Discover Bank marked its beginning with a credit card that had its official launch in 1985. After 15 years, Discover opened its first branch for banking.
The company offers credit cards, loans, and online banking facilities. It has around $ 57 billion deposits. The Discover card with its debut in the mid-1980s. It became one of the largest credit card issuance in the country. It offers multiple services like CDs, money market accounts, and a high yield savings account.
Its reward credit cards, full-service online bank, as well as payment services are now remarkable in terms of performance. Besides, banking and retirement solutions for individuals also let them stand out. The Discover bank now boasts as a lender of personal, student, and home equity loans.
Discover Bank
The online institution within a financial service company offering credit cards, personal loans as well as student loans.
Pros:
- Allows checking account offers cashback. This happens when the debit card finds use in everyday purchases.
- There are options to pay credit card bills as well as check bank accounts with the help of the app and website.
- There’s no involvement of monthly fees for keeping bank accounts open.
Cons:
- Yields are competitive yet low in comparison to other online banks.
- You’ll get a limited amount of brick-and-mortar branches.
- No opportunity for earning interest while using the checking account.
Discover Bank Savings Accounts
You’ll get a competitive yield. For that, there’s no minimum deposit required. You will experience a requirement of no minimum balance to waive a monthly maintenance fee. But there’s no access to an ATM card. At the same time, the free official bank checks along with the expedited delivery for official bank checks is a superior aspect.
Pros:
- The APY applies to all balances.
- You don’t need any deposit when applying for an account.
- You will not need fees for official bank checks as well as excessive withdrawals.
- You won’t require an additional maintenance fee.
Cons:
- There’s no ATM card available for an online savings account of Discover Bank.
- Other banks have higher savings APIs
CD rates
There are traditional CDs with terms ranging from 3 months to 10 years. You’ll have to give the minimum deposit of around $2,500. You’ll get the calculation on the bank’s website. It becomes better on the initial deposit. There are early withdrawal penalties that are highly dependent on the CD term.
Pros:
- You’ll get the compounded daily interest.
- There is a range of terms available.
Cons:
- You’ll require a higher minimum deposit needed for opening accounts.
- You’ll not get any availability of CD specials or non-traditional products.
Discover Bank Checking Bank Accounts
There is a related Discover Cashback Debit account for those who don’t want hassles in the avoidance of fees. You’ll not require the minimum deposit for opening an account. The account is however not interest-bearing.
Pros:
- There is no requirement of any sort of fee for monthly maintenance.
- The bank doesn’t charge any fee to use out-of-network ATMs.
Cons:
- There is no interest-bearing account.
- The system requires two business days for getting access to the mobile check deposits that cross the limit of $200.
How to Open the Online Savings Bank Account With Discover Bank?
It is a quick process. You can quickly open an online savings bank account with Discover. There is nothing difficult in this process. For instance, we have added a quick guide below.
- First, one has to visit the official website of Discover Bank.
- From the homepage, click on the online banking section.
- After that, click on the online savings account.
- On the next screen, click on the ‘open a bank account.’ button.
- After that, click on the ‘new to discover.’ button.
- You now have to fill in the basic information to get started.
- Fill in the required information and complete the account settings.
- Last, one has to deposit some amount to get the account active.
- That’s all.
Discover Bank Customer Service
The customer can contact the Discover Bank customer service at any time. The customer service is available 24/7. They are very friendly.
The customer can connect with them by dialing this number 1 (800) 347-7000 on their smartphone.
You may also like to read, MCU Bank Online Banking – Register, Login, Password Reset
Frequently Asked Questions
Does Discover Offer Any Loans?
Yes, one can avail of loans from discover bank. Besides the personal banking services, Discover bank also offers personal, student, and home equity loans to people.
The customers can avail of a $35000 personal loan from the bank. It depends upon the eligibility criteria. The fixed rates 6.99% to 24.99% APR. There are no other charges associated with any loans as long as the customer is making timely payments.
The customer can also avail of student and home equity loans from the bank. However, it depends upon the customer’s requirements and eligibility. For further information, one can contact the customer service executive or visit the bank website.
Is Discover FDIC Insured?
Yes, Discover Bank FDIC is insured. The federal government protects your money for up to $250,000 per account holder. The federal government will be liable to pay such an amount during the case of bank failure. So, rest assured.
Is the Discover Bank Safe?
The priority of Discover Bank is security. It does take security seriously when it comes to bank accounts. Therefore, rest assured. This bank is 100% safe.
How good is the deal of a 1% cash back debit card?
Discover Bank is one of those popular banks those provides rewards program for their customers. Thus, the discover bank provides a debit card. The customer can get 1% cashback of up to 3000$ each month.
The cashback can be redeemed as an automatic monthly deposit on the savings bank account. Alternatively, one can also choose the mode of redemption using the online banking service.
Thus, it is a good deal of a 1% cashback debit card from Discover Bank.
Conclusion
Here we come at the end. Discover Bank is one of the popular banks that provide a reward redemption debit card to the customers. Apart from this, the customer can also open an online savings bank account at this bank. The online savings account of Discover’s back annual percentage is favorably equal to the national average of 0.06%. With the range of fine services, it stands ahead of the competitors.
However, this article is all about Discover Bank. We have added all the required information that one needs to know about this bank. Apart from this, one can ask any other queries in the comments section.
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