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 charges for replacement debit cards or official bank checks, though outgoing wire transfers incur a $30 service fee.
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 earns a competitive APY on balances as well. Balances under $100,000 earn 3.60% APY, while balances over $100,000 earn 3.65%. There is no minimum deposit to open a money market account with Discover.
Like other Discover accounts, there are no maintenance fees, and a complimentary debit card to withdraw funds at more than 60,000 ATMs nationwide is included.
Discover® Certificates of Deposit (CD)
Discover offers various CD terms and does not require a minimum deposit to open an account. While rates on Discover CD accounts are relatively 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.
Individual Retirement Account (IRA) CDs
Discover also offers IRA CDs—both traditional and Roth—with no minimum deposit requirements and the same rates as standard CDs. There are, however, key differences between a traditional IRA CD and a Roth IRA CD to keep in mind:
Traditional IRA CDs
- Funded with pre-tax dollars
- Earnings are tax-deferred
- Contributions are tax-deductible up to certain income limits
Roth IRA CDs
- Funded with after-tax dollars
- Earnings and qualified withdrawals are tax-free
- Contributions are not tax-deductible
IRA CDs can be funded with money not currently deposited in any type of retirement account or rolled over from other retirement plans or accounts. An IRA from another financial institution can also be transferred to a Discover IRA CD.
Other Discover Products and Services
Discover also offers personal loans and home loans, as well as several credit cards.
Credit cards offered by Discover include:
Our best Discover credit cards of 2025 guide can help you choose the best card for your spending habits.