Discover® Bank 2024 Review: Savings, Money Markets, and CDs

Discover Bank is an online bank offering deposit accounts for savers. Learn more about what else Discover Bank has to offer.
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Written by Rebecca Lake
Financial Expert
Managing Editor
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Online banks can offer an alternative to traditional banks or credit unions when you’re looking for a place to keep your savings.

Discover Bank offers numerous ways to save while earning competitive interest rates on deposit accounts.

If you’re ready to open a new savings account or certificates of deposit, it’s helpful to learn more about what Discover Bank offers.

What Is Discover Bank?

Discover is perhaps best-known as an issuer of credit cards, but it also offers a wide range of banking products and services. If you’re interested in banking online, you can choose from savings accounts, money market accounts, and certificates of deposit, something you may already know from reading other Discover Bank reviews.

Officially established in 2000, Discover Bank is an online-only bank – so there are no branches to visit. But the bank does offer the option to withdraw money and complete other transactions via ATM.

Discover Bank customers can use their debit card or credit card to withdraw money from over 415,000 ATMs, including over 60,000 surcharge-free ATMs through the Allpoint or MoneyPass networks.

Popular Discover Bank Accounts

Compare Top Checking Accounts

Finding the best savings account to meet your needs is as simple as using our listing below. Compare checking account fees and perks now.

How Discover Bank Works

Discover Bank is an online bank, which means it differs in several key ways from traditional banks or credit unions. Here’s a closer look at what you can expect if you decide to open an account with Discover.

Maintenance fees

Online banks can be a good choice for savers who want to minimize banking fees. Because online banks tend to have lower overhead costs compared to brick-and-mortar banks and credit unions, they can pass those savings on to customers in the form of fewer fees.

Discover Bank is a good example of an online bank that charges no monthly maintenance fees and no hidden fees of any kind. Whether you have a Discover Bank savings account, a Discover Bank money market account, CD accounts, you never pay a monthly maintenance fee.

Account minimums

One thing to pay attention to when opening any new bank account is the minimum deposit requirement. With Discover Bank, there are no requirements for minimum balances or a minimum deposit for money market accounts and regular savings accounts. You do, however, need to have at least $2,500 to make a minimum deposit when opening a CD account.

Can you open multiple accounts?

Discover Bank does allow you to open multiple accounts. If you’re just interested in saving, you could open savings accounts and money market accounts. You can also set up a CD ladder with Discover using multiple certificates of deposit.

Just keep in mind, however, that FDIC coverage limits apply. The current limits are $250,000 per depositor, per bank, per account ownership.

Account access and customer support

When you open an account with Discover Bank, you have the option to manage it online or via the Discover mobile app. Both allow for 24/7 access to your money.

And again, while you don’t have access to funds through branch banking, you can still withdraw money or complete other transactions through Discover’s extensive ATM network.

If you need help with your Discover Bank account, customer support is available by phone 24/7 at 1-800-347-7000. You can also log in online to initiate a live chat.

Online and mobile banking experience

Discover Bank makes it easy to manage your accounts online or through the Discover mobile app. With either one, you can:

  • View account balances
  • Transfer funds between accounts
  • Schedule bill payments
  • Set up transfers to and from externally linked bank accounts
  • Download and view electronic statements
  • Send money to friends and family using Zelle

You can also use the mobile app to make mobile check deposits and locate ATMs nearby if you need to withdraw money.

Discover Bank Online Savings Account

The Discover Bank Online Savings Account offers a competitive interest rate that’s five times higher than the national average. Discover Bank ranked in the top 10 overall for best savings account interest rates in the America’s Best Rates Survey. This savings account has no minimum deposit requirement and no hidden fees of any kind.

Current savings account rates

Discover Bank Money Market Account

Money market accounts combine features of savings and checking accounts. The Discover Bank Money Market Account also offers competitive interest rates for savers with no monthly maintenance fees or minimum balances required.

This account gives you check-writing abilities, as well as the option to make purchases or withdraw money at an ATM using a debit card.

Current money market account rates

Discover Bank CD Rates

Discover Bank offers certificates of deposit with terms ranging from three months to 10 years to help you save for short-term and long-term financial goals.

You need at least $2,500 to open an account, but there are no monthly maintenance fees – and you can open multiple CDs if you’re interested in laddering them.

Discover Bank CD rates are tiered, based on your CD term. An early withdrawal penalty applies if you take money out before your CD matures.

Current CD rates

Discover Bank Personal Loans

Discover issues credit cards and it also offers personal loans. Personal loans are available at fixed interest rates, with no origination fees.

You can choose repayment terms ranging from 36 to 84 months and, in most cases, you can get a same-day decision on whether or not you’re approved. A Discover personal loan could be worth considering if you need money to consolidate and pay down debt, fund home repairs or renovations or cover another large expense.

Compare current personal loan rates

Discover Bank Pros and Cons

This Discover savings review wouldn’t be complete without looking at the pros and cons. Before you decide to open an account, consider these advantages and potential downsides:


  • Earn a competitive rate on Discover savings accounts and Discover money market accounts
  • Discover CD rates are also very competitive
  • Pay no monthly maintenance fees or hidden fees of any kind
  • Open a Discover Bank savings account or a Discover Bank money market account with $0
  • Get check-writing abilities and a debit card with money market accounts
  • Open savings accounts, money market accounts, and CD accounts online in minutes
  • Enjoy convenient access to your money via online banking, the Discover mobile app, and ATMs
  • Get customer service support 24/7 when you need it


  • Other online banks can offer even better rates on savings accounts, money market accounts, and CDs
  • You may prefer traditional banks or credit unions if you’d like to be able to visit a branch

Locations – Branches & ATMs

Since Discover Bank is an online bank, you don’t have access to physical branches. But you can manage your accounts and withdraw money at more than 415,000 ATMs, including 60,000 fee-free ATMs in the Allpoints and MoneyPass networks.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.
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