Reviews of Discover Bank 2022

Reviews of Discover Bank :

• Checking: 5/5
• Savings: 5/5
• CD rates: 5/5
• Banking experience: 4.5/5
• Overdraft fees: 4.5/5

Bottom line: By checking out Discover Bank®, you may earn cash on eligible debit card transactions each month and have free access to a large ATM network. A powerful high-yield savings account is also available through the internet bank. However, customers who want to bank in person will be disappointed to learn that Discover® has only one physical branch.

Best for: Customers who prefer competitive rates, check amenities, access to branches from ATMs, and who may occasionally overdraft.

Pros:

• Checking and savings accounts have no monthly fees.
• A checking account with cashback benefits.
• The saving rate is very good.
• Existence of a large ATM network.
• Direct Deposit allows you to receive your paycheck two days in advance.

Cons:

• There is only one physical branch.
• Cash deposits are not accepted. 

The annual return on an online Discover savings account is above the national average of 0.07 percent, and there are no account maintenance fees. There is also no requirement for a minimum balance to earn interest.

To open your first Discover online savings account, you can get an incentive of $150 or $200 (Expires 15/6/2022). More information is available below.

Discover the details of the online savings account: "Annual Percentage of Return" (APY). As of 06/07/2022, the Return on Annual Percentage (APY) is correct. This only applies to personal accounts. Before or after account opening, APY may change. To open an account, there is no minimum deposit.

The Discover bonus offer information is as follows: “To get a $150 or $200 bonus, follow these steps: Apply for online savings account for the first time (online, over the phone, or the Discover app). When applying, use the Discover bonus offer. Offer Code NW222 Deposit a total of at least $15,000 in your account to receive a $150 bonus, or at least $25,000 to receive a $200 bonus Deposits must be made within 30 days of the account opening date The maximum reward available is $200.

WHAT TO KNOW: This offer is not eligible for current or former Discover savings customers, current or former customers with co-branded savings accounts, or Discover Affinity Accounts. The primary account owner determines eligibility. When adding the bonus, the account must be Open Within 30 days of the account being eligible for the bonus, the bonus will be credited to the account Bonuses carry interest and must be reported on Form 1099-INT Offer ends at 11:59 PM ET June 15, 2022, No notice Offer may be modified or discontinued.

Discover Bank offers hard disks with terms from one to ten years. The $2,500 minimum deposit requirement is higher than several other banks.

According to Discover's CD specs, "Annual Yield (APY) is correct as of 06/07/2022, is subject to change without notice, and will be calculated and fixed for the financing period. This only applies to personal accounts. An early withdrawal penalty may be imposed. The opening deposit is $2,500.

Discover's Cashback Debit is a reward checking account that pays 1% cash back on up to $3,000 in debit card purchases each month. There are no monthly service fees or minimum balance requirements. Discover Cashback Debit gives you access to over 60,000 ATMs with no fees, and direct deposit allows you to get your paycheck two days in advance.

Account-holders can fund their accounts through a variety of methods, including online transfers from other banks, mobile check deposits, and mailing a check to the bank. At this time, cash deposits are not accepted.

Recommend: Are you looking for a different type of checking account? Bankingzoom has a list of the most important checking accounts.

For more information, go to the Discover website.

Banking experience :

Customers praise the Discover experience on the web, the mobile banking apps get great reviews, and the staff is available by phone 24 hours a day, 7 days a week. You can also contact the bank via mail or social media.

Those who refuse to give up face-to-face banking have a drawback: You'll have to perform your online banking unless you're based near Greenwood, Delaware, where Discover Bank has a single branch.

Overdraft fees :

Discover Bank, like a growing number of other banks, does not charge an overdraft fee. If you have overdraft protection enabled and you don't have enough funds in your account to pay a purchase, Discover will take the funds from your approved financing account. The transaction will be declined if you do not have sufficient funds in your financing account or you have not enabled overdraft protection, and you will not be charged.

Transfers to cover an overdraft from a linked account are free. This service may be charged by other banks. Please note that an overdraft credit limit is not available.

Our evaluation system :

BankingZoom's overall ratings for banks and credit unions are weighted averages for several categories, including checking, savings, certificates of deposit or credit union stock certificates, banking experience, and overdraft fees. Pricing and fees, branch and ATM access, account features and limits, user-facing technology, customer service, and innovation are all factors we consider, depending on the category. Stars refer to ratings ranging from one to five stars (five stars). The stars are rounded to the next half of the stars.

FAQ :

1. Is Discover a safe bank?

• Discover Bank deposits are safe and secure as they are insured by the Federal Deposit Insurance Corporation (FDIC #5649). The Federal Deposit Insurance Corporation (FDIC) insures your money up to $250,000.
• Discover protects your transactions and data with the latest encryption. To log into your account on your mobile device, you can use a passcode, fingerprint, or Face ID.
• Discover will also ask you to enter an identification number that is delivered to you via text message, email, or phone call for actions such as:
• Using an unfamiliar device to sign in to your account
• Basic profile information can be changed.

2. What ATM does Discover bank use?

Read all information from the Discover ATM site

3. How I deposit money in discover bank?

To deposit cash, go to your nearest Pick & Pay or Boxer store, go to the cashier, and tell them you want to deposit cash into your Discovery Bank transaction or credit card account. Then follow the steps below:

1. Make it clear to the teller that you are making the deposit, not the payment.
2. Enter your PIN and card number at the payment machine.
3. You can only deposit into your credit card account if you are using your Discovery Bank credit card.

And that's all there is to it! The cashier will present you with a voucher confirming the deposit.

To deposit cash at a Pick n Pay or Boxer store, keep in mind that you don't need a payment code or account number. Your Discovery Bank cards are linked to your other cards and accounts, making cash deposits even easier. If you are not sure, double-check that the teller understands that you are making a deposit and not a payment.

Each deposit costs R19.95, and you can make up to R5000 in one transaction.