Review of Discover Savings and Checking Accounts

Discover bank offers Checking and High Yield Savings accounts with exceptional benefits, that are not available in most other banks.
Watch this video if you want to know more!

Most people know Discover Credit Card. Did you know that Discover has one of the largest card networks in the United States?
It shares the market with Visa, MasterCard and American Express.

In this Discover bank review I will make a brief overview of these accounts.
Here is the agenda:
Checking Account
Debit card.
Online Savings Accounts.
Having both checking and savings accounts have a few extra benefits if you compare it with having just one.
Checking Account
When you open a checking account at Discover Bank you will receive a Discover Debit Card.
You can use it with over 60,000 no-fee ATMs.
The debit card also has a 1% cash back. Usually only credit cards have cash back, but Discover went above.
The 1% is only up to $3k purchases each month. So the maximum cashback is $300.
The checking account has no interest as other banks like Capital One.
Alliant Credit Union also has an interest in checking accounts.

In June 2019 Discover Bank eliminated almost all fees.
There are no fees for insufficient funds, excessive withdrawals, falling below minimum balances and stop-payment requests.
Bank Of America and Chase charge fees when the balance on savings account drops below $300 or $500 respectively.
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 Checking 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.
It can just decline transactions that exceed your balance.
Protect one of your accounts using another account as a funding account.
And this is why having both checking and savings 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.
You can keep most of your money in the high yield savings account and use it as a funding account.
You will earn high interest and will never have declined transactions or overdrafts.
There is a $30 service charge for outgoing wire transfers.
For international wire transfers there is a $20 currency exchange fee.
That is all fees.
Online Savings Account
Discover bank also has an Online Savings Account with APY of 1.7%.
The APY can change anytime.
Website and mobile app of Discover bank allow you to see available balance, current balance, APY, interest Year to Date and number of limited transactions this month.
Zelle
Discover bank is part of Zelle - peer to peer payment system.
You can transfer money easily. Zelle will send money automatically if your friend already enrolled or it will send an SMS with a link to enroll.
FDIC
Discover Bank checking and savings 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 fails.

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