Discover® Bank Review 2025: Checking, Savings and CDs
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Overall institution rating
4.9
In 2025, Discover® Cashback Debit won NerdWallet’s annual award for best overall checking account. Discover is one of NerdWallet’s most highly rated financial institutions for banking because of its standout products, strong customer experience and overdraft program. The bank also won the annual award for best online banking experience. 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.
Best for: Customers who value competitive rates, checking perks and ATM access over branches, and might overdraft from time to time.
Editor's note: On May 18, 2025, Capital One's acquisition of Discover was completed. Here's what that could mean for customers.
- 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.
Full review
Full review
What the Nerds think
Checking
5.0
/5Monthly fee
$0
Bonus
$360
Up to $360 per year. See website for details.
Monthly fee
$0
Bonus
$360
Up to $360 per year. See website for details.
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."
Certificates of deposit
4.3
/51-year APY
4.00%
3-year APY
3.50%
1-year APY
4.00%
3-year APY
3.50%
5-year APY
3.50%
Minimum deposit
$0
Show details
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 06/26/2025, 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
Savings
4.1
/5APY
3.50%
With $0 min. balance for APY
Bonus
$200
Requirements to qualify
APY
3.50%
With $0 min. balance for APY
Bonus
$200
Requirements to qualify
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.
Discover offers a $150 or $200 bonus for opening your first Discover® Online Savings Account (expires 09/11/2025). See below for more details, or see it on our list of best bank bonuses.
Online Savings Account details from Discover: "Advertised Online Savings Account APY is accurate as of 06/26/2025. Applies to personal accounts only. APY may change before or after the account is opened. No minimum deposit to open."
Bonus offer details from Discover: "To qualify for Bonus: Apply for your first Discover® Online Savings Account, enter Offer Code NW325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on DiscoverBank.com.”
Money market
4.5
/5APY
3.40%
With $0 min. balance for APY
Bonus
N/A
APY
3.40%
With $0 min. balance for APY
Bonus
N/A
The Discover® Money Market Account earns a 3.40% APY for balances below $100,000 and a 3.45% APY for balances at that amount and higher. An MMA is a type of savings account typically with a higher minimum balance than a regular savings account, but Discover's MMA has a $0 minimum opening balance requirement. After you open an account, there are no monthly service fees or minimum balance requirements. This MMA also offers check-writing privileges.
We did not factor this account into our rating of Discover® Bank because the savings account has a higher rate, so we considered the savings account instead. However, if you are in the market for an MMA — say, you want a savings account that also has check-writing privileges — this account is worth a look. Learn more in our primer on money market accounts.
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.
Discover also offers a service where customers can overdraw their account up to $200 on debit card purchases, with no fees. To qualify, an account must be in good standing and have a positive balance, and account holders must receive at least one qualifying direct deposit of at least $200 per month for the last two calendar months. Note that apart from this offering, there is no option to have an overdraft line of credit.
How does Discover® Bank compare?
3.50%
$200
Up to 3.80%
Up to $300
Methodology
NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). The ratings are incremented in tenths of a star.