Discover Overview

Discover offers no-fee checking and savings accounts with no minimum balance requirement. The checking account provides 1% cash back on debit card purchases and lets you get your paycheck two days early when you set up direct deposit. Its online savings account has a generous APY and no minimum opening deposit. The accounts are easy to open, and you can manage them on the go in the app. Discover also provides 24/7 customer support.

Discover at a Glance

Suitable For?

Discover online banking is suitable for those who want to bank without fees. Both the checking and savings accounts have no monthly fee, insufficient funds fee, or minimum balance requirement.

The checking account is a good choice for those who spend on their debit card frequently, as you earn 1% cash back on the first $3,000 in debit card purchases each month.

However, if you want to bank in person, its single physical location in Greenwood, Delaware may not be sufficient.

Features/Highlights

Advantages over traditional banks

Discover provides several advantages over traditional banks. First, the accounts have no monthly fee or minimum balance requirement. While other banks may offer this feature, it usually comes with a minimum balance requirement or the need to have direct deposits into the account.

The checking account offers 1% cash back on your first $3,000 debit card purchases each month. While plenty of banks have cash-back credit cards, it’s relatively rare to find cash-back checking accounts.

Unlike some traditional banks, Discover lets you get funds from your paycheck up to 2 days early if you have direct deposits. The high APY of the Discover savings account is another advantage. Many traditional banks offer a <1% interest rate, whereas Discover’s is currently 4.35%.

Cutting-edge banking services

Discover offers several cutting-edge banking services such as pairing your debit card with a digital wallet (such as Apple Pay) and using Zelle to effortlessly send and receive money. The user-friendly app lets you set up account alerts, freeze your card if it gets lost or stolen, and track account activity.

Discover also provides online privacy protection in the mobile app. This feature enables you to remove your personal information from people-search sites. Every 90 days or so, the company scans 10 different people-search sites for your personal information and helps you make opt-out requests.

Traditional banking services

While it only has a single physical location, Discover still offers a selection of traditional banking services. The company provides free access to 60,000+ ATMs across the USA and has an ATM finder so you can always find one near you. Discover also offers certificates of deposit, credit cards, money market accounts, IRA retirement accounts, student loans, and more.

Interest rates and fees

Both the checking and savings accounts have no monthly fee, insufficient funds fee, minimum opening deposit, or minimum balance requirement. The only fee in place is a $30 outgoing wire transfer fee.

You may also be charged for using an ATM outside of Discover’s network, but that comes from the ATM, not Discover.

As of early December 2023, the Discover savings account has a generous APY of 4.35%.

Customer service and online experience

Discover provides 24/7 customer support over the phone and through live chat. To get support via live chat, you need to be a customer and log into online banking or the app. On Twitter/X, send a message to @Discover for assistance. To contact Discover about a checking or savings account through the mail, send letters to:

General Correspondence

Discover Bank

PO Box 30416

Salt Lake City, UT 84130

The website provides a good user experience and contains a comprehensive FAQ section that answers everything from how to make deposits to how to activate a card. There’s a helpful blog on the site that covers various topics including banking, saving, budgeting, retirement, lifestyle, and others.

It also has a forms and documents page, where you find/download wire transfer forms, account agreements, and various other account-related documents.

Discover gets mixed reviews. The company has a 1.9-star rating on Trustpilot, and many of the negative reviews report poor customer service experiences.

Mobile app

Discover’s mobile app looks good, is easy to navigate, and contains numerous helpful features. These include mobile check deposits, an ATM finder, automatic bill payments, account alerts, and more.

The app also lets you temporarily freeze your debit card, redeem your cash-back rewards, view account balances, and perform various other banking tasks.

It’s available on both Apple and Android devices. The app has been downloaded and rated millions of times, with a 4.9 rating on the Apple App Store and a 4.6 rating on the Google Play Store.

Security

Discover uses SSL encryption on its website, supporting 2-factor and biometric authentication. Accounts are FDIC-insured, which means your money is safe in case of a bank failure. It protects up to $250,000 per deposit account.

The company uses proactive fraud monitoring to detect unusual account activity and will alert you if anything strange happens. Report unusual activity by calling its dedicated fraud specialists at 877-737-1931.

The company protects debit card purchases too, as you’re never held responsible if someone else uses your card without your knowledge.

One of Discover’s top priorities is to protect your sensitive financial information, using procedural, electronic, and physical safeguards to keep it safe. It limits information sharing and has a detailed privacy policy that covers what information is gathered, who it’s shared with, and how it's collected.

The Discover website includes a few tips and tricks for protecting yourself, such as being aware of scams and protecting your login information.

Application Process

It’s quick and easy to apply for and open a Discover account, but the process looks slightly different when applying for a checking account vs. a savings account.

To apply for a checking account, you need to:

• Click “Open an Account” on the checking account page of the website
• Provide your name, email address, and phone number
• Enter your social security number, date of birth, mother’s maiden name, and occupation
• Share your address
• Answer a few financial questions (such as household income and where money for deposits to the account comes from)
• Choose a User ID and password, and review the terms and conditions

To open a savings account, you have to:

• Click “Open an Account” on the savings account page of the website
• Enter some personal information like your name, social security number, date of birth, and mother’s maiden name
• Provide contact details like your address, email, and phone number
• Share your country of citizenship and occupation
• Answer financial questions such as whether you’ll send money internationally, where the deposit funds come from, and what your household income is
• Review and agree to some disclosures, such as consent to use electronic records and signatures and a form to certify the information you’ve provided is accurate
• Make your initial deposit and check your email for confirmation

The process only takes a few minutes, and if you have any issues, call 800-347-7000 for assistance.

Discover Summary

Discover is a high-quality option to consider for personal banking. The checking and savings accounts have no monthly or overdraft fee and don’t require a minimum balance or opening deposit.

It has a massive network of ATMs, a user-friendly app, and a checking account that offers 1% cash back on debit card purchases. Add the commitment to security and the 24/7 customer service, and you have a great online banking service to consider.

Physical Address

2500 Lake Cook Road

Riverwoods, Illinois, 60015,

United States