- Online banking
- Savings accounts
- Low cost student loans
While many banks charge for basic deposit and transaction accounts, Discover offers 100% online banking without fees. Not only that, but they offer rewards and incentives for doing business with them-what they call Rewards Banking.
What Rewards Banking means:
Rewards can add up quickly with everyday banking. When customers open a Discover account, they begin earning 10¢ on up to 100 transactions per month, such as:
- Every debit card purchase earns 10¢
- Every bill paid online earns 10¢
- Every check that clears earns 10¢
These Rewards savings can either be cashed in or added as to the Cashback Bonus® account of the customers' Discover card.
In comparison to many other major banks, Discover offers it accounts without fees. Chase and Citibank, for example, both charge a $12 monthly maintenance fee for their personal checking accounts.
Discover, however, offers a Rewards Checking Account with the following benefits:
- Rewards on Debit Purchases, Checks Cleared and Online Bill Payments
(Up to 100 transactions per month)
- Monthly Fee (No Balance or Activity Requirements)
- Over 60,000 Free ATMs In the U.S
- Free online Bill Pay
- FREE check reorder (other banks charge 18.00 and up)
- Free replacement of lost Debit Card ($5 at some banks)
- FREE expedited delivery of replacement debit card (other banks charge $5 and up)
- Free official bank check
- Free Paper Copy of Check or Deposit Item
- Free Outbound ACH Transfer (to an external bank)
- Free Incoming Wire (from an external bank)
Discover also offers a Savings account with higher benefits than its competitors. For example, Bank of America charges a $5 monthly fee while Discover has no monthly fee.
Other superior benefits of Discover Savings Accounts:
- Annual Percentage Yield (APY) of 0.95% (other banks are at .01%)
- No minimum balance requirement (other banks require at least $300)
CD Accounts with higher yields
Discover offers CDs that are structured to be easy to understand and manage. They provide customers with a detailed list of account features:
- Flexible terms for anywhere from 3-10 years
- Official Bank Check $ 0
- $0 for incoming wire transfers
- $0 for outgoing wire transfers ($30 fee waived for IRA CDs)
- Early Withdrawal Penalty
- $0 maintenance fees
- FDIC insured
- CD customer service 24/7
The CD yield is higher when compared to other popular banks. If a customer has a 12 month term CD, for instance, then they'll receive a 1.00% APY versus other banks offering a common .05% APY.
Instead of regular Individual Retirement Account, Discover offers customers planning for retirement an IRA CD account.
An IRA CD account offers:
- Flexible option for both Roth & Traditional IRAs
- 1.30% APY Info for a 24-month term
- Step-by-step help available 24/7 by phone
- $0 monthly fees
- $0 annual fees
Discover makes it easier to keep all retirement funds in the same place (if so desired).
- Transfer an IRA from another financial institution to Discover Bank
- Make as many transfers as you want each year
- Combine smaller IRAs into one larger account
- Rollover money from another type of account into your Discover IRA CD
Low Cost Student Loans
Not many banks offer student loans directly. Discover does offer private student loans with lower fees than competitors like Sallie Mae and Wells Fargo.
Benefits for student borrowers:
- Rewards for good grades
- No loan application fees
- No origination fees
- No late fees
- 24/7 student loan specialists customer service
Rollover money from another type of retirement account into
Another highlight-Fraud Protection
In today's digital age, customers are more susceptible to Identity theft and Fraud than ever before. Discover offers customers a solid list of Fraud Prevention Services and Features-at no additional charge.
Identity Theft and Prevention Features are as follows:
This means customers are not responsible for unauthorized debit card, online, or mobile banking transactions. All that is required is that if a customer has suspicious activity on your account, that they notify Discover immediately and they will take it from there.
Discover Bank Account includes Bill Pay Protection. Pay bills using our Online or Mobile Bill Pay and if payment is late due to Discover's error, they will cover any late fees.
- Secure Online and Mobile Banking
Customer information is encrypted for security. This includes account information, statements that are password-protected online in the Account Center.
- Proactive Fraud Monitoring
Customers' accounts are monitored for potential fraud and Discover will alert them upon seeing anything suspicious. If fraud has already occurred, a fraud specialist will work with customers until their issue is resolved.
- Dedicated Fraud Specialists
Discover's Fraud Unit proactively monitors customers' accounts for any unusual activity. If they see anything suspicious they will place a hold on those transactions and alert the customer right away.
- Secure Socket Layer Certification (SSL)
Discover uses Secure Socket Layer (SSL) technology to make it virtually impossible for someone else to access customer's information and encrypt all personal and account information
All Discover accounts are FDIC-insured up to the maximum amount allowed by law.