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Discover Bank Review: read before applying
There are many financial institution options, which can make it difficult to choose. But, check out this Discover Bank Review, and find out if it might be the right option for you!
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Note: Some information in this post might be outdated. For the most current documentation and updates, please refer to the product’s original page.
Discover Bank: find hassle-free account options!
Discover is one of the most popular lenders in North America. It has several options of cards and plans to meet all needs. So, checking out the Discover Bank review will help you choose one of them.
Discover’s financial institution has many possible account types. In addition, it offers several card options with cashback above 1%, some with zero fees, and a lower APR rate than many institutions.
If you want a complete banking option with benefits, Discover is the one to offer it. Many card options have zero fees and some benefits according to your goals. Read more.
| Fees* | There are no monthly fees for the checking, savings, and Money Market accounts. *Terms apply. |
| Minimum balance* | No minimum deposit for the online savings account. *Terms apply. |
| Account options* | You can earn up to 1% cash back with the checking account’s debit card. *Terms apply. |
| Investment options* | Online savings account with 2.00% APY and 2.70% APY for 12 months with the Certificate of Deposit option. *Terms apply. |
| Other financial products | The checking account offers a debit card with rewards. Also, there is a savings account, money market account, and others. |
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Is the Discover Bank legit?
Discover Bank has several reviews on reputable platforms such as Forbes and BankRate. Reviews about their services show that they are legitimate and of good quality.
Other sites also point out user reviews and are listed as positive. In other words, it is an option to be considered for investment.
Discover Bank: how does it work?
Discover Bank is a very versatile lender option that allows you to open a range of accounts as needed. The card options have great ratings and are available for all credit score types.
Fees are generally very competitive with other institutions. The Cashback offered is also above the market as per the card option requested. Check out the pros and cons of this option.
Pros
- No requirement for minimum balances for the savings account;
- No monthly fees for the checking, savings, and money market accounts;
- Possibility of paying all bills online;
- Plenty of account types to suit all needs;
- Great availability of ATMs in the country;
- Highly competitive APYs on savings accounts and CDS.
Cons
- There are no auto loans available;
- No refunds for ATM fees that are used outside the established network.
Credit scores need to be good?
Generally, a fair credit score of at least 690 is enough to apply for one of the card options. Student cards are the options that require this minimum credit.
Other account options may accept you even with a low score.
Want to apply for a Discover Bank account?
Discover Bank is an excellent choice of financial institution. It has the ability to meet different types of needs with checking, savings, and credit and debit cards.
It is one of the largest banks without face-to-face service but has an excellent online service.
Their APR rates are low, and most credit cards have no annual fee. In addition, cashback is very attractive for purchases in general.
This option may be right for you, regardless of your goal. However, you need to know how to apply to be approved. So check it out.
Apply online
Opening a Discover Bank account is a simple 3-step process. First, you provide basic information such as address and personal details.
Then the bank asks for a small deposit to proceed. Finally, you will receive an email confirming, and your account will be activated.
Requirements
Logging into a computer or notebook is essential to open your account completely online.
In addition, it is essential to have your social security number, address, and personal data easily accessible. It is also important to have a deposit amount and account activation.
Apply on the app
Discover has an app available for Android and iOS that is one of the best rated on the market.
Download the app from your operating system’s store. From there, register with your personal and financial data. The more complete the registration, the greater the chances of approval.
Discover Bank vs. Sable Bank
Discover Bank is an excellent option for meeting different credit scores. It has low APR rates and incredible perks.
However, another alternative would be Sable Bank. It is also a great option for those who want to pay less for transactions or credit card usage.
Check out the comparison in the table below!
| Discover Bank | Sable Bank | |
| Fees* | There are no monthly fees for the checking, savings, and Money Market accounts. *Terms apply. | No annual fee to get the debit card option or checking account option. |
| Minimum balance* | No minimum deposit for the online savings account. *Terms apply. | No minimum deposit for the checking account and debit card option. |
| Account options* | You can earn up to 1% cash back with the checking account’s debit card. *Terms apply. | You can earn cash back with the debit card from the checking account option. *Terms apply. |
| Investment options* | Online savings account with 2.00% APY and 2.70% APY for 12 months with the Certificate of Deposit option. *Terms apply. | N/A. |
| Other financial products* | The checking account offers a debit card with rewards. Also, there is a savings account, money market account, and others. | Credit cards, debit cards, checking accounts, mobile apps, and more. |
If you are interested in the Sable Bank features, you can check out our post below to learn all about how to join this bank!
Applying for the Sable Account: learn how!
Interested in applying for a Sable account? In this blog post, we'll give you a step-by-step guide on how to apply and what you need to know before applying!
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