Discover Bank Account Page

The Good

  • Online Banking
  • Savings Accounts
  • Low-Cost Student Loans
  • Fraud Protection & Security

Online Banking

  • No monthly maintenance fees or activity requirements
  • 10¢ reward per debit purchase, bill paid online, or check cleared (up to 100/mo)
  • Over 60,000 fee-free ATMs
  • Free services: online bill pay, check reorder, official bank checks, replacement debit cards, expedited card delivery, paper check copies, ACH transfers, and wire transfers

Savings Accounts

  • 0.95% APY (much higher than competitors)
  • No monthly fee or minimum balance requirement
  • CD accounts have $0 maintenance fees and higher yield options
  • IRA CD with up to 1.30% APY for 24-month terms

Low-Cost Student Loans

  • No application, origination, or late fees
  • Rewards for good grades
  • 24/7 access to student loan specialists

Fraud Protection & Security

  • $0 liability on unauthorized transactions
  • Proactive fraud monitoring and dedicated fraud specialists
  • Secure online/mobile banking with SSL encryption
  • FDIC insured
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The Bad

  • Fixed Return
  • Penalty Fees
  • Loans

Fixed Return

  • Interest rates can change at Discover's discretion
  • Requires $500 minimum to open a savings account (higher than many competitors)

Penalty Fees

  • Some penalty fees (e.g., $15 returned item fee) are higher than other banks

Loans

  • Cannot borrow from CDs or IRA accounts in emergencies
  • Early withdrawal restrictions on retirement CDs
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