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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!
by Aline Augusto
Discover Bank: online banking on your terms with no fees!
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 offered | Checking account, Savings, Certificate of Deposit, Money Market account, Retirement accounts (IRA Certificate of Deposit and IRA Savings Account), Credit cards, and loans |
| Fees | None |
| Minimum balance | None |
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!
How is banking with Discover?
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.
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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!
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!
Aline Augusto
Aline Barbosa
Senior Editor
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