Discover Review

No fees, no surprises. That's what Discover promises.

The FDIC insured Bank stands out for its 1% Cashback Debit Checking Account and Online Savings Accounts with interest rates over 5x the national average. To make opening an account quick and easy, Discover waives all opening deposit requirements and minimum account balances.

Watch your money grow. Earn big with high-yield savings.

The long-standing financial institution offers a highly rated mobile app and nationwide access to a network of fee-free ATMs for simple and secure banking. With all of these valuable features, plus 24/7 customer support and educational finance resources, Discover Bank is a strong choice for modern banking needs.

Highlights

Low Fees: Discover's fee structure is more favorable than many traditional banks, with no monthly fees or minimum balance requirements.
Early Pay Feature: The early pay feature allows users to receive their paychecks up to two days early through direct deposit set up.
Varied Account Options: Discover presents a range of accounts with competitive interest rates and fees, catering to diverse financial needs.
Comprehensive Banking: Get access to it all with fee-free ATMs, mortgages, IRAs, student loans, credit cards, and personal loans.
Mobile App: The Discover App, available for both iOS and Android, is a user-friendly tool offering convenience and control over bank accounts, with features like mobile check deposits, an ATM locator tool, bill payments, and automated account alerts.

Pros and Cons

Pros

1% Cash Back: Discover's Cashback Debit Checking account offers 1% cash back on select purchases, providing hard-to-beat value for checking account holders.
No Fees: This is a cost effective choice with no monthly fees, no insufficient funds fees, and no-fee bank checks.
Comprehensive Security: Discover prioritizes security with FDIC insurance, SSL/AES encryption, two-factor authentication, and a dedicated fraud team for alerts and immediate card freezing.
24/7 Customer Service: Enjoy around-the-clock customer support with many communication channels, including: phone, mobile app, social media, and mail.

Cons

Limited Branch Locations: Discover Bank has only one physical branch location.
Checking Account Limitation: 1% cash back applies to select purchases, excluding funds held in a checking account.

Bonus Features

Digital Wallet Compatibility: The official app supports digital wallet payments like Apple Pay, providing rewards for transactions.
Bill Consolidation: Consolidate bills, set up automatic payments, and facilitate seamless fund transfers between accounts, even if they are not with Discover.
Privacy Protection: Free online privacy protection is guaranteed by scanning for personal information on people-search sites, though users can choose to opt out.
Online Services: The website features a comprehensive FAQs page, and the Discover Modern Money blog offers valuable financial advice, with numerous positive reviews reaffirming the quality of their customer support.
Transparency: Discover's privacy center provides transparency regarding data collection, usage, sharing, and protective measures.

Final Thoughts

Save and grow your money fast with Discover Cashback Debit Checking and multiple Online Savings Accounts. The accounts are fee-free, secure with FDIC insurance, and provides access to a vast network of over 60,000 fee-free ATMs. Discover reserves the right to change interest rates, fees, and other pricing. To see the most up-to-date information, please visit their site here:

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Enjoy round-the-clock customer support, comprehensive online banking services resources, quality customer support, and no hidden charges when you bank with Discover. Prioritized account security, with features like SSL encryption, two-factor authentication, and a dedicated fraud team, works together with all of Discover’s impressive offerings to make this top-ranking bank an excellent choice for secure and rewarding online banking.

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Frequently Asked Questions (FAQ)

How do I deposit, withdraw, and handle bill payments online?

You can deposit and withdrawal funds into your online account, and manage bills using your bank's secure mobile app, website portal, or by visiting an ATM. To deposit funds into your account, you can transfer money from another account, deposit mobile checks by uploading images of the front and back, use ATMs, or set up direct deposits for recurring incoming payments. For withdrawals, you can transfer money to another account, use ATMs, or request an electronic transfer. Use your online account's automatic payments and bill notifications features so you never miss a payment.

How soon can I use my online bank account?

In most cases, you can use your online bank account right away. Opening an online account is fast, often taking just 10 to 15 minutes. Approval is typically granted immediately after application submission, allowing you to create your account, login, and begin banking straight away. If additional verification is needed, approval can take an additional 1 to 2 days.

Will my online bank have free ATMs?

Yes, nearly all online banks provide free ATMs nationwide and/or automatic reimbursements for ATM fees. Most online banks partner with large ATM networks to provide easy access to ATMs no matter where you live. If you run into difficulty locating in-network ATMs, oftentimes the bank will reimburse any out-of-network ATM charges.

What are some good banks to bank with?

The best bank depends on your financial needs. First, determine whether a checking account for everyday transactions or a savings account to earn interest on your deposits is right for you. Then, look for banks that offer low or no fees. competitive interest rates, great customer reviews, and helpful digital tools to manage your finances easily.

Are online banks safe?

Yes, online banks must adhere to strict government regulations and licensing requirements just as traditional banks must, and many provide the same level of FDIC insurance. Robust encryption and cyber-security keep your personal information safe, in a similar way that traditional banks keep their customer databases secure. Selecting a reputable financial institution is key to any safe banking, so be sure to carefully evaluate and compare banks before agreeing to any terms.

What are FDIC insured online banks?

FDIC insured banks are financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC). This insurance protects deposits up to $250,000 per depositor, per bank, meaning, in the event a bank ever fails, your money is secure.

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