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Discover Bank Review 2026

Discover Bank offers online banking with competitive rates and no fees. Best known for its credit card products, Discover also provides high-yield savings accounts, CDs, and other banking services.

Founded

1985

Headquarters

Greenwood Village, CO

Total Assets

$150 billion

Branches

Online Only

BankingDeal Rating

Based on rates, fees, features, and customer satisfaction

4.5

out of 5.0

Rates & Fees

ProductRate / Fee
Savings APY4.00%
12-Month CD APY4.50%
Checking Monthly Fee$0

Rates shown are for illustration. Verify current rates directly with Discover Bank.

Products Offered

Checking Accounts
Savings Accounts
CDs
Money Market Accounts
Credit Cards
Personal Loans
Student Loans

Pros & Cons

Pros

  • +No monthly fees on any account
  • +Competitive savings and CD rates
  • +Cashback Debit checking account
  • +Award-winning US-based customer service
  • +No minimum balance requirements

Cons

  • -No physical branches
  • -Limited ATM network compared to big banks
  • -Fewer product options than full-service banks
  • -Cash deposits only at select retailers

Our Verdict

Discover Bank is an excellent choice for those who prefer online banking and want competitive rates without monthly fees. No monthly fees on any account, making it a strong contender in the online banking space. With a savings APY of 4.00%, it offers competitive returns on your deposits.

Related Resources

How to Open a Savings Account
What Is a CD?
Compare Savings Accounts by State
Best Cash Back Credit Cards

Frequently Asked Questions

Is Discover Bank a good bank?

Discover Bank has a rating of 4.5/5 on our scale. No monthly fees on any account. However, no physical branches. Whether it is right for you depends on your specific banking needs and priorities.

What is the savings account APY at Discover Bank?

Discover Bank currently offers a savings APY of 4.00%. This is a competitive rate compared to the national average. Rates are subject to change. Verify current rates directly with Discover Bank.

Does Discover Bank charge monthly fees?

Discover Bank offers checking accounts with no monthly maintenance fee.

What products does Discover Bank offer?

Discover Bank offers Checking Accounts, Savings Accounts, CDs, Money Market Accounts, Credit Cards, Personal Loans, Student Loans. As an online-only bank, all services are available through their website and mobile app.

Where is Discover Bank headquartered?

Discover Bank is headquartered in Greenwood Village, CO. Founded in 1985, Discover Financial Services has grown to manage $150 billion in total assets. It operates exclusively online with no physical branch locations.