Discover Checking Account Review: Get Cash Back on Debit Purchases

Find out if a Discover checking account is right for you.

You might want to consider opening a Discover Cashback Checking account if you want to earn cash back on your debit card purchases. Although you might think of Discover primarily as a credit card company, the financial brand offers a number of personal finance services including savings accounts, personal loans, certificates of deposits, home equity loans, balance transfers and student loans, in addition to its checking account offerings.

Before you decide to open an online checking account with Discover, understand the pros and cons that come along with it. Here’s everything you need to know about banking with Discover.

Discover Cashback Checking Account Review

With Discover Cashback Checking, you’ll earn 1 percent cash back on up to $3,000 in debit card purchases each month. The account doesn’t have monthly fees or have minimum balance requirements, and you can access your funds at up to 60,000 ATMs across the U.S. for no fee. Discover ATMs aren’t available, but you can find the nearest no-fee ATM by searching on the Discover website or mobile app.

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You can manage your account online at the Discover account center or through the Discover Bank mobile app. Both platforms allow you to transfer money between accounts, view your account activity, pay your bills and redeem cash-back rewards with ease. You can also virtually deposit checks by taking a photo with your phone or use direct deposit to have payments directly funneled into your account.

Find Out: How to Deposit Cash to an Online Bank Account

Pros and Cons of Discover Cashback Checking

Review these advantages and disadvantages of the Discover checking account to decide if it’s right for you:

Advantages of Discover Cashback Checking

Here are pros of the Discover checking account:

  • No minimum balance requirements: You aren’t required to maintain a monthly minimum balance with this account.
  • No minimum deposit requirements: You can deposit any amount to open an account.
  • No fees: You’ll pay no monthly maintenance fee and no fees for online bill pay, check reordering, replacement debit cards, official bank checks, expedited delivery of a replacement debit card, outbound ACH transfers, incoming wires, paper copies of a check or deposit item, or deposited item returns.
  • FDIC insurance: Single accounts with Discover are insured up to $250,000.

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Disadvantages of Discover Cashback Checking

Here are the cons of the Discover checking account:

  • Outgoing wire fee: It costs $30 to send a wire to an external bank.
  • Stop payment fee: It costs $15 per stop payment request.
  • Insufficient fund fees: You’ll be charged a $30 charge for insufficient funds, but you can only be charged one insufficient fund fee per day.
  • No cash deposits: The only ways to deposit funds into your account are via an online transfer from an external bank, through direct deposit, through a mobile deposit or by mailing a check.

Discover Personal Loans Review: No Origination Fees, Fixed Rates

Discover Products and Services

Discover online banking offers a number of additional products and services. You can choose to save money with Discover through its online savings account, a money market account, a CD or an IRA CD. You can easily transfer money between accounts online or with the mobile app.

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Check Out: Survey Finds Most Common Reasons Americans Use Emergency Funds

Should You Open a Discover Cashback Checking Account?

A Discover Cashback Checking account could be a good option if you want to earn cash back on your purchases. The account is a smart alternative for people who don’t want to run the risk of overspending with a credit card but still want to receive cash-back rewards. It’s also a good option for people who don’t want to worry about meeting financial requirements to open or maintain an account, and who want to avoid most banking fees. But because the account is online-only, it might not be the best choice for people who want to be able to speak with a bank representative face-to-face or who need to be able to deposit cash.

Up Next: Discover Savings Account Review

More on Checking Accounts

This content is not provided by the companies mentioned. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved or otherwise endorsed by Discover Bank.

About the Author

Gabrielle Olya

Gabrielle joined GOBankingRates in 2017 and brings with her a decade of experience in the journalism industry. Before joining the team, she was a staff writer-reporter for People Magazine and Her work has also appeared on E! Online, Us Weekly, Patch, Sweety High and Discover Los Angeles, and she has been featured on “Good Morning America” as a celebrity news expert. 

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