About Discover Bank
Discover Bank is the online-only banking subsidiary of Discover Financial Services. The company can trace its origins to 1991 with the Sears purchase of Dean Witter Reynolds and Coldwell, Banker & Company. In 1999, the company officially rebranded itself as Discover Financial Services. More recently, Capital One announced its intention to acquire Discover. Although Discover Bank does not have any physical branches, it does offer ATM access through the Allpoint and MoneyPass ATMs nationwide.
Discover Bank Overview
Discover Bank is an online-only bank that offers competitive yields on its money market, savings, and CDs, with the one exception being its checking account, which offers a low APY but has an excellent cashback feature. All accounts have a zero minimum opening deposit and no monthly service charges. They offer ATMs through the Allpoint and Moneypass networks, which operate more than 60,000 ATMs nationwide.
| No monthly service charges for any accounts. | The checking account offers a low APY. |
| No minimum opening deposits for checking, savings and money market accounts. | Funds can only transferred in from another bank. |
| Highly competitive APYs. | |
| Uses the Allpoint and MoneyPass networks of more than 60,000 ATMs nationwide. | |
| The checking account has an excellent cashback feature. |
Discover Bank Product Offerings
Savings Accounts
Discover Bank has one savings account with a highly competitive APY. The account does not require a minimum opening deposit, nor does it assess a monthly service charge. The account does not offer an ATM card, so the only way to deposit or withdraw money is via a funds transfer from or to another bank or with free official checks provided by Discover. Here are the latest savings account details for June 2025:
Checking Accounts
Discover Bank's checking is not interest-bearing, but it offers 1% cashback on up to $3,000 worth of debit card purchases per month. There is no monthly service charge and no minimum opening deposit. It's a simple but effective checking account for everyday use. The account comes with a debit card for use at any of the more than 60,000 Allpoint and MoneyPass ATMs nationwide. Here are the latest account details for June 2025:
CDs
A certificate of deposit (CD) is a form of savings account that pays a fixed interest rate on the money in the account for a certain period, known as a term. Discover Bank offers highly competitive CDs with terms ranging from three months up to 10 years. All of the CDs have a required minimum opening deposit of $2,5000. Here are some of their best CD offerings for June 2025:
Money Market Accounts
A money market account is an interest-bearing hybrid between a savings account and a checking account. Discover Bank offers one money market account with a highly competitive APY. The account features free checks and a debit card. There is no monthly service charge, but it does require a minimum opening deposit of $2,500. Accounts with balances over $100,000 earn a slightly higher APY. Here are the account details for June 2025:
Bank Fees
Overdraft fee: None
Savings and Money Market Account withdrawals: None
Account closure fee: None
Wire transfer fee: Domestic - Incoming is $0 and outgoing is $30; International - Incoming is $0 and outgoing is $30
Non-network ATM fee: None
Monthly service charge: None
Stop payment fee: None
Paper statement fee: None
Discover Bank Features
Discover Bank offers a 24 hour a day, 7 days a week customer service line so customers are always be able to speak to someone at the bank. They have an easy-to-use website and mobile app to manage all accounts online or on a mobile phone.
Discover Bank FAQs
Our Take
Discover Bank is an excellent online-only bank with competitive APYs across all of its products, except its checking account, which makes up for a zero APY by offering a 1% cashback on all debit card purchases up to $3,000 per month. They do not charge any monthly fees for any account but do have a $2,500 minimum deposit required for all CD accounts. The accounts that offer a debit card can be used at any of the more than 60,000 Allpoint and MoneyPass ATMs throughout the country. The one downside is that accounts can only be funded via bank transfers from other banks. All in all, it is an excellent online-only bank for individuals who don't mind using it in conjunction with accounts at a different bank they may bank with.
Methodology
Our editorial staff continually updates the information contained on our website. Our editorial staff has analyzed virtually all of the banks and credit unions that it follows, and it does weekly rate analysis for more than 250 prominent banks and credit unions. These institutions were chosen because they provide competitive APYs, low fees, and other factors we find important. These banks and credit unions often provide accounts that are available nationally. All of these banks are FDIC-insured, and all of these credit unions are NCUA-insured. Choosing an FDIC-insured bank or an NCUA-backed credit union assures that your money is protected as long as it stays within insurance limits and requirements.