards, and loans
FeesNone
Minimum balanceNone
Logo Discover fundo azul

How to start banking with Discover Bank?

Discover Bank features a range of financial products with no fees, so you can choose which fits your needs better. Learn how to start banking!

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How to start banking with Discover Bank?

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How is banking with Discover?

See what are the benefits of the Discover Bank. Source: Pexels.
See what are the benefits of the Discover Bank. Source: Pexels.

Discover offers many types of accounts, as follows:

  • Checking: with no monthly fees, this account makes it easier to manage your daily financial management. There are no fees for insufficient funds, online bill pay, replacement debit card, check reorder, outbound ACH transfers, too. It offers a debit card that rewards you with 1% cash back on up to $3,000 purchases per month, and you can access over 60,000 ATMs nationwide.
  • Online Savings: with no monthly fee and no minimum opening deposit required, this account offers a 0.40% APY, a higher rate than the national average.
  • Money Market: this type of account gives you the freedom to access your cash via ATM, debit, and checks while you earn at least 0.30% APY for balances under $100,000. Like the other types of accounts, it doesn’t charge any fees.
  • Certificate of Deposit: this high-yield CD account offers at least 0.55% APY depending on which term you choose. And there are no fees of any kind.
  • Retirement: it offers both Roth and Traditional IRAs with no fees. The main difference is that the first one is funded with after-tax dollars, contributions are not tax-deductible, and earnings and withdrawals are tax-free. As long as the Traditional one is funded with pre-tax dollars, contributions are tax-deductible, and earnings are tax-deferred.

Discover Bank experience: accounts, credit cards, and more

The best feature about Discover Online Banking is that it offers rewarding products with no fees. It doesn’t matter if you choose a checking account with a debit card or a credit card for students; there are no fees of any kind.

Also, you don’t have to worry about minimum balance since it doesn’t require it, including a minimum opening account.

Moreover, the access is pretty flexible and on the go. Discover offers an excellent mobile app and outstanding 24/7 customer service.

Furthermore, this bank features a competitive APY for those who want to see their money grow.

Pros

  • Discover features various types of financial products so you can choose which fits your needs better;
  • It doesn’t charge any fees, and no minimum balance is required;
  • It offers a competitive APY on the savings and CDs accounts;
  • You can access your money through over 60,000 fee-free ATMs nationwide;
  • It provides you with 24/7 customer service and an excellent mobile app.

Cons

  • It is an online banking service so that you won’t access physical branches;
  • It doesn’t reimburse for out-of-network ATM fees.

Why should I choose Discover Bank?

Firstly, when you look for a bank, you need to watch out for the fees. And Discover doesn’t charge any.

Secondly, it offers a range of products with rewards, APY, and easy management and access, so you can choose which ones fit your needs and goals better.

How to start banking with Discover Bank?

So, as you can see, this online banking service is an excellent alternative if you are searching for easiness and earnings. Then, learn how to open an account now!

Logo Discover fundo azul

How to start banking with Discover Bank?

Discover Bank features a range of financial products with no fees, so you can choose which fits your needs better. Learn how to start banking!

Keep Reading
card

How to start banking with Discover Bank?

You will remain in the same website

About the author

Aline Augusto

My name is Aline Mesquita; I'm a writer here on the blog, where I write about finance in general and other subjects. I have been working with content creation for ten years. Also, I'm post-graduated in Project Management, with expertise in SEO practices. Currently, I am studying finance, market trends, and cryptocurrencies.

Reviewed by

Aline Barbosa

Senior Editor

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Advertiser Disclosure

We are an independent, objective, advertising-supported content publisher website. In order to support our ability to provide free content to our users, the recommendations that appear on our site might be from companies from which we receive affiliate compensation. Such compensation may impact how, where and in which order offers appear on our site. Other factors such as our own proprietary algorithms and first party data may also affect how and where products/offers are placed. We do not include all currently available financial or credit offers in the market in our website.

Editorial Note

Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved, or otherwise endorsed by any of the entities included within the post. That said, the compensation we receive from our affiliate partners does not influence the recommendations or advice our team of writers provides in our articles or otherwise impact any of the content on this website. While we work hard to provide accurate and up to date information that we believe our users will find relevant, we cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

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