(Review) Discover Bank offers Online Savings and Checking Accounts

There are few benefits of having Discover Checking and Savings Accounts. I think you should know them.

The main goal of this Discover Bank Review is to get familiar with the benefits of having the account and to know some details from the fineprint.

High Yield Savings Account from Discover bank usually has a lot of attention. It is definitely worth reviewing, but first we have to review the Discover Checking Account.

Having both accounts has a few benefits if you compare it with having only one.
When you open a checking account at Discover Bank you will receive a Discover Debit Card. You can deposit cash to the Checking Account. To Online Savings Account at Discover Bank you can deposit only checks using a feature called: “Mobile Check Deposit”.
The Discover Debit Card has over 60,000 no-fee ATMs that you can use to deposit cash and withdraw it as needed.

The debit card also has 1% cash back. No, it is not a Credit Card, it is a debit card with cash back. But, 1% only up to $3k purchases each month.
If you cannot get a Credit Card yet, for whatever reasons, Discover Bank Debit Card can work for you.
The checking account has no interest as other banks like Capital One do.
Alliant Credit Union also has an interest in checking accounts.

In June 2019 Discover bank eliminated almost all fees. But not all fees.
There are no fees for insufficient funds, excessive withdrawals, falling below minimum balances and stop-payment requests.

Bank Of America and Chase charges fees when the balance on savings account drops below $300 or $500. Banks typically charge overdraft fees when you use your debit card and your account balance is $0.

Instead of having your card declined, your bank can cover the difference and charge you an overdraft fee. Usually the overdraft fees are around $30.
Your Discover Bank account balance cannot go below 0. Discover Bank is not covering overdrafts at all. It just declines the transaction.

But, there is free overdraft protection with a few options.
Discover Bank can just decline transactions that exceed your balance.
Discover Bank can protect one of your accounts using another account as a funding account.
And this is why having two accounts may be a good idea.
Only two accounts can participate in the overdraft protection.
One checking account can be protected and another savings account can be the funding account. Other accounts cannot participate in the relationship.
You can keep most of your money in a high yield savings account and use it as a funding account. You will earn high interest and will never have declined transactions or overdrafts.

Are there any other fees?
There is a fineprint with small letters.
$30 service charge for each outgoing wire transfer sent from your Discover bank account.
For international wire transfers received in a foreign currency there is a $20 currency exchange fee.

Next part of this video is Discover Savings Account Review. It has an Online Savings Account. High Yield Savings Account with the APY of 1.7%. But the interest can go up and down anytime.

What I like in Discover High Yield Savings Account is how transparent it is. You can literally see all information on the single page or right in the Mobile app. Available balance, current balance, current APY, interest Year to Date and limited transactions this month.

Withdrawals from the Savings Account are limited to 6-transactions. That is federal regulation.
Have you heard about signup bonus at Discover Savings Account?
You can earn $150 or $200 if you deposit a few thousand dollars..
Watch my video about it.


Discover Bank accounts are insured up to $250k per person. They are insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government. It protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails.

Discover bank has integrated Zelle - peer to peer payment system. You can transfer money to your friend, family. Zelle will send money automatically if your friend already enrolled.
Otherwise it will send an SMS with a link. There your friend can accept the money.

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