Discover® Bank Review 2026: Checking, Savings and CDs
- +1
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Editor's note (Feb. 6, 2026): Discover Bank is part of Capital One and is no longer accepting applications for Discover deposit products. See our Capital One review.
For existing Discover customers: The bank says that they are providing current customers with detailed information and reminders leading up to any changes. The bank adds that until current Discover account holders are notified, they can continue to use their accounts as usual.
Discover® Bank checking lets you earn cash back when you make qualifying debit card purchases each month, and it provides free access to a broad ATM network. The online bank also offers a strong high-yield savings account. But customers who prefer to bank in person won’t like that Discover has only one physical branch.
No overdraft fees.
No monthly fees.
Competitive rates on savings accounts and CDs.
Large, free, nationwide ATM network.
No minimum opening deposits.
Limited branch access.
Product reviews
Checking
Discover’s Cashback Debit is a rewards checking account that lets you earn 1% cash back on up to $3,000 in debit card purchases each month. Plus, there’s no monthly service charge and no monthly balance requirement. Discover Cashback Debit offers access to over 60,000 fee-free ATMs and paychecks are available up to two days early with direct deposit through Early Pay.
Account holders can fund their account in a few ways: online transfer from a different bank, mobile check deposit, mailing a check to the bank or making a free cash deposit at Walmart.
» Looking for more checking account options? Check out NerdWallet's best checking accounts
Cashback Debit details from Discover: "Earn 1% cash back on up to $3,000 in debit card purchases each month. See Deposit Account Agreement for details on transaction eligibility, limitations and terms. Deposit Account Agreement can be found at https://www.discover.com/content/dam/dfs/online-banking/documents/NationalDepositAccountAgreement.pdf."
Discover says: "All information about Discover® Cashback Debit has been collected independently by NerdWallet. Discover® Cashback Debit is no longer available through NerdWallet."
Discover® Cashback Debit
Certificates of deposit
Discover Bank offers strong CDs with a broad range of term lengths, up to 10 years. There is no minimum deposit required, after the bank removed its previous $2,500 requirement in October 2024.
» COMPARE: See our list of best CD rates
CD details from Discover: "Annual Percentage Yield (APY) is accurate as of 01/08/2026, is subject to change without notice, and will be determined and fixed for the term at funding. Applies to personal accounts only. A penalty may be charged for early withdrawal. No minimum deposit to open."
» Learn more details about Discover® CD rates
Discover says: "All information about Discover® CDs has been collected independently by NerdWallet. Discover® CDs are no longer available through NerdWallet."
Full List of CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 2.00% | $0 |
| 6 months | 3.50% | $0 |
| 9 months | 3.50% | $0 |
| 1 year | 3.90% | $0 |
| 1.5 years | 3.75% | $0 |
| 2 years | 3.60% | $0 |
| 2.5 years | 3.60% | $0 |
| 3 years | 3.60% | $0 |
| 4 years | 3.60% | $0 |
| 5 years | 3.60% | $0 |
| 7 years | 3.60% | $0 |
| 10 years | 3.60% | $0 |
Discover® CD
Savings
Discover® Online Savings’ annual percentage yield compares favorably with the national average of 0.38%, and you won’t have to pay maintenance fees for this account. There are also no minimum balance requirements to earn interest.
Online Savings Account details from Discover: "Advertised Online Savings Account APY is accurate as of 01/08/2026. Applies to personal accounts only. APY may change before or after the account is opened. No minimum deposit to open."
Discover says: "All information about Discover® Online Savings has been collected independently by NerdWallet. Discover® Online Savings is no longer available through NerdWallet."
Discover® Online Savings
Customer experience & overdraft fees
Customer experience
Discover offers a high-quality web experience and its mobile banking apps receive high ratings from customers, and representatives are available by phone all day, every day. You also can reach the bank through mail and social media.
There is a downside for those unwilling to let go of face-to-face banking: Unless you live near Greenwood, Delaware — where Discover® Bank has its only branch — you’ll need to do your banking online.
» MORE Check out NerdWallet's Discover® it Cash Back Credit Card Review
Overdraft fees
Discover® Bank doesn’t charge a fee for overdrafts. If you don’t have enough money in your account to cover a purchase, and you’ve enabled overdraft protection, Discover will pull the money from your designated funding account. If you don’t have enough in your funding account or you haven’t enabled overdraft protection, the transaction will be declined, and you won’t be charged a fee.
Transfers from a linked account that cover your overdrafts are free. Other banks may charge for this service. There is no option to have an overdraft line of credit.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, LendingClub Bank, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for banks and credit unions and our editorial guidelines.