Discover Cashback Debit Account Review
After researching this product and writing this review, Ive fallen in love with the Discover Cashback Debit Account. Read on to find out if its right for you.
Review of: Discover Cashback Debit| Reviewed by: Chris Muller| Last modified: Jul. 14, 2021
Editor’s Note –
Dont you hate getting slapped with unnecessary fees with your checking account?
I know I do.
What about the awfulness of waiting in line at a local branch to either talk to someone or make a deposit?
All of us are busy, so banking on-the-go is necessary. You dont have time to keep track of things like a minimum average balance or required spending amounts to ensure youre avoiding monthly fees from your bank.
Discover is looking to solve all of your typical checking account woes with their
In this article, Ill do a deep-dive and review of this new debit account so you can determine if its right for you or not. Lets first start with a little background on who Discover is.
Discover Bank Online Savings Account
The Discover Bank Online Savings Account offers a competitive interest rate thats five times higher than the national average. Discover Bank ranked in the top 10 overall for best savings account interest rates in the Americas Best Rates Survey. This savings account has no minimum deposit requirement and no hidden fees of any kind.
|Discover Bank Online Savings Account||Amount|
Im An Undocumented Immigrant Can I Open A Bank Account
You can open a bank account if youre an undocumented immigrant at some banks, like Bank of America. However, you will likely need to apply in person and need several forms of identification, like proof of address, Taxpayer Identification Number , birth certificate, unexpired passport and more. Every bank has its own set of criteria, so be sure to research the requirements before heading to the local branch.
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Eone By Salem Five Direct
No Minimum Deposits or Balance Requirements
eOne by Salem Five Direct is the online banking arm of Salem Five Cents Savings Bank, a 150-year-old institution with a handful of physical branches in Massachusetts.
Yields are solid on the majority of accounts, and a serviceable mobile app offers online check deposit and P2P transfers.
Salem Five Directs deposit accounts have decent to very good yields. For convenience, you can apply for the checking and savings accounts at the same time with the eOne Combo feature.
The one omission here: no money market account.
- eOne Checking: This account has a modest yield on all balances, with no minimum deposits, balance requirements, or maintenance fees. Every debit card transaction selected as credit at the point of sale earns $0.05 cash rewards.
- eOne Savings: This account has a very good yield on all balances. The minimum opening deposit is $100, but theres no minimum balance requirement thereafter. Theres no monthly fee either.
- eCDs: Salem Five Direct has three CD options: 18-month, 24-month, and 36-month, all of which have yields well above the national average. However, early withdrawal penalties amount to 4% of the total principal withdrawn on all CDs stricter than many other online banks CDs.
Other Products and Services
Discover Bank Personal Loans
Discover issues credit cards and it also offers personal loans. Personal loans are available at fixed interest rates, with no origination fees.
You can choose repayment terms ranging from 36 to 84 months and, in most cases, you can get a same-day decision on whether or not youre approved. A Discover personal loan could be worth considering if you need money to consolidate and pay down debt, fund home repairs or renovations or cover another large expense.
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Why Trust Our Recommendations
Personal Finance Insider’s mission is to help smart people make the best decisions with their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account a high APY, for example we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don’t have to.
How Do I Access My Money
You can access your money wherever you can find Discover, whether thats online, on mobile, over the phone or at an ATM. You can reach a Discover customer service representative 24/7 at 1-800-347-7000. If you want to access your account online, you can do so from any page on the banks website. Simply click the Log In button at the top right and enter your user ID and password. You can also use this login information on the banks mobile app or your phones internet browser.
You can use your Discover ATM/debit card at over 415,000 ATMs. This includes over 60,000 no-fee ATMs in the Allpoint® or MoneyPass® networks.
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Wait I Thought Discover Was A Credit Card Company
Before I dive into the details of the new Discover cashback debit account, I want to clarify a few things and help you learn a little more about who Discover is.
Its a common misconception that Discover is only a credit card company. Its probably because their commercials are all over the place and in some cases, the phrase cashback has become synonymous with a Discover credit card offering cashback.
But Discover is much more than a credit card company. In fact, they want to be the leader in all things banking and payments. This is directly from Discovers company information page:
We strive to be the leading direct bank and payments services company. Our mission is to help people spend smarter, manage debt better, and save more to achieve a brighter financial future.
To accomplish their mission, Discover offers a wide range of products, in addition to the debit account Ill review below, to make your financial life much better, including:
- Student loans.
- Home equity loans.
Now that you know a little more about who Discover is, lets talk about why you should consider them for a debit account.
No Monthly Maintenance Fees
First, youll experience no monthly maintenance fees. Many checking accounts, especially online-based accounts, will charge a fee if you dont maintain a precise balance, deposit your paycheck via direct deposit, or spend a specific dollar amount each month with the debit card. Discover opts not to do that, and in fact, has no minimum deposit to open an account and no ongoing minimum balance requirement. Theres also no fee for inactivity on the account meaning you dont have to make sure you spend a certain amount each month to avoid a charge.
No fees on other things that many banks charge for
Another feature is the shocking fee structure for the account. Aside from there being no monthly maintenance fees, you wont pay a dime for things that many traditional banks charge you for, such as:
- Expedited debit card and replacement .
- Standard checks .
- Incoming wire transfers.
- Official bank checks.
- Returned deposit item.
And there are plenty more fees that are either waived. While this may not seem like a feature youd care about right away, Ive become quickly frustrated with my bank when they try to charge me to get a new debit card or basic checks. I felt like I was paying them to use my own money for goodness sakes.
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How Do I Open An Account
You can create your account online here. Youll need a Social Security number and address. You can also call the 800 phone number listed on the website to open an account.
If you’re opening a specialty account, like a trust account, there is an easy online portal to securely upload the required documents.
How Do I Open An N26 Smart Bank Account
To open an N26 Smart account, you must meet our eligibility criteria. If you do, simply register on our website, or by downloading the N26 app onto a compatible smartphone. Opening a bank account takes only 8 minutes and is done without paperwork. Once youve verified your identity, your bank account will be ready to use.
For more information on opening an N26 Smart bank account, as well as the documents that you need, visit our Support Center.
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How Do I Contact Discover
Discover’s online banking customer service is available 24/7 by phone at 1-800-290-9885. You can also call Discover’s general customer support phone number, 1-800-DISCOVER , or chat with an agent live online.
Discover Bank has a mobile app, as well. You can deposit checks, find an ATM, and use Quick View, which lets you see your balances without logging into the app. Apple and Android versions of the app are available.
They don’t have any physical branches. However, they do have a large network of fee-free ATMs to access your account.
What Is Discover Online Banking Best For
Discover Online Banking should be a good fit for those seeking a digital bank that offers a suite of different services.
It might be a particularly good fit for those who:
- Prefer paperless, digital transactions
- Typically use their debit card for day-to-day transactions
- Prefer to bank with an established “name” financial institution
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Acquisition Of Diners Club International
In April 2008, Discover Financial and Citigroup announced that Discover was purchasing the Diners Club International network from Citigroup for $165 million. In May 2008, the Federal Trade Commission approved the transaction and it was finalized on July 1, 2008. Discover stated that the Diners Club network, which is a major network outside the United States, will be merged with the Discover Network, a major network in the United States. The creation of an international network for Discover and Diners Club cardholders allowed customers to expand their global reach. Diners Club cards will continue to be issued by Diners Club International licensees. At this time, Discover Bank has no plans on issuing Diners Club branded cards itself.
Comparing Banks For Students
When comparing bank account, there are a few things student will want to consider before signing up:
- Age requirements. While some banks allow students as young as eight years old to apply , others arent available until age 18. Knowing which banks offer accounts for your age group is important before applying.
- Fees. While most student banks offer fee-free checking and savings accounts, this may not always be the case. Make sure to understand the fee structure before signing up for any bank account.
- ATM access. Withdrawing cash without being charged a fee is important, so understanding which ATMs are available within your banks network can potentially save you a lot of money.
- Parental controls. If you have a younger student who wants access to their own account, its important to know what type of parental controls are available.
- Mobile app. Mobile banking is becoming more and more popular, and most high-quality student bank accounts offer a full-featured mobile app. Being able to deposit checks digitally, transfer money, and make payments should all be functions of the banks mobile app.
Overall, its important to think about how you plan on managing your money before selecting a student bank account. Make sure all of the features you require are available before signing up.
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Online Vs Banking At A Branch: Which Is Better For You
Check out the benefits of banking from your phone and your computer.
Banking is supposed to be built around you and your finances, regardless if you use online banking or go to your local branch. The real question is, which is better for you and why? Both online banks and traditional branches have their advantages theyre convenient in their own way, provide unique services and offer interest rates as competitive as possible. Which do you prefer? Thats for you to decide, and when you do, Discover Bank is here to answer any questions you have about online banking.
Axos Bank Best For Cash Accessibility
Founded in 1999 as Bank of Internet USA, AXOS is one of the oldest online-only banks in the country. It offers interest-bearing checking accounts, high-yield savings accounts, CDs, mortgages, personal loans, auto loans, and managed portfolios, and allows customers access to 91,000 ATMs throughout the U.S. AXOS is one of only a handful of online banks that allow people to deposit cash a boon for those who often deal in cash or receive wages in cash.
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Discovery Bank Forex Accounts
How do I open a foreign currency account?
You can quickly and easily open one of our Discovery Bank Forex Accounts , or all three, on the Discovery Bank app. To add these accounts, simply:
You can open only one British Pound, one Euro and one US Dollar Account.
How does a foreign currency account work?
It works like a transaction account. You can receive money, make cross-border payments and do inter-account transfers between this and your other Rand accounts. All transactions are in the currency of the account, which is GBP , EUR or USD .
You can also choose to pay an external beneficiary in more than 60 other currencies.
We use the exchange rate at the time when you complete a transaction.
Do I get the usual 55 days interest free when I buy with my multicurrency card?
No, because your multicurrency card is a debit card.
If you have enough money in your foreign currency account to cover the transaction, interest doesn’t apply. If you don’t have enough money in your foreign currency account, the transaction will be declined.
Do I get the usual 55 days interest free when I pay in a foreign currency with my credit card?
Yes, there is no change to this.
Are Digital Banks Safe
Digital banks need to have the same banking licenses and approvals as existing US banks before theyre able to offer products and services to consumers. These new banks will be regulated by the Federal Deposit Insurance Corporation and the US Securities and Exchange Commission in the same way that existing banks are regulated.
Your deposit of up to $250,000 with an FDIC-insured bank is protected by the US government. This means if something were to happen to the bank, your money would be safe. Note that some of the digital banks mentioned in this guide are not yet considered banks and havent yet been licensed or FDIC-insured.
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Online And Mobile Banking Experience
Discover Bank makes it easy to manage your accounts online or through the Discover mobile app. With either one, you can:
- View account balances
- Set up transfers to and from externally linked bank accounts
- Send money to friends and family using Zelle
You can also use the mobile app to make mobile check deposits and locate ATMs nearby if you need to withdraw money.
Best For Rewards: Discover
- Ages : 18+ years old
- Monthly fees: None
Discover offers a fee-free checking account with a cash-back debit card along with no minimum balance requirements and no overdraft fees.
Cash-back debit card, earning 1% on purchases
Also offers no-fee rewards credit card for students
Huge selection of nationwide ATMs through Allpoint and MoneyPass
Does not reimburse ATM fees
Discover is an online bank that offers a fee-free checking account with a cash-back debit card, paying 1% interest on the first $3,000 in purchases each month. This can add up to $360 in rewards per year.
While Discover doesnt offer any physical branch services, all banking functions can be done online or through its easy-to-use mobile app. Mobile deposits, bill pay, and money transfers via Zelle are all available through the mobile app and website.
Discover doesnt have any of its own ATMs but partners with the Allpoint and MoneyPass ATM networks, giving users access to over 60,000 ATMs nationwide without any fees. Other ATMs may support withdrawals, but Discover does not reimburse fees.
Overdraft fees are non-existent, helping protect users from costly charges. There are also no minimum deposit or balance requirements, and Discover does not charge any monthly fees, making them a great low-cost bank account option.
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What Are Online Only Banks
As the name suggests, these are banks with no brick-and-motor settings. This means that they have no physical location where they pay rent, have stuff, and purely operates through online platforms, which could be through their websites or mobile applications.
Since they are free from operational costs of building and maintaining bank offices, online-only banks charge relatively fewer fees and offer better interest rates. They also offer a wide array of online and mobile baking features that appeal to busy customers who dont have time to visit the bank.
On the negative, online-only banks suffer from a number of disadvantages. The first being lack of in-person customer support. Users can also experience some impediments when opening their accounts, especially where they are required to make an initial deposit. This can be troublesome for those who dont have another bank to transfer funds from.
Are These Banks Trustworthy
The Better Business Bureaus grades companies by looking at responses to customer complaints, advertising, and transparency about business practices.
A strong BBB grade doesn’t guarantee you’ll have a smooth experience with a bank. You may also want to read online reviews or look into public scandals. We’ve also detailed any existing public issues with each bank.
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