FREE: DotComSecrets Book
The Underground Playbook For Growing Your Company Online

FREE: DotComSecrets Book
The Underground Playbook For Growing Your Company Online

Discover Online Bank Review

Start a side hustle by Jan Tumbokon

Discover Online Bank ReviewInternet banking has recently undergone exponential growth. The ability to bank online without physically setting foot in the bank building is greatly admired by many people.

First of all, it is a cheap mode of accessing your bank account by simply transacting through the bank’s website.

Choosing the best online banking service can prove to be quite hectic in some cases as it will require adequate financial information about the bank’s operations. Major financial institutions worldwide have adopted the internet banking system.

Today, we review the services and operations of Discover Bank, one of the leading online banks in the world today.

Discover Bank is insured by the Federal Deposit Insurance Corporation (FDIC) and therefore it is a reliable financial institution with which you can confidently bank with assurance that your money is safe.

The bank has its only physical branch located in Greenwood, Delaware. You can access the bank though their website or through the Discover mobile application developed for both Android and IOS systems.

Discover Bank offers a wide variety of financial services such as cash-back checking accounts, online savings accounts, money market accounts, and certificates of deposit (CDs).

Discover Bank Savings Account

Saving with Discover Bank earns you an annual interest rate of up to 2 percent. This annual percentage yield (APY) applies to all savings account balances.

It does not require you to maintain a specific minimum balance in your Discover online savings account in order for you to gain annual interest. This is a better interest offer in comparison to the rates of return on savings that several similar banks offer.

You can acquire a bonus of $150 or $200 on your first savings.

However, this will require you to deposit an amount of $15,000 or $20,000 respectively into your Discover savings account to be eligible for the bonus. You can only get the bonus by depositing the required amount.

This bonus is only offered to first time customers. Prior or existing customers are not eligible. Automatic monthly deposits from your bank account into the savings account are also supported.

There are zero maintenance fees for your savings account.

Initial fees such as excess withdrawal charges are automatically waived at the beginning of every calendar year without the account owner taking any action.

Overall, this sets the Discover Bank’s online savings account upfront and a preference by many.

To withdraw your money from the Discover savings account, you will need to use online money transfer services which will process the withdrawal and deposit the money directly into your current checking account, wire or linked bank account.

You are limited to only six withdrawals per statement cycle. Any excess withdrawals are chargeable. There are no restrictions on the number of deposits into your savings account.

Cash-back Checking Account

The Discovery checking or demand account is a free checking account; meaning that it has no minimum balance requirements nor monthly or annual service charges.

Charges can only be placed on specific services such as making outgoing wire transfers and check orders. Money can be deposited into the checking account through mobile check deposits.

A debit card is issued to free-checking account holders which can be used for payments and ATM withdrawals.

You are rewarded every time you make a purchase and pay using the Discover Bank debit card.

Usually, the reward is 1% cash back on purchases amounting $3,000 and for certain qualifying credit card transactions.

There are also no charges for obtaining or replacing a Discover Bank debit or credit card.

Payments and transfers that are made through the Automated Clearing House (ACH) network are free and are processed within two business days. However, all outgoing wire transfers are charged a fee of $30.

Free checks are also offered by Discover Bank on opening a new checking account and more checks can be ordered with no charges.

Discover Money Market Account

A money market account allows you to earn interest on your money while it is still available for spending.

To open a money market account with Discover Bank, you will be required to make a minimum deposit of $2,500.

This is also the minimum balance that should be maintained in the market account to avoid $10 monthly charges for insufficient funds.

Other fees are only charged on special services such as ordering checks and wire transfers.

In comparison to other accounts, money market accounts typically pay higher rates of interest.

For instance, a minimum deposit of $2,500 into your Discover Bank market account earns you 1.85% APY while a minimum deposit of $100,000 and over earns a 1.90% APY.

Clearly, the money market account pays a slightly lower interest rate compared to savings and checking accounts, but with the benefit of easy access to cash.

Discover money market supports online payments. Usually, most banks support online bill payments only from checking accounts.

However, federal laws regulate some types of withdrawals, such as online payments of bills, to a maximum limit of six times per month. Every withdrawal exceeding this limit is charged $15.

You can withdraw cash from over 60,000 ATMs in the AllPoint and MoneyPass networks absolutely free.

Discover Certificates of Deposit

Compared to the money market accounts whereby you have free access to the deposited funds while they gain interest, the access is limited for certificates of deposit.

To obtain a certificate of deposit from Discover Bank, a minimum amount of $2,500 is saved and a date of maturity is set. The funds gain interest during the maturity period but remain inaccessible.

Early withdrawal penalties are incurred if you intend to cash out before the maturity date.

Maturity periods can range from 3 months to 10 years. CDs earn more interest when compared to the savings, checking and money market accounts, reaching up to 3%. The rates of return on Discover Bank’s CDs vary as shown in the table below:

Duration APY

3 months 0.35%

6 months 0.65%

9 months 0.70%

12 months 2.65%

18 months 2.65%

24 months 2.70%

30 months 2.70%

3 years 2.75%

4 years 2.80%

5 years 3%

7 years 3.05%

10 years 3.1%

The APY return on CDs increases for longer maturity terms. To gain more monetary interest from Discover Bank’s certificates of deposit, you would need to invest more money and for a longer period.

Withdrawal penalty amounts depend on the terms of your CD. Usually, the amount you acquire in early cash out is lesser that the initial amount deposited.

The table below shows the amounts of interest that are deducted from your total earnings depending on the agreement terms of the CDs you obtain from Discover Bank.

Early Cash-out Penalties for Discover CDs

Less than 12 months 3 months worth of interest deducted

12 months – 4 years 6 months worth of interest deducted

4 years – 5 years 9 months worth of interest deducted

5 years – 7 years 18 months worth of interest deducted

More than 7 years 24 months worth of interest deducted

Since CDs are long term investments, lasting up to a period of 10 years, they can be preferably used in Individual Retirement Accounts (IRA’s). IRAs are typically retirement savings accounts. Discover online banking services support CD IRAs.

Banking with Discover Bank

Since Discover Bank is majorly an online banking service, all registrations and transactions are carried out online.

To create a Discover Bank account of any kind, visit their website Discover.com or contact the bank on 1-800-347-700.

Common details that are required by banking institutions will be required such as:

  • Names of all account owners (if it is a joint account)
  • Social Security numbers (SSN) or tax identification numbers for all accont owners
  • Physical addresses (optional mail adresses)
  • E-mail addresses and telephone numbers.
  • Mother’s maiden name
  • Employment and income information.
  • Information of bank accounts that you wish to link to Discover Bank.

Pros of Banking with Discover Bank

  1. Discover Bank allows you to fully register and perform transactions online without physically accessing their bank.
  2. The bank offers a cash-back reward program which is a distinguishing feature. New customers also get account opening bonuses.
  3. The interest rates offered by the bank are relatively high and attractive with a large ATM network in the US that can be accessed with the free debit card.
  4. Use of a mobile application makes banking with Discover easier and secure as the application requires pin code entry or bio-metric log-on depending on device capabilities.
  5. You can link over 30 external bank accounts to Discover Bank.
  6. Provision of quality and timely customer care services 24/7.
  7. Discover Bank employs industry-standard data security features such as encrypted communication, secure messaging and systems monitoring for irregularities to prevent fraud and errors in your accounts.
  8. You can be assured of the safety of your money and claim compensation since Discover Bank is registered with FDIC.

Cons of Banking With Discover Bank

  1. The minimum requirement of $2,500 for the money market accounts may put off customers who are unable to raise the amount.
  2. There are limited depositing methods since the bank does not allow cash deposits.
  3. Although the hold placed on deposits is to ensure security, it results in transactional delays. The bank should come up with quicker transaction security verification measures.
  4. The Discover Bank debit card is not accepted everywhere as compared to Visa and MasterCard.
  5. Since the bank has no physical banking facility, this turns off potential customers who prefer to bank in person.

Now I’d Like To Hear From You

Chat With Us

There’s your discover online bank review…

Discover Bank is the ideal bank for customers who conduct most or all of their business online without the requirement to access a physical bank.

The bank allows both short and long term investments in the savings account, money market accounts and CDs with relatively higher returns on investment.

The bank also ensures the security of the customers’ deposits through exercising stringent security measures.

However, regardless of the limited depositing methods, the bank is greatly effective in handling diverse online transactions.

Would you like to add anything to the review?

SiteGround
SiteGround

Discover Online Bank Review

Start a side hustle by Jan Tumbokon

Discover Online Bank ReviewInternet banking has recently undergone exponential growth. The ability to bank online without physically setting foot in the bank building is greatly admired by many people.

First of all, it is a cheap mode of accessing your bank account by simply transacting through the bank’s website.

Choosing the best online banking service can prove to be quite hectic in some cases as it will require adequate financial information about the bank’s operations. Major financial institutions worldwide have adopted the internet banking system.

Today, we review the services and operations of Discover Bank, one of the leading online banks in the world today.

Discover Bank is insured by the Federal Deposit Insurance Corporation (FDIC) and therefore it is a reliable financial institution with which you can confidently bank with assurance that your money is safe.

The bank has its only physical branch located in Greenwood, Delaware. You can access the bank though their website or through the Discover mobile application developed for both Android and IOS systems.

Discover Bank offers a wide variety of financial services such as cash-back checking accounts, online savings accounts, money market accounts, and certificates of deposit (CDs).

Discover Bank Savings Account

Saving with Discover Bank earns you an annual interest rate of up to 2 percent. This annual percentage yield (APY) applies to all savings account balances.

It does not require you to maintain a specific minimum balance in your Discover online savings account in order for you to gain annual interest. This is a better interest offer in comparison to the rates of return on savings that several similar banks offer.

You can acquire a bonus of $150 or $200 on your first savings.

However, this will require you to deposit an amount of $15,000 or $20,000 respectively into your Discover savings account to be eligible for the bonus. You can only get the bonus by depositing the required amount.

This bonus is only offered to first time customers. Prior or existing customers are not eligible. Automatic monthly deposits from your bank account into the savings account are also supported.

There are zero maintenance fees for your savings account.

Initial fees such as excess withdrawal charges are automatically waived at the beginning of every calendar year without the account owner taking any action.

Overall, this sets the Discover Bank’s online savings account upfront and a preference by many.

To withdraw your money from the Discover savings account, you will need to use online money transfer services which will process the withdrawal and deposit the money directly into your current checking account, wire or linked bank account.

You are limited to only six withdrawals per statement cycle. Any excess withdrawals are chargeable. There are no restrictions on the number of deposits into your savings account.

Cash-back Checking Account

The Discovery checking or demand account is a free checking account; meaning that it has no minimum balance requirements nor monthly or annual service charges.

Charges can only be placed on specific services such as making outgoing wire transfers and check orders. Money can be deposited into the checking account through mobile check deposits.

A debit card is issued to free-checking account holders which can be used for payments and ATM withdrawals.

You are rewarded every time you make a purchase and pay using the Discover Bank debit card.

Usually, the reward is 1% cash back on purchases amounting $3,000 and for certain qualifying credit card transactions.

There are also no charges for obtaining or replacing a Discover Bank debit or credit card.

Payments and transfers that are made through the Automated Clearing House (ACH) network are free and are processed within two business days. However, all outgoing wire transfers are charged a fee of $30.

Free checks are also offered by Discover Bank on opening a new checking account and more checks can be ordered with no charges.

Discover Money Market Account

A money market account allows you to earn interest on your money while it is still available for spending.

To open a money market account with Discover Bank, you will be required to make a minimum deposit of $2,500.

This is also the minimum balance that should be maintained in the market account to avoid $10 monthly charges for insufficient funds.

Other fees are only charged on special services such as ordering checks and wire transfers.

In comparison to other accounts, money market accounts typically pay higher rates of interest.

For instance, a minimum deposit of $2,500 into your Discover Bank market account earns you 1.85% APY while a minimum deposit of $100,000 and over earns a 1.90% APY.

Clearly, the money market account pays a slightly lower interest rate compared to savings and checking accounts, but with the benefit of easy access to cash.

Discover money market supports online payments. Usually, most banks support online bill payments only from checking accounts.

However, federal laws regulate some types of withdrawals, such as online payments of bills, to a maximum limit of six times per month. Every withdrawal exceeding this limit is charged $15.

You can withdraw cash from over 60,000 ATMs in the AllPoint and MoneyPass networks absolutely free.

Discover Certificates of Deposit

Compared to the money market accounts whereby you have free access to the deposited funds while they gain interest, the access is limited for certificates of deposit.

To obtain a certificate of deposit from Discover Bank, a minimum amount of $2,500 is saved and a date of maturity is set. The funds gain interest during the maturity period but remain inaccessible.

Early withdrawal penalties are incurred if you intend to cash out before the maturity date.

Maturity periods can range from 3 months to 10 years. CDs earn more interest when compared to the savings, checking and money market accounts, reaching up to 3%. The rates of return on Discover Bank’s CDs vary as shown in the table below:

Duration APY

3 months 0.35%

6 months 0.65%

9 months 0.70%

12 months 2.65%

18 months 2.65%

24 months 2.70%

30 months 2.70%

3 years 2.75%

4 years 2.80%

5 years 3%

7 years 3.05%

10 years 3.1%

The APY return on CDs increases for longer maturity terms. To gain more monetary interest from Discover Bank’s certificates of deposit, you would need to invest more money and for a longer period.

Withdrawal penalty amounts depend on the terms of your CD. Usually, the amount you acquire in early cash out is lesser that the initial amount deposited.

The table below shows the amounts of interest that are deducted from your total earnings depending on the agreement terms of the CDs you obtain from Discover Bank.

Early Cash-out Penalties for Discover CDs

Less than 12 months 3 months worth of interest deducted

12 months – 4 years 6 months worth of interest deducted

4 years – 5 years 9 months worth of interest deducted

5 years – 7 years 18 months worth of interest deducted

More than 7 years 24 months worth of interest deducted

Since CDs are long term investments, lasting up to a period of 10 years, they can be preferably used in Individual Retirement Accounts (IRA’s). IRAs are typically retirement savings accounts. Discover online banking services support CD IRAs.

Banking with Discover Bank

Since Discover Bank is majorly an online banking service, all registrations and transactions are carried out online.

To create a Discover Bank account of any kind, visit their website Discover.com or contact the bank on 1-800-347-700.

Common details that are required by banking institutions will be required such as:

  • Names of all account owners (if it is a joint account)
  • Social Security numbers (SSN) or tax identification numbers for all accont owners
  • Physical addresses (optional mail adresses)
  • E-mail addresses and telephone numbers.
  • Mother’s maiden name
  • Employment and income information.
  • Information of bank accounts that you wish to link to Discover Bank.

Pros of Banking with Discover Bank

  1. Discover Bank allows you to fully register and perform transactions online without physically accessing their bank.
  2. The bank offers a cash-back reward program which is a distinguishing feature. New customers also get account opening bonuses.
  3. The interest rates offered by the bank are relatively high and attractive with a large ATM network in the US that can be accessed with the free debit card.
  4. Use of a mobile application makes banking with Discover easier and secure as the application requires pin code entry or bio-metric log-on depending on device capabilities.
  5. You can link over 30 external bank accounts to Discover Bank.
  6. Provision of quality and timely customer care services 24/7.
  7. Discover Bank employs industry-standard data security features such as encrypted communication, secure messaging and systems monitoring for irregularities to prevent fraud and errors in your accounts.
  8. You can be assured of the safety of your money and claim compensation since Discover Bank is registered with FDIC.

Cons of Banking With Discover Bank

  1. The minimum requirement of $2,500 for the money market accounts may put off customers who are unable to raise the amount.
  2. There are limited depositing methods since the bank does not allow cash deposits.
  3. Although the hold placed on deposits is to ensure security, it results in transactional delays. The bank should come up with quicker transaction security verification measures.
  4. The Discover Bank debit card is not accepted everywhere as compared to Visa and MasterCard.
  5. Since the bank has no physical banking facility, this turns off potential customers who prefer to bank in person.

Now I’d Like To Hear From You

Chat With Us

There’s your discover online bank review…

Discover Bank is the ideal bank for customers who conduct most or all of their business online without the requirement to access a physical bank.

The bank allows both short and long term investments in the savings account, money market accounts and CDs with relatively higher returns on investment.

The bank also ensures the security of the customers’ deposits through exercising stringent security measures.

However, regardless of the limited depositing methods, the bank is greatly effective in handling diverse online transactions.

Would you like to add anything to the review?

SiteGround
SiteGround

FREE: DotComSecrets Book
The Underground Playbook For Growing Your Company Online

Discover Online Bank Review

Start a side hustle by Jan Tumbokon

Discover Online Bank ReviewInternet banking has recently undergone exponential growth. The ability to bank online without physically setting foot in the bank building is greatly admired by many people.

First of all, it is a cheap mode of accessing your bank account by simply transacting through the bank’s website.

Choosing the best online banking service can prove to be quite hectic in some cases as it will require adequate financial information about the bank’s operations. Major financial institutions worldwide have adopted the internet banking system.

Today, we review the services and operations of Discover Bank, one of the leading online banks in the world today.

Discover Bank is insured by the Federal Deposit Insurance Corporation (FDIC) and therefore it is a reliable financial institution with which you can confidently bank with assurance that your money is safe.

The bank has its only physical branch located in Greenwood, Delaware. You can access the bank though their website or through the Discover mobile application developed for both Android and IOS systems.

Discover Bank offers a wide variety of financial services such as cash-back checking accounts, online savings accounts, money market accounts, and certificates of deposit (CDs).

Discover Bank Savings Account

Saving with Discover Bank earns you an annual interest rate of up to 2 percent. This annual percentage yield (APY) applies to all savings account balances.

It does not require you to maintain a specific minimum balance in your Discover online savings account in order for you to gain annual interest. This is a better interest offer in comparison to the rates of return on savings that several similar banks offer.

You can acquire a bonus of $150 or $200 on your first savings.

However, this will require you to deposit an amount of $15,000 or $20,000 respectively into your Discover savings account to be eligible for the bonus. You can only get the bonus by depositing the required amount.

This bonus is only offered to first time customers. Prior or existing customers are not eligible. Automatic monthly deposits from your bank account into the savings account are also supported.

There are zero maintenance fees for your savings account.

Initial fees such as excess withdrawal charges are automatically waived at the beginning of every calendar year without the account owner taking any action.

Overall, this sets the Discover Bank’s online savings account upfront and a preference by many.

To withdraw your money from the Discover savings account, you will need to use online money transfer services which will process the withdrawal and deposit the money directly into your current checking account, wire or linked bank account.

You are limited to only six withdrawals per statement cycle. Any excess withdrawals are chargeable. There are no restrictions on the number of deposits into your savings account.

Cash-back Checking Account

The Discovery checking or demand account is a free checking account; meaning that it has no minimum balance requirements nor monthly or annual service charges.

Charges can only be placed on specific services such as making outgoing wire transfers and check orders. Money can be deposited into the checking account through mobile check deposits.

A debit card is issued to free-checking account holders which can be used for payments and ATM withdrawals.

You are rewarded every time you make a purchase and pay using the Discover Bank debit card.

Usually, the reward is 1% cash back on purchases amounting $3,000 and for certain qualifying credit card transactions.

There are also no charges for obtaining or replacing a Discover Bank debit or credit card.

Payments and transfers that are made through the Automated Clearing House (ACH) network are free and are processed within two business days. However, all outgoing wire transfers are charged a fee of $30.

Free checks are also offered by Discover Bank on opening a new checking account and more checks can be ordered with no charges.

Discover Money Market Account

A money market account allows you to earn interest on your money while it is still available for spending.

To open a money market account with Discover Bank, you will be required to make a minimum deposit of $2,500.

This is also the minimum balance that should be maintained in the market account to avoid $10 monthly charges for insufficient funds.

Other fees are only charged on special services such as ordering checks and wire transfers.

In comparison to other accounts, money market accounts typically pay higher rates of interest.

For instance, a minimum deposit of $2,500 into your Discover Bank market account earns you 1.85% APY while a minimum deposit of $100,000 and over earns a 1.90% APY.

Clearly, the money market account pays a slightly lower interest rate compared to savings and checking accounts, but with the benefit of easy access to cash.

Discover money market supports online payments. Usually, most banks support online bill payments only from checking accounts.

However, federal laws regulate some types of withdrawals, such as online payments of bills, to a maximum limit of six times per month. Every withdrawal exceeding this limit is charged $15.

You can withdraw cash from over 60,000 ATMs in the AllPoint and MoneyPass networks absolutely free.

Discover Certificates of Deposit

Compared to the money market accounts whereby you have free access to the deposited funds while they gain interest, the access is limited for certificates of deposit.

To obtain a certificate of deposit from Discover Bank, a minimum amount of $2,500 is saved and a date of maturity is set. The funds gain interest during the maturity period but remain inaccessible.

Early withdrawal penalties are incurred if you intend to cash out before the maturity date.

Maturity periods can range from 3 months to 10 years. CDs earn more interest when compared to the savings, checking and money market accounts, reaching up to 3%. The rates of return on Discover Bank’s CDs vary as shown in the table below:

Duration APY

3 months 0.35%

6 months 0.65%

9 months 0.70%

12 months 2.65%

18 months 2.65%

24 months 2.70%

30 months 2.70%

3 years 2.75%

4 years 2.80%

5 years 3%

7 years 3.05%

10 years 3.1%

The APY return on CDs increases for longer maturity terms. To gain more monetary interest from Discover Bank’s certificates of deposit, you would need to invest more money and for a longer period.

Withdrawal penalty amounts depend on the terms of your CD. Usually, the amount you acquire in early cash out is lesser that the initial amount deposited.

The table below shows the amounts of interest that are deducted from your total earnings depending on the agreement terms of the CDs you obtain from Discover Bank.

Early Cash-out Penalties for Discover CDs

Less than 12 months 3 months worth of interest deducted

12 months – 4 years 6 months worth of interest deducted

4 years – 5 years 9 months worth of interest deducted

5 years – 7 years 18 months worth of interest deducted

More than 7 years 24 months worth of interest deducted

Since CDs are long term investments, lasting up to a period of 10 years, they can be preferably used in Individual Retirement Accounts (IRA’s). IRAs are typically retirement savings accounts. Discover online banking services support CD IRAs.

Banking with Discover Bank

Since Discover Bank is majorly an online banking service, all registrations and transactions are carried out online.

To create a Discover Bank account of any kind, visit their website Discover.com or contact the bank on 1-800-347-700.

Common details that are required by banking institutions will be required such as:

  • Names of all account owners (if it is a joint account)
  • Social Security numbers (SSN) or tax identification numbers for all accont owners
  • Physical addresses (optional mail adresses)
  • E-mail addresses and telephone numbers.
  • Mother’s maiden name
  • Employment and income information.
  • Information of bank accounts that you wish to link to Discover Bank.

Pros of Banking with Discover Bank

  1. Discover Bank allows you to fully register and perform transactions online without physically accessing their bank.
  2. The bank offers a cash-back reward program which is a distinguishing feature. New customers also get account opening bonuses.
  3. The interest rates offered by the bank are relatively high and attractive with a large ATM network in the US that can be accessed with the free debit card.
  4. Use of a mobile application makes banking with Discover easier and secure as the application requires pin code entry or bio-metric log-on depending on device capabilities.
  5. You can link over 30 external bank accounts to Discover Bank.
  6. Provision of quality and timely customer care services 24/7.
  7. Discover Bank employs industry-standard data security features such as encrypted communication, secure messaging and systems monitoring for irregularities to prevent fraud and errors in your accounts.
  8. You can be assured of the safety of your money and claim compensation since Discover Bank is registered with FDIC.

Cons of Banking With Discover Bank

  1. The minimum requirement of $2,500 for the money market accounts may put off customers who are unable to raise the amount.
  2. There are limited depositing methods since the bank does not allow cash deposits.
  3. Although the hold placed on deposits is to ensure security, it results in transactional delays. The bank should come up with quicker transaction security verification measures.
  4. The Discover Bank debit card is not accepted everywhere as compared to Visa and MasterCard.
  5. Since the bank has no physical banking facility, this turns off potential customers who prefer to bank in person.

Now I’d Like To Hear From You

Chat With Us

There’s your discover online bank review…

Discover Bank is the ideal bank for customers who conduct most or all of their business online without the requirement to access a physical bank.

The bank allows both short and long term investments in the savings account, money market accounts and CDs with relatively higher returns on investment.

The bank also ensures the security of the customers’ deposits through exercising stringent security measures.

However, regardless of the limited depositing methods, the bank is greatly effective in handling diverse online transactions.

Would you like to add anything to the review?