Discover Bank

> Current Rate: 1.200%
> Current Fees: N/A
Updated November 18, 2017
Visit Website
Overall Rating - 4.8 out of 5
13 total reviews.
Website Rating - 4.3 out of 5
11 total reviews.
App Rating - 4.5 out of 5
8 total reviews.
Interest Rate Rating - 4.3 out of 5
11 total reviews.
Customer Service Rating - 4.6 out of 5
12 total reviews.


Solid Bank, Good Interest Rates by Austin on February 19, 2016

Overall Rating Website Rating App Rating
Interest Rate Rating Customer Service Rating

Review

Discover bank has offered higher interest rates than nearly every other online bank that I've found. They are currently offering 0.95%, when most local bank branches offer 0.05%. I have never had an issue with their service. All transfers take a couple of days, but that has been my experience with any transfer between banking institutions. The couple of times I've had questions, I had them answered very promptly, from friendly and helpful representatives. I have no complaints about them after being a customer for several years.

Pros

High Interest Rates
Helpful Customer Service

Cons

Discover Discover! by Linda Kusmanoff on February 06, 2016

Overall Rating Website Rating Interest Rate Rating Customer Service Rating

Review

I have had the Discover card for a year or so because they tempted me with $20 to get the card on a survey website. I was very happy to join and have been a satisfied customer the entire time. I was later offered $50 to open a checking account with them and did so. I highly recommend Discover for your financial needs. I have several credit card accounts, but Discover is one of my top three.

Pros

Good customer service. Excellent interest rate and cash back. Easy to navigate website.

Cons

None.

Discover Bank Review by Cherie on February 06, 2016

Overall Rating Website Rating App Rating
Interest Rate Rating Customer Service Rating

Review

I have used Discover bank about 3 years for my savings account... Right around the times banks were dropping interest to under 1/10%, I saw through my discover credit card that Discover had a bank that had almost 1% interest so I thought I would give it a try. Since I have opened my savings account with Discover, I have had no problems with Compromises to account which I cannot say the same for my previous account. About 2 Years ago I was so satisfied with Discover bank that I added the checking account option to go with savings... I have found the Accounts to be seamless for transfers and auto deductions. My only dislike would be that because everything is electronic, sometimes It can take extra time for checks to deposit. OR If i have any amount of cash, i have to GIVE someone cash and have them write me a check so I can deposit into my checking or savings account.
Other Than That, Discover bank is GREAT!.

The website and app are VERY easy to navigate. Certainly doesn't take as much time to get thing done as my old bank did.

My experience with Discover Bank Is far better than with any of the 4 other banks I have used in my adult life. IN Fact a year ago I canceled my accounts with Chase and consolidated into my Discover bank for ALL banking needs.

Pros

no fees
no minimum.
decent interest rate by today's standards.
Customer Service is OUTSTANDING!
easy transfers with savings and checking.
cashback bonus on checking account.

Cons

NO atms.
takes a while to deposit.
When mobile app/online banking is down, kinda screwed.
Can't deposit Cash!

Convenient and Easy Online Savings Account by Lesli Holyfield on February 06, 2016

Overall Rating Website Rating Interest Rate Rating Customer Service Rating

Review

I opened a Discover Bank online savings account about 3 years ago. The process was one of the easiest I've experienced because the Discover Bank website is easy to navigate and contains links that actually take you to the page or information you're looking for. The website features a secure document uploader that allows for instant transmission of account documents, transfer instructions or form submission. I've made transfers from my savings account to an IRA and felt confident that my request was received because you're issued a confirmation number, as well as a confirmation email, after each document upload is complete. Discover's interest rate is very competitive and much higher than other online banks' advertised rates. There is no account minimum balance required, nor is there a monthly service fee. The customer service representatives have always been able to assist me and there is no frustrating department shuffling if you telephone in for a request. I definitely recommend Discover's online savings account to anyone leery of internet banking.

Pros

Simple-to-use website
Helpful website links
Instant document upload to Discover
Knowledgeable, friendly staff
Great interest rates
No monthly account maintenance fees
No required minimum balance

Cons

No brick and mortar banks
No ATMs for instant access to cash

Discover Savings review by J.A. on January 23, 2016

Overall Rating Website Rating App Rating
Interest Rate Rating Customer Service Rating

Review

I had been a Discover Cash Back card user for several months. I saw on that website that Discover also had a savings account. I saw that the interest rate was .90%, which was a lot more than the .035% that my credit union was giving me.

So I signed up for the Discover Savings account almost 1 year ago in early 2015. It was fairly easy to sign up. Within 1 week I had used the free online transfer to move the money from my credit union to the new Discover savings account. I liked that it was all done online and also that it was done quickly.

The website for managing your money is pretty straight forward. But I expected this since I have a Discover card and that website is very easy to use. I love that you can do all of the banking online! I am a computer savy person and really like the fact that I can move money around at my desk at home.

The savings account is pretty straight forward. You are allowed 6 free transactions per month. If you go over this you can incur a fee. I get paid biweekly and deposit money regularly when I get paid. And even with an occasional withdrawal I still have not gone over this 6 transaction limit.

By far the best thing about this savings account is the interest rate! It started out as .90%. But in late 2015 they raised it to .95%! I know that if you go back into the 80's and 90's this is a paltry rate, but in today's low interest rate environment it is almost the best rate you can get. There are a few online banks with higher rates available, but since I liked my Discover card so much and have never had a problem with it, I chose Discover. And some of the other banks that have higher rates sometimes have restrictions that make it not worth it. Examples are having a certain amount of money deposited, or you must have a certain number of transactions per month, or if you have too big of a balance the highest rate will not apply.
But Discover is just a rock solid .95% without all of the terms and conditions.

I do banking on my desktop PC or I also use the Discover App on my Android cell phone. I find using either option easy. And I feel that both options are secure.

The only negatives I have are the way that your Discover card account and your Discover Savings account are two distinct entities. You must have a separate user name and password for each account. It would be easier if I could just logon to Discover and access both the credit card and savings account from the same webpage.

Overall I am very happy with this savings account. This year I made a record amount of interest on the money I have deposited in this account. And at this point for me to move to a new bank, they would have to have a really great interest rate with no ridiculous conditions. I'm talking probably 1.30% or higher for me to consider moving from this account.

My final recommendation is to go to Discover.com and use their savings calculator. It will show you how your savings add up with different scenarios. This is what made my sign up!

Pros

1. .95% Rate!!!
2. Easy to sign up!
3. Can do complete online banking from home. You never have to go wait in a line.
4. Website and Phone app access.
5. Did I mention the rate?

Cons

Your Discover Card and Discover savings account are not accessed together. They are two separate accounts on Discover website.

Very Good Savings Account by Tien Le on January 18, 2016

Overall Rating Website Rating App Rating
Interest Rate Rating Customer Service Rating

Review

I have been using the Discover Savings account for two years. The account have a very good interest rate. It is well above the banking industry’s average. The account is paying .95 percent annually. That is almost like ten times more than the national average. The customer service for Discover is unmatched. I have used American Express’s savings account before but I was not as satisfied as much as I am satisfied with Discover’s customer service. I can call Discover anytime and the customer service representatives are always helpful and nice. I had an over draft by accident and I was charged a $30 fee. I called Discover customer service and they were very helpful and nice. They looked at my account and said that they were able to waive the fee for me as a one time courtesy because I have been a loyal customer for a long time. The app is very easy to use. The best part is I can use my finger print to log into the app. This is a great feature because it will prevent people from logging in unless they have my finger print. The deposits made for the savings account does take a little longer to post. There is a 2 days wait for deposits made by mobile app. Online transfers take longer than three days. Overall, I give discover a grade of four. They are very good.

Pros

App is easy to use. Customer service is excellent.

Cons

Deposits take a long time to post to account.

Not a bad bank. by Ashley on January 17, 2016

Overall Rating Website Rating Customer Service Rating

Review

I have been with this Bank for two years now and I haven't had a single problem yet. Their customer service is simply amazing and they treat you like one of their own. They treat you with dignity and respect, which is hard to find nowadays when trying to find a decent bank to join. I highly recommend this bank to my friends, family, and to people I personally don't know. 4/5 stars, keep up the good work.

Pros

Nice customer service.
No delays.
Very helpful and kind.
No harsh punishments.

Cons

No cons. Keep up the great work.

Great Customer Service by Nicolette on January 10, 2016

Overall Rating Interest Rate Rating Customer Service Rating

Review

I've had an account with Discover for over 4 years now. The customer service has always been beyond exceptional. The interest is lower than other banks, however, barely netting me a few cents a year. The banking experience itself however is satisfactory, all in all it is a good bank that I would recommend.

Pros

Customer service is great.

Cons

Low interest rates.

Switched from a different bank by Amanda V on January 10, 2016

Overall Rating Website Rating App Rating
Interest Rate Rating Customer Service Rating

Review

I switched over to Discover Bank about six months ago from a bank that was bought out. I was a little weary at first but I quickly realized that the switch was a positive experience. The customer service I received from the beginning was incredible. They were friendly, patient, and answered all the questions I gave them honestly. The savings account interest rates were a lot better than my previous bank and I loved how there were no fees or min. amount that I had to keep in my account. I would highly recommend Discover Bank Savings Account to anyone searching for a great way to save money.

Pros

The ease of transfer
The functionality of website
The customer service
The no min. balance requirement
No fees!

Cons

Wonderful experiene by MR on January 10, 2016

Overall Rating Website Rating App Rating
Interest Rate Rating Customer Service Rating

Review

I have had a wonderful time using this bank. For 8 years, this bank had helped me save money and has enabled me to take trips that I would have never been able to go on to if I did not have this bank. With a wonderful interest rate that is usually twice as big as other companies, it is easy to save money for such trips.

Pros

great interest rate, wonderful customer service, barely any problems.

Cons

none.

So glad I switched by Justin on January 10, 2016

Overall Rating Website Rating App Rating
Interest Rate Rating Customer Service Rating

Review

I grew tired of watching my savings account at my hometown bank remain stagnant with an interest rate of around .01 percent. Discover's rate is much higher and there are no minimum balances and no fees to worry about. The app is also very straightforward and user friendly. I especially like being able to set a pin number for log in (I have some random secure password that I can never remember, so being able to enter a pin saves a ton of time). I also love the fact that I can deposit checks electronically into my account. Overall I am very happy with this account and plan on keeping it.

Pros

High APY (compared to other accounts)
Great Mobile App
No fees

Cons

Would love to see an even higher APY

Just Opened a Savings Account and I'm Impressed! by Derek on January 10, 2016

Overall Rating Website Rating App Rating
Interest Rate Rating Customer Service Rating

Review

I had previously had a savings account at TD Bank. The interest rate was low so I began to search for other options. After doing a little bit of searching on the Internet I settled on Discover. The interest rate is nearly double what I was getting at my previous bank. When comparing the TD Bank website with the Discover website I would say that they are about equal in ease of use and overall look of the interface. However, the Discover app is far superior to the TD Bank app. The Discover app is nicely designed and has a convenient sidebar layout with all the navigation options. I can access any information I need about my account. Also, I have called the company once with a question and the representative was very helpful. It was not hard to reach a live person.

Pros

- Easy to reach, friendly customer service representatives
- Very useful, easy to navigate mobile app

Cons

- Interest rate is a bit lower than some other banks offer
- The website could be designed to be less basic looking

EASY by Nathan on May 26, 2011

Overall Rating

Review

Have had my account for over a year now and love the rates and ease of transfering. Also their customer service is the best.

Pros

Cons