Account (US)
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!
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.
You will be redirected to another website
By submitting this form, I agree that I am 18+ years old and I agree to the Privacy Policy and Terms and Conditions. I also provide my signature giving express consent to receive marketing communications via automated emails, SMS or MMS text messages and other forms of communication regarding financial products such as credit card and loans. Message frequency varies and represents our good faith effort to reach you regarding your inquiry. Message and data rates may apply. Text HELP for help or text STOP to cancel. I understand that my consent to receive communications is not a condition of purchase and I may revoke my consent at any time.
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!
About the author / Aline Augusto
Reviewed by / Aline Barbosa
Senior Editor
Trending Topics
How to apply for the Chase Total Checking® account?
Do you need an account to have an effortless banking experience? If so, learn how to apply for the Chase Total Checking® account! Read on!
Keep ReadingMarriott Bonvoy Business® American Express® Card Review
In this Marriott Bonvoy Business® American Express® Card review, you will learn how to build solid finances for your business.
Keep ReadingHow to join Alliant Credit Union Bank?
When you join Alliant Credit Union Bank you can earn rewards and much more! Read our post to learn about how to join this bank!
Keep ReadingYou may also like
Choose the best mortgage for your finances
Your choice of mortgage affects the quality of your financial life. Here's how to choose one that fits you and know what questions to ask a lender.
Keep ReadingThe best apps for anxiety: take a deep breath and download one
Many people suffer from anxiety, but you can find some relief with one of these apps for managing anxiety. We'll tell you how they work and how to choose one.
Keep ReadingU.S. Bank Triple Cash Rewards Visa® Business Card review
Enjoy 0% intro APR for 15 months! Take this U.S. Bank Triple Cash Rewards Visa® Business Card review into consideration. Read on!
Keep Reading