Discover Online Banking

[MegWheels]

Hi everyone! Does anyone use Discover online banking and could tell me about their experiences? I've been really intrigued by their high interest rates. It's currently at 2.05%. I very rarely go to my local branch now, and usually just deposit checks on my phone and transfer between accounts. For some reason I'm just still leery of making the online switch! Any suggestions?

 

[ambgoph]

I opened a Discover savings account last month for the bonus. It was quick and easy. The only problem I had was since my credit is frozen, I had to call in to get verified. It only took a couple of minutes and the representative was able to give me my account number over the phone. I like that they have US based representatives 24/7.

The hold times for deposits are a little too long for me, but since I don't need access to the money right away I'll live with it. Transfers seem to show up in the account one business day after the date I specified. Out of the numerous online banks I've had over the years, their mobile app is by far the best.

 

[platamama]

I have been very happy with Discover online banking. Originally I opened savings accounts for bonuses, and then consolidated them into one account. I also have the Discover checking account which gives 1% back on debit card spending up to $3000/mo. So I keep most of the funds in the savings account for the higher interest rate, then transfer over $3K a month to the checking account, use the debit card for purchases and get $30/mo for that.

 

[belle032]

I love my Discover IT card, but I use Ally for online banking (if you're open to other options!). Am very happy with Ally. Have a checking, savings, & joint account with DH through them. They offer some of the highest interest rates available, are super user friendly, and great customer service. Transfers between accounts is instant, I deposit checks right from my phone, and I'm reimbursed all my ATM fees in cases where I need cash.

I was also leery of going purely online for banking, but I've never regretted the decision. I rarely have cash on hand, pay all bills online, I can't tell you the last time I wrote a check, and I pretty much never need to walk into an actual bank. So online banking is a win for me.

 

[BridgetBordeaux]

We have multiple online bank accounts with savings and CD's.
Discover, CapitalOne 360, and American Express Savings.
Our daughter uses Ally.

All good experiences. I have not physically deposited a check in years.
We use our USAA account, kept at a few hundred dollars, as our free ATM resource.

We have a credit union that is "no fee" and over 25 years old to us............ and that is where all our direct deposits go.
That CU acct is linked to all the others to move money as needed.

 

[MegWheels]

Thanks for the tips everyone! I think I'm going to make the switch.