Discover Bank opened its doors in 1911 when it was originally known as Greenwood Trust Company. Joining forces with Discover Financial Services in 2000, the bank expanded its customer base, managing over $34 billion in deposits nationwide.
Company Headquarters:
Discover Bank
502 E Market St.
Greenwood, DE 19950-9700
Website: www.discoverbank.com
Customer service: 1-800-347-7000
Types of Accounts Available
While Discover Bank offers online savings, CD, money market and IRA options, the bank currently does not offer a checking account.
Savings Accounts
Discover Bank currently offers one high-interest savings option known as the Online Savings Account. The features and requirements of this account include:
- Low opening deposit
- No minimum balance
- Free online money transfers
- Automatic transfers from any checking or savings account
- Up to six preauthorized transfers per billing statement
- Competitive interest rate
Deposits can be made via online or phone electronic funds transfer, wire transfer or mailed check.
Money Market Accounts
The bank also offers a money market account (MMA) with the following features and requirements:
- $2,500 to open
- Write checks
- Free online money transfers
- Automatic savings plan
- Access to funds via check, ATM, Discover Debit Card or online
- Up to six preauthorized transfers per billing statement
- AutoSavers (a program that helps build savings by automatically transferring money on a recurring basis)
Interest is compounded daily and credited monthly.
CDs
Discover Bank’s CDs require $2,500 to open. Features include:
- Free incoming domestic and international transfers
- $5 fee for bank checks
- Accumulate interest in CD or transfer to another account
- FDIC insured
Discover’s CD terms are as follows:
- 3 month
- 6 month
- 9 month
- 12 month
- 18 month
- 24 month
- 30 month
- 36 month
- 48 month
- 60 month
- 120 month
Interest is compounded daily and credited monthly. This bank does not advertise jumbo CDs.
IRA
Discover Bank also offers a number of individual retirement accounts (IRAs) that allow you to roll over funds from employer-sponsored plans.
The IRAs include:
- Traditional IRA
- Roth IRA
Discover’s IRA terms are as follows:
- 3 month
- 6 month
- 9 month
- 12 month
- 18 month
- 24 month
- 30 month
- 36 month
- 48 month
- 60 month
- 120 month
Each IRA term and deposit amount offers a competitive rate.
How to Open Account
All Discover accounts can be opened from the bank’s website. In order to open most accounts, you will need:
- To be at least 18-years old and a U.S. resident
- Valid Social Security number
- Current U.S. address
- E-mail address
- Check or bank account information to fund from another bank electronically
If you can’t fund the chosen account through an electronic transfer, the bank allows you to send a check via snail mail.
FDIC Insurance and Coverage
Discover Bank offers standard FDIC coverage, which adds up to $250,000 per depositor, per insured bank, for each ownership category. In other words, if a person held a two savings account with the bank, he could be insured up to $500,000 total for the accounts.
Customer Service
Customer service options for Discover Bank include communication online, the option to call for account information or technical support and general correspondence via snail mail. The bank also offers FAQs pertaining to specific productions like CDs, money market accounts, IRAs and online banking services.
Security
Discover Bank protects online customers through “strict security standards and state-of-the-art encryption technology” that includes 128-bit SSL, system monitoring to provide real-time alerts about system changes or attacks and firewalls to block intrusions.
The bank also offers calculators, tips and advice and even the option to compare services and features with other banks.
