Discover Bank is known for its credit card services, but also offers several savings account options through its online bank.
Discover Bank started life in 1911 as Greenwood Trust Company in Greenwood, Delaware. It became Discover Bank when it merged with Discover Financial Services in 2000. The bank is a member FDIC and all deposits are insured up to at least $250,000 per depositor.
Discover Bank offers a variety of online high-interest accounts including a savings account, a money market account, a traditional CD and an IRA CD. As of 2010, there is no checking account available.
The savings account has a low opening balance and no minimum balance requirement. In contrast, the money market account and CDs require at least $2500 average daily balance to maintain the account with no fees. Discover Bank CD terms vary in length from three months to 10 years with higher interest rates for longer terms.
Discover Bank is known for its diverse range of credit card offers. This includes standard credit cards, rewards credit cards, gift cards, small-business credit cards and student credit cards. Credit card protection services and student loans are also offered through this bank.
Discover Bank has been recognized by reputable sources including Money Magazine as a top bank for competitive yields.