Discover Bank Review 2026
Our rating: 4.5 / 5
Our verdict: best for cashback checking plus savings.
Savings APY
4.25%
1-year CD
4.80%
Monthly fee
No monthly fee
FDIC insured
Yes — $250,000
How the rate compares
Discover Bank advertises 4.25% on savings against an FDIC national average of 0.42% — 3.83 percentage points better, worth about $383 a year on a $10,000 balance.
Pros
- 1% cashback on debit purchases
- No fees
- Competitive savings APY
- Good mobile app
Cons
- Lower savings APY than pure online banks
- Limited branch access
Customer complaints (CFPB data)
Customer complaints (CFPB data)
Average4,718 complaints in 2025, filed with the Consumer Financial Protection Bureau against Discover Bank.
Complaint score 50/100 (100 = fewest complaints per 1,000 customers among tracked banks).
Credit card
Debt collection
Checking or savings account
Money transfer, virtual currency, or money service
Student loan
Mortgage
Best for
Cashback checking
Cash is only one part of the plan
Get matched with a vetted fiduciary advisor who can set your cash target, then put the rest to work in the right accounts.
Get matched with an advisorDiscover Bank FAQ
Is Discover Bank FDIC insured?
Yes. Discover Bank is an FDIC-insured institution, so deposits are protected up to $250,000 per depositor, per ownership category, in the unlikely event the bank fails.
What APY does Discover Bank pay on savings?
Discover Bank currently advertises 4.25% on its savings product. Savings rates are variable, so confirm the live figure on the bank's own site before you open the account.
Does Discover Bank charge monthly fees?
See the fee row in the summary above. Where a monthly fee exists it can usually be waived by meeting a minimum balance or direct-deposit requirement — read the account's fee schedule before signing up.
How do I open an account with Discover Bank?
Applications are online and take about ten minutes. You will need your Social Security number, a government photo ID, your address and the details of an existing bank account to fund the first deposit.
Think Bigger Today keeps its editorial standards independent of commercial relationships. This review was written by our team using publicly available information, including regulatory filings and published rate sheets. Discover Bank did not review, approve or endorse it, and is not responsible for its accuracy. Companies that work with us commercially get no preferential coverage, scoring or placement. This page may link to our free matching service, for which we can be paid a referral fee — that fee never decides what we publish, and you may or may not be matched with Discover Bank. Figures can change without notice; always confirm the current terms with the provider. Nothing here is financial, legal or tax advice.
Source: FDIC BankFind; Federal Reserve H.15 via FRED; Discover Bank published rate sheet.