With Discover Bank, you should start banking on your own terms
December 7, 2020
With Discover Bank, you should start banking on your own terms
Discover bank – There’s this thrill that comes with banking online, trying it out and see it work is another shocker, in all things have really taken a giant leap.
Necessity they say is the mother of invention, truth be told, banking should not involve any form stress on your path, should be all round seamless experience for a better brand perception.
Here with you today is “Discover Bank,” a typically online banking platform that has taken away your routine visit to the bank in the U.S, geared towards enhancing an improved banking experience.
At discover bank, you bank online at your own terms with little or no protocols whatsoever.
Highlight on its products
1. Checking account
The bank operates a checking account that aids a cashback on your debit card purchases with no monthly fee attached.
It has also been on record that, this is the only debit card that gives cashback reward for spending or making purchases with your card aside the credit card.
Additionally, you won’t be charged an account fee on your cashback debit account
Other benefits of the checking account are;
- No monthly maintenance fee
- You can withdraw at over 60,000 ATM locations nationwide
- Replacement of debit card in place
- Standard checks issued
- Official bank check
- Online bill payment
- Expedited delivery for debit card replacement
- Expedited delivery for official bank checks
- Stop payment order in place etc.
2. Online savings account
Discover bank offers an online checking account that earns you over five times “The National Savings Average.” Did I just say that? Yes you heard me right, it even gets better.
On the flip side, the online savings account gives annual percentage yield of 0.5%.
Other benefits are;
- No monthly fee
- No insufficient fund fee
- No minimum account deposit required
- You are entitled to official bank check
- No excessive withdrawal fee etc.
3. Money market account
Note, if you wish to earn interest as well need easy access to your money via the ATM, debit and checks, think the money market account should be ideal for you.
An upside to this account is that you won’t be charged a fee whatsoever.
The money market account attracts annual percentage yield of 0.35% for balances under/below $100,000 and 0.40% above $100,000.
Other benefits attached to this account are;
- No minimum balance fee
- You can withdraw at over 60,000 ATMs nationwide
- You get your debit card replaced
- Standard checks are yours to keep
- You get access to official bank check
- You can pay bills online
- Expedited delivery for your debit card replacement
- No fee charge for excessive withdrawal etc.
4. Certificate of deposit
At discover bank, the high yield certificate of deposit account combines guaranteed returns with worry-free ease.
Your CD goes to work the moment you choose your team.
However, all CDs accounts have a penalty if you withdraw before the actual maturity date.
Below are the penalties for early withdrawal depending on the duration.
|Less than 1 year||3 months simple interest|
|1 year < 4 years||6 months simple interest|
|4 years to < 5 years||9 months simple interest|
|5 years < 7 years||18 months simple interest|
|7 years to 10 years||24 months simple interest|
5. Retirement account
You will agree that retirement is one of the most delicate aspect of human life. Possibly why you need a retirement account that’ll cater for your old age.
Discover bank affords you a retirement account that ensures your wellbeing at the later part of your journey on earth.
There are basically the “Roth and traditional IRAs.”
The Roth IRA is a pay now save later, usually funded with after tax dollars.
Do understand that the earnings and qualified withdrawals on this account are tax free, additionally, contributions are not tax deductible.
While the Traditional IRA works on earn now and pay later.
Usually funded with pre-tax dollars.
Earnings are tax deferred, but contributions are tax deductible up to certain income limits.
You can actually access up to 800,000 locations in the United States of America.
Kindly follow this link for locations.
Discover bank customer service
The need to reach the customer service cannot be equaled, to this end, you may have to reach discover bank via any of the below links.
To open an account with the bank on phone, call: 1-800-347-7000
For calls from TDD/TTY device: 1-800-347-7454
Online banking technical support: 1-800-290-9885
Discover students deposit program: 1-800-767-7344
Report phishing and fraudulent activity: 1-877-737-1931
Opening bank account for Trust: 1-866-515-5283
Identity verification: 1-866-598-7726
Inactive accounts: 1-888-204-8999
For calls outside the U.S. 1-302-323-7810
Discover bank bonus
Normally when you apply for your first discover bank online savings account, with a deposit of at least $15,000 you’ll earn a $150 bonus, while a deposit of $25,000 earns you a $200 bonus.
Get started and enjoy the bonus attached to your deposit as seen.
How to access and manage online savings account
You can access and manage your account online, click here to log in to your account. Your account can also be accessed and managed via the Mobile app available at android and iPhone.
Fees and service charges associated with online savings account
There’s no charge on any account. There’s however a $30 service charge for each outgoing wire transfer your account.
Is the online savings account FDIC-insured?
Funds on deposit are FDIC-insured up to the maximum allowed by law.
Does the savings account provide the option to enroll in overdraft protection?
Yes, your savings account is eligible for enrollment on the overdraft protection service.
Discover bank Reviews
A number of reviews have been written by customers/users about this bank, we however rely on the most trusted by the consumer affairs, Read Reviews Here.
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