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Discover® Cashback Debit Checking
The most notable feature of the Discover checking account is its 1% cash back on up to $3,000 in debit card purchases each month. See website for details. This means you could earn up to $30 in cash back each month if you hit the $3,000 monthly spending cap. Not bad, especially when you consider that there are no account-related fees—no monthly maintenance charges, insufficient funds fees or overdraft fees.
You also won’t encounter any fees for replacement debit cards or official bank checks. The only charge you may come across is a $30 service charge for outgoing wire transfers.
The account is eligible for enrollment in Discover’s overdraft protection service and Early Pay, which gives you access to funds from qualifying direct deposits up to two days early.
Discover® Bank Online Savings Account
There’s no minimum deposit required to open a Discover® Bank Online Savings Account, and balances earn a solid 3.75% APY. Plus, no fees are associated with the account, so you won’t have to worry about offsetting any interest earned. However, outgoing wire transfers cost $30. Discover’s online savings account is also eligible for overdraft protection and Early Pay.
Discover® Money Market Account
The Discover® Money Market Account also earns a competitive APY on balances. Balances under $100,000 earn 3.60% APY, while balances over $100,000 earn 3.65%. There is no minimum deposit to open a Discover Money Market account.
Like other Discover accounts, there are no maintenance fees, and it includes a complimentary debit card to withdraw funds at over 60,000 ATMs nationwide.
Discover® Certificates of Deposit (CD)
Discover’s CDs come with various term options and no minimum deposit requirement to open an account. While rates on Discover CD accounts are fairly competitive, they’re still a bit lower than some of the best CD rates currently on the market.
Here’s a look at the 12 CD term options currently available from Discover.
You’ll be penalized if you withdraw funds from your Discover CD account before the end of its term. The penalty amount depends on how long your CD was set to last.