Discover Bank Review: Is It Worth It In 2020?
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With all the other options out there is Discover bank worth it?▼▼
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In this video I’m going to do a Discover Bank review and hopefully answer the question of Is Discover Bank worth it? I will also cover Discover bank vs Ally bank. I think Discover bank has a great offering and you should consider them if you are shopping for a new checking or savings account.
Discover Bank boasts the typical fare of modern online banking features.
They are a no fee bank. That means:
– No minimum balance in the accounts
– no monthly maintenance fees
– no foreign transaction fees
– and no insufficient funds or overdraft fees
The biggest reason you’ll likely be considering Discover bank is their high yield savings account.
Savings Account Features:
-APY of 0.60%
-No Fees
-No minimums
-Open multiple accounts
Checking account features:
-No fees
-Debit card
-Checks
-1% Cash back on all purchases up to $3,000/month
-60,000+ ATMs
-Zelle Pay for P2P Transfers
They offer money market accounts with 0.45% APY and CDs or Certificate of Deposit accounts with a rate of 0.60% if you lock up your money with it for a year.
Discover has a great app. It has 4.8/5 Stars in the app store. Has a great quick view/overview of all your accounts. As required with these banks, they have mobile check deposit that is easy to use. I think the app looks great, is very responsive and most importantly it’s easy to use.
Discover has fantastic customer service. You can call them 24/7 and speak to a human being. They are friendly and knowledgeable and the overall experience is hard to beat.
CONS:
Basically online-only. So if you want a physical branch, this bank might not be a good fit.
They don’t have an investing platform. This is something I really like about Ally bank and feel it adds to their “full-featured-banking” offering. Discover does offer IRA options, but unfortunately they are only interest accounts in the form of an IRA CD or IRA Savings account. I see no point in these because you cannot invest your money into the stock market via these accounts, which I think is the single biggest reason you would use a tax-advantaged account like a IRA or Roth IRA. So this is a big miss with Discover for me.
Timestamps:
00:00 – Intro
00:54 – Overview
02:41 – Savings Account
04:19 – Checking Account
05:39 – Money Market Account
06:31 – CD Accounts
07:26 – Other Features
08:03 – Downsides
09:42 – Conclusion
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I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You (and only you) are responsible for the financial decisions that you make.
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