Ally doesn't require a minimum opening deposit, though.Īlly also might be the strongest contender if you're planning to get a money market account. With Discover, you'll need to deposit at least $2,500 into a CD. If you don't have a lot of money to deposit into a CD, Ally Bank may be more appealing. Ally offers a good checking account but it doesn't provide cash back features. You also might prefer Discover if you want a rewards checking account. Capital One doesn't require a minimum opening deposit, though. If you don't have a lot of money to deposit into a CD, Capital One may be more suitable options. Discover has CD terms up to 10 years, the greatest variety of the three. If you're searching for a variety of CD options, you might prefer Discover to Capital One Bank. Discover Bank hasn't had any major scandals in recent years, though. Some other big-name banks - think Bank of America, Wells Fargo, and Chase - have faced public scrutiny in the past few years for issues like discriminatory lending, fake accounts, and wrongful trading. A strong BBB rating signifies the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising. Discover Trustworthiness and BBB Ratingĭiscover Bank has received an A+ rating from the Better Business Bureau. Your Discover Bank account is FDIC insured for up to $250,000, or up to $500,000 for a joint account. You can use 60,000 ATMs for free, but unlike some competitors, Discover doesn't reimburse any fees charged by out-of-network ATM providers. You have access to a debit card with both the checking and money market account. Discover also provides 24/7 customer service over the phone. Once you set up an online account, you can chat 24/7 with a live customer service representative. Read more about the best Discover credit cards.ĭiscover's website is easy to navigate, and its mobile app has received 4.5 out of 5 stars in the Google Play store and 4.8 stars in the Apple store. Discover Credit Cardsĭiscover offers an array of credit cards for different types of spenders, and Discover credit cards don't charge annual fees.
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Discover has 60,000 free ATMs, but it doesn't reimburse any out-of-network fees charged by ATM providers. You'll need at least $2,500 to open an account, though. If you have an account balance of $100,000 and over, the rate increases to 4.25% APY. You'll earn 4.20% APY (Annual Percentage Yield) if you have an account balance under $100,000. The Discover Money Market Account gives you easy access to your money with a debit card and paper checks. While this is lower than some banks' requirements, plenty of online banks require significantly less. However, it doesn't offer any unique types of CDs, like no-penalty CDs.ĭiscover pays competitive rates on CDs, but you'll need $2,500 to open a Discover CD. Discover CD Ratesĭiscover CDs offer a wider range of terms than many competitors - most offer terms up to 5 years, but Discover also has 7-year and 10-year terms. You have access to 60,000 ATM locations with Discover, but the bank doesn't reimburse any out-of-network ATM fees charged by ATM providers. However, if you enroll in overdraft protection that links your checking to another Discover account, this can be a great low-cost checking account. There are also no monthly service fees with Discover. It isn't very common to find a debit card that offers cash back rewards, but Discover lets you earn 1% cash back on up to $3,000 of purchases per month. Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down.
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