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LAST UPDATED: June 20th, 2023
Discover has provided an online banking system that has the customer’s best interests in mind. Free checking, interest-earning saving accounts and cash back on debit card purchases are three examples of how Discover puts the customer first. 

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The Good

  • They pay you
  • ATM locations
  • Freeze It feature

They Pay You

At Discover, there is a perfect solution to the dreaded checking account fees. Not only is Discover's Checking account free, but it pays you cash! They pay you for transactions. Ten cents back on debit card purchases, online bill payments and checks cleared. They will pay ten cents on up t0 100 purchases per month.

Products and Features

Through Discover Bank, clients can take advantage of a number of banking products. Accounts that are available include basic: checking, savings, money market, CDs, and IRAs. Each account comes equipped with a number of unique services and features. The accounts can be broken down as follows: Checking:
  • No monthly fees or monthly balance requirements
  • Exclusive Discover rewards
  • Earn up to $120 cash back per year
  • Free online bill pay, check reorder, and replacement debit card
  • Free official bank check, expedited delivery for replacement debit card, outbound ACH transfers, incoming wires, and paper copy of check or deposit item
  • Fees:
    • Outgoing wire - $30
    • Deposited item returns - $15
    • Stop payments - $15
    • Insufficient funds fee - $30
  • Earn a rate five times the national savings average
  • No monthly balance requirements
  • No monthly fees for maintenance
  • Rates and fees:
    • Annual percentage yield - 0.95%
    • Minimum opening deposit - $500
    • Monthly fee - None
    • Minimum balance required to waive monthly fee - None
    • Interest Compounded/Paid - Daily/Monthly
    • Annual interest earned on $5,000 balance - $47.73
Money Market:
  • 0.80% APY on balances under $100,000
  • 0.85% APY on balances $100,000 and over
  • Easy cash access via ATM, debit or check
  • 1.30% APY for a 24-month term
  • Flexible terms from 3 months to 10 years
  • Start saving today with as little as $2,500
  • 1.30% APY for a 24-month term
  • Step-by-step available 24/7 help by phone
  • Flexible options with both Roth and traditional IRAs

ATM Locations

In addition, Discover has over 60,000 ATMs nationwide, and won't charge you an ATM fee for using an ATM that is out of network. The bank card is free, as well as reordering checks.

Freeze It

Most recently, the company added a great security feature to the mobile banking apps. 'Freeze It' is a way to turn off spending capabilities on a card that is lost or stolen. Once the card is found, or a replacement ordered, "flip" the switch back on and resume spending freedom.

The Bad

  • Large deposit
  • Customer complaints

Large Deposit

An initial deposit of $500 is required in order to open an online savings account with Discover. However, once the account is set up the interest rate is higher compared to the competition. You do need to be aware that there are only 6 pre-authorized withdraws each statement cycle. When you make more withdrawals you will be charged a $15 fee. Additional fees include:
  • Outgoing wires
  • Deposited item returns
  • Stop payments
  • Insufficient funds fee

Customer Complaints

There are a few complaints floating around online about the website but it is hard for any company that does business online to have a squeaky clean record. Security is always an issue when considering online banking and so far, apart from an occasional unsatisfied customer, we have not seen any major problems with the Discover website.

The Bottom Line

Cheaper fees and startup costs, paired with outstanding customer service indicates that Discover is a top online checking account authority. Those that decide to bank with Discover can expect the following from the service:
  1. Competitive interest rates
  2. Vast ATM network
  3. Fees for extra banking features
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Cassidy Gundersen Orem, UT

My husband and I LOVE using Discover! Their customer service is top notch. Their security is very thorough. And the interest rate we have on a savings account is the best you can find! The only downside is that you can’t deposit cash into your account. But in the year and a half that we’ve been with them, we’ve never needed to do that. Discover is the BEST!!!

5 years ago

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Sabina Mock

I used Discover Bank for many years and they have always been very customer oriented. I have no complains.

3 months ago

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Justin Greenwood, SC

Called in and asked about the secured credit card to help with my credit issues, the woman stated as long as I put down a deposit I could Get the card. I applied And got declined. Called back and other woman answers the phone and I asked Why I was Declined and she stated that it was a guarantee I would Be approved. I would Have never applied for it if I would Have know it would end up hurting my credit even more!!!!

4 years ago

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Lindsey American Fork, UT

Discover is sometimes hard to get a hold of. Overall, it's a pretty average online bank. It'll get the job done though!

5 years ago