Discover does offer checking accounts, but only online
Yes, Discover Bank offers checking accounts. They are called Discover Cashback Checking and Discover Money Market Checking. Both are available only through their website or mobile app — Discover has no physical branches. You cannot walk into a location to open an account or deposit cash in person.
The main difference between the two is that Money Market Checking earns interest on your balance, while Cashback Checking does not. Both accounts come with a debit card, online bill pay, and access to a nationwide ATM network. Neither account has a monthly fee, and neither requires a minimum balance to open.
Because Discover is an online-only bank, everything happens digitally: opening the account, depositing checks by phone camera, transferring money, and paying bills. If you need to deposit cash, you will need to use an ATM that accepts deposits or transfer money from another bank account.
Key Takeaways
- Discover offers two checking account types — Cashback Checking and Money Market Checking — both with no monthly fees and no minimum balance requirement.
- All Discover checking accounts are managed entirely online through their website or mobile app, with no physical branches to visit.
- You can deposit checks remotely using your phone camera, but cash deposits require an ATM that accepts deposits or a transfer from another bank account.
- Both accounts include a debit card and access to a large ATM network, so you can withdraw cash without paying out-of-network fees at most locations.
How to open a Discover checking account
You start on Discover's website or in their mobile app. You will need your Social Security number, a valid government-issued ID, and your current address. The process takes about 10 minutes and happens entirely online.
Discover will ask you to verify your identity by answering questions about your credit history or by uploading a photo of your ID. Once approved, your account opens when ready, though you may not be able to use your debit card for a few business days while it is being mailed to you.
To fund your new account, you can transfer money from another bank using your routing and account number, or deposit a check by taking a photo of the front and back with your phone. You cannot deposit cash directly unless you use an ATM that accepts deposits.
What the two checking account types offer
Discover Cashback Checking gives you cash back on debit card purchases. The exact percentage varies — Discover advertises it as up to 1% back on purchases, though the actual rate depends on your account activity and changes over time. You earn no interest on your balance.
Discover Money Market Checking earns interest on your balance instead of offering cash back. The interest rate changes with the market and is higher than most traditional checking accounts, but lower than a dedicated savings account. You do not earn cash back on debit purchases with this account.
Both accounts include the same basic features: a debit card, online bill pay, mobile check deposit, and access to Discover's ATM network. The choice between them depends on whether you prefer earning cash back from spending or earning interest on money you keep in the account.
How to deposit money and access your cash
Discover checking accounts work differently from banks with physical branches because there is nowhere to walk in and hand over cash or checks. Instead, you have three main ways to move money in and out.
For checks, use your phone camera to photograph the front and back, then upload the images through the app. Discover processes mobile check deposits within one to two business days. For cash, you can withdraw from any ATM in Discover's network — which includes most major ATM networks — without paying a fee. If you need to deposit cash, you must use an ATM that accepts deposits, or transfer money from another bank account you own.
To move money between accounts, use an electronic transfer (called an ACH transfer) from another bank to your Discover account, or from your Discover account to another bank. These transfers usually take one to three business days. You can also set up direct deposit of your paycheck straight into your Discover account.
Fees and minimum balance requirements
Discover checking accounts have no monthly maintenance fee, no minimum balance to open, and no minimum balance to keep the account active. This is one of the main reasons people choose Discover — you are not charged just for having the account.
However, you may pay fees in certain situations. If you overdraw your account (spend more than you have), Discover charges an overdraft fee. If you use an ATM outside Discover's network, you may pay a fee charged by that ATM's operator, though Discover does not charge you for out-of-network use. If you request a wire transfer or cashier's check, those services may have fees.
The debit card itself is free, and there is no fee to use online bill pay or mobile check deposit. You also will not pay a fee if you close your account, even if you close it shortly after opening it.
When an online-only checking account makes sense
A Discover checking account works well if you are comfortable managing money entirely online and do not need to deposit cash regularly. It is a good fit if you already have a smartphone and use mobile banking, or if you want to avoid monthly fees.
It is less of a fit if you receive cash payments regularly and need to deposit them quickly, or if you prefer talking to a person in a branch when you have questions. Some people keep a Discover checking account for everyday spending and a second account at a bank with branches for situations where they need in-person help.
The lack of physical branches also means you cannot get a cashier's check or money order on the spot, though you can request these by mail or phone. If you travel frequently and need to deposit checks or withdraw cash in different cities, the online-only model usually works fine because ATM networks are widespread.
How Discover checking compares to other online banks
Other online banks like Ally, Charles Schwab, and Chime also offer checking accounts with no monthly fees and no minimum balance. The main differences are in the interest rate on Money Market Checking, the cash back percentage on Cashback Checking, and the ATM networks available to you.
Discover's ATM network is one of its strengths — it includes most major networks, so you can withdraw cash almost anywhere without paying a fee. Some other online banks have smaller ATM networks or charge out-of-network fees. If you travel or live in a rural area, this can matter.
The cash back and interest rates also vary. Discover's rates change over time and depend on your account activity, so it is worth checking their current offers before you decide. The best choice depends on whether you value cash back, interest earnings, ATM access, or a combination of these.
Frequently Asked Questions
Can I deposit cash into a Discover checking account?
Not directly at a Discover location, since they have no branches. You can deposit cash at an ATM that accepts deposits, or transfer cash from another bank account you own. Some people withdraw cash from their Discover account and deposit it elsewhere if they need to move money between accounts.
How long does it take to open a Discover checking account?
The account opens when ready after you complete the online process and pass identity verification, which usually takes 10 to 15 minutes. Your debit card will arrive by mail within 7 to 10 business days. You can start using your account and making transfers before the card arrives.
What happens if I overdraw my Discover checking account?
Discover charges an overdraft fee if you spend more than your balance. The fee amount varies, so check Discover's current fee schedule on their website. You can also set up overdraft protection by linking another account, which transfers money automatically if you would overdraw.
Can I use my Discover debit card everywhere?
Yes, your Discover debit card works at any merchant that accepts Discover or other major debit cards. You can use it to buy things in stores, online, or over the phone. Some very small merchants may not accept Discover, but this is rare in the United States.
Is my money safe in a Discover checking account?
Yes. Discover Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means your deposits are insured up to $250,000 per account type. This protection is the same as at any traditional bank with branches.