Discover Bank Review: Online Bank for Your Checking, Money Market and CD Needs
Written by
Caitlyn Moorhead
Edited by
Elizabeth Constantineau, CFHCâ„¢
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Above-average rates, a large free ATM network and 24/7 customer service.
Discover® Bank, Member FDIC is best for those who want to earn cash back for their bank account when they make monthly qualifying debit card and credit card purchases.
Discover Bank is an online bank that offers a full range of deposit accounts, including checking accounts, savings accounts and certificates of deposit (CDs), with no monthly fees.
Discover Bank Checking Account
Discover Bank offers only one checking account, but it’s packed with impressive money-saving features. Here are some key takeaways:
- Discover® Cashback Debit account offers online checking and has no minimum deposit requirement, no minimum daily balance requirement and no monthly maintenance fees.Â
- There are no insufficient funds or overdraft fees.
- This account pays 1% cash back on up to $3,000 worth of purchases with the debit card each month. See the bank’s website for details.
- When you need to access cash, you can withdraw fee-free money at over 60,000 ATMs worldwide.
- You can apply for a Discover Cashback Debit account without impacting your credit score.
Best For
Online Banks
CD Accounts
Money Market Accounts
Checking Accounts
Mobile App
1% Cashback Debit Rewards
Discover Bank’s Cashback Debit account offers a fee-free online checking experience with 1% cash back on up to $3,000 in purchases monthly — see website for details.
Fees
No monthly service fee
APY
N/A
Min Opening
$0
Pros
- No monthly service fees
- Early paycheck deposits if enrolled in direct deposit
- Earn cash back on purchases each month
Cons
- Does not earn interest
Why We Like Discover Bank
When Discover says it has free checking, it means it. There are simply no fees with this account.Â
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Discover Bank Savings Account
Just because it doesn’t technically call itself a high-yield savings account doesn’t mean it isn’t one. The Discover Online Savings option has some pretty compelling features:
- The Discover® Online Savings Account, like the bank’s checking account, has no minimum opening deposit or daily balance requirements.
- There are no monthly maintenance fees and no insufficient funds, overdraft or excess withdrawal fees.Â
- The account pays a competitiveness annual percentage yield (APY) of . Interest is compounded daily and paid monthly.
Best For
Online Banks
CD Accounts
Money Market Accounts
Checking Accounts
Mobile App
APY With No Fees
The Discover Online Savings Account offers a competitive APY, no minimum deposit requirements, and no fees, making it an excellent choice for online savers.
Fees
No monthly service fee
APY
Min Opening
$0
Pros
- Competitive interest rates
- No opening minimum deposit requirementsÂ
Cons
- No ATM card
- No physical branches for cash deposits
Quick Take
There are no minimum deposits required to start earning more on your savings today.
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Discover Bank CD Accounts
Discover Bank’s CD offerings come with some high yields. Here are some key takeaways:Â
- There are no monthly maintenance fees with the CD accounts.
- CD term lengths are available in a range from three months to 10 years.
- There are no minimum deposit requirements.
- CD rates range from to APY.
Best For
Online Banks
CD Accounts
Money Market Accounts
Checking Accounts
Mobile App
APYs Up to
Discover Bank’s high-yield CDs offer flexible terms from three months to 10 years. They have no minimum deposit requirements, and competitive APYs up to .
Fees
No monthly service fee
APY
Up to
Min Opening
$0
Pros
- No monthly fees
- Reasonable early withdrawal penalty policyÂ
Cons
- Some online banks offer higher APYs
Why We Like Discover Bank
Discover Bank high-yield CDs guarantee returns, and you’ll also reach your savings goals faster.Â
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Discover Bank Money Market Account
Note: Discover is no longer accepting new applicants for this account. The details below apply to existing accounts.
A money market account lets you earn high interest while providing easy access to your money through ATMs, debit cards and check options. Discover Bank’s money market account also offers these features:
- No monthly fees
- Free online bill pay
- Six free withdrawals per month
Best For
Online Banks
CD Accounts
Money Market Accounts
Checking Accounts
Mobile App
No-Fee Money Market Account
Discover Bank’s money market account offers a way to grow your funds with no monthly fees, making it a versatile savings tool.
Fees
No monthly service fee
APY
Contact bank
Min Opening
N/A
Pros
- No monthly service fees
- Free online bill pay and stop payment orders
Cons
- Need a higher balance to get the best rates
Why We Like Discover Bank
Discover’s money market account has the best of both worlds: interest with the convenience of a checking account, including ATM and debit card access. This makes your money easy to manage — all without monthly fees.
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Banking Experience
Now that you’re familiar with Discover Bank’s products, here’s a look at some of the standout features:
- Discover Bank has no minimum opening deposits on its checking or savings accounts.
- When you open an account at Discover Bank, there are no monthly fees and you won’t need to meet deposit minimums or other requirements to avoid extra charges.Â
- Discover Bank provides 24/7 access to banking service representatives. No matter the time or day, you can get help with your banking questions or issues. Just call 800-347-7000 for assistance.
- Discover Bank’s mobile app is highly rated by users. Google Play users rate the app 4.8 out of 5 stars and iOS users rate the app 4.9 out of 5 stars.
How Does Discover Compare?
Here’s how Discover Bank measures up to some of its competing financial institutions.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
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Fees
No monthly service fee
$0
No monthly service fee
APY
APY
APY
N/A
to
Min Opening
Min Opening
Min Opening
$0
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
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No monthly service fee
$0
$0
APY
APY
APY
Min Opening
Min Opening
Min Opening
$0
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
No monthly service fee
No monthly service fee
No monthly service fee
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$0
$0
$0
Discover Bank vs. Ally Bank
Besides a high-yield CD, as Discover Bank offers, Ally Bank offers two other types of CDs: Raise Your Rate CD and No Penalty CD. While Discover doesn’t offer more than one type of CD, it does offer better rates than Ally.
Discover Bank vs. American Express National Bank
Like Discover Bank, American Express National Bank, Member FDIC, does not require any deposit minimums to open one of its CDs. However, American Express National Bank does not offer money market account options like Discover.
Discover Bank vs. SoFi
SoFi® is another online banking option that offers deposit accounts, including checking and savings, that earn high interest. Like Discover, there are no monthly checking fees, and there are enough products available that you can do all your banking, borrowing and investing with a single app.
Final Take
As long as you are OK with doing all of your banking tasks online, Discover Bank has much to offer. Its checking and savings accounts, as well as its CD accounts, don’t require minimum opening deposits, and none of its accounts have monthly fees that can eat into your funds.
Discover Bank FAQ
Here are answers to some of the most commonly asked questions about Discover Bank.- Does Discover Bank charge fees?
- Though you may incur some fees for out-of-network ATMs or late payment transfers, Discover Bank does not have monthly fees for its checking and savings accounts.
- What are the pros and cons of Discover Bank?
- Here are some pros and cons of Discover Bank:
- Pros: No minimum deposits on checking accounts, savings accounts, or CDs, no monthly fees, no insufficient funds or overdraft fees and competitive rates.
- Cons: No branch availability
- Here are some pros and cons of Discover Bank:
- What is the minimum balance for a Discover checking account?
- Discover’s checking account has no minimum balance requirements.
- What is the daily limit for Discover Bank?
- The daily limit will vary by account type, for example, The daily ATM withdrawal limit is $2,000 or the available balance in the account for Discover’s checking account.
- Does Zelle work with Discover?
- Discover is not accepting new enrollments for Zelle at this time. If you enrolled in Zelle on or after March 1, 2022, you might not be able to use this service.
More on Discover Bank
- Discover Bank’s Promotions
- Discover Bank CD Rates
- Discover Bank Routing Number
- How To Avoid Discover Monthly Maintenance Fees
Cynthia Measom and Rudri Patel contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 23, 2025.Â
All information about Discover® Cashback Debit & Discover® Money Market Account has been collected independently by GOBankingRates. Discover® Cashback Debit & Discover® Money Market Account is no longer available through GOBankingRates.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
To determine rankings for the Best Checking Accounts of 2026, GOBankingRates looked at the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) monthly checking fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); (5) APY on the checking account; (6) overdraft fee amount; (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factor (1), (2 and (5) weighed 0.5 times, and Factor (4) weighed 1.5 times. All products and offerings had to be available as of Oct. 4, 2025, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 23, 2025.
To determine rankings for the Best CD Accounts of 2026, GOBankingRates considered the following factors (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate, and (6) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, factor (3) was weighed 2 times, and factors (4) and (5) were weighed 4 times. All products and offerings had to be available as of Oct. 4, 2025, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 23, 2025.
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To determine the Best Online Banks of 2026, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percent the minimum to avoid fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services, and insurance); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. Factors (1) and (2) were weighed 0.5 times, and factors (3) and (7) were weighed 2 times. For all savings and checking account data, only the basic accounts or products offered at each institution were analyzed. All products and offerings had to be available as of Oct. 4, 2025, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Dec. 23, 2025.
All information about American Express product offers has been collected independently by GOBankingRates and has not been reviewed or approved by American Express. These products are not available through GOBankingRates.
