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Discover rewards Checking account?

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Onthe27thday
Regular Contributor

Discover rewards Checking account?

Hello,

 

Wondering if anyone has any experience with this? They send me offers periodically but I have always ignored them. I am now thinking about opening one and wondered if there was anyone who has it/had it and if you could explain if you like it or not?

 

 

Thanks for your help!

Starting Score (Oct '13): 473 (EX), Current Score: MyFICO EX: 713 EQ: 715 TU: 717, Goal Score: 740 & above. Capital One Quicksilver: $2250, Discover IT: $9500, Chase Amazon Store Card: $2600, Care Credit: $15000, Barclays Rewards: $1850 BCE: 20,000, PenFed Visa Sig: 7,000 NFCU cashRewards $24,600
Message 1 of 5
4 REPLIES 4
ddemari
Super Contributor

Re: Discover rewards Checking account?

I've been wanting to open the discover checking but I dont have a discover product with them to be eligable. It looks like a pretty decent checking account. 

Message 2 of 5
Anonymous
Not applicable

Re: Discover rewards Checking account?

Yes, have the Discover Cash Back Checking Account. As accounts go I find the holds they put on incoming and outgoing funds way too long. My other banks trust me and give me credit or transfer right away or one day max. Discover takes 5 to 9 days. Not acceptable to me so I store money in the Discover Savings Account and call it a day. My opinion, way better options for online checking in the market place.
Message 3 of 5
DaveInAZ
Senior Contributor

Re: Discover rewards Checking account?

I also have the Discover Cash Back Checking Account and have no problems transferring money in or out, always credited & funds available on the day I scheduled a transfer, and this includes funds from a small community bank and a credit union. I'm planning on opening a savings account with them in the near future, Discover is paying .95% while my bank & CU pay .01%. IMHO Discover is one of the beter online only banks.

Message 4 of 5
Anonymous
Not applicable

Re: Discover rewards Checking account?

Unless you really want to use it to get that miniscule amount of cashback, then I would stay away from Discover.

 

Got the account because of the free $50. Thought I was going to use it. It's been sitting there for 5 months with $1 in it.

 

Completely not worth it imo, when you have a big balance and can store money elsewhere, like a 1% checking account or 1.10% savings (where I have my money). Cashback is just too small compared to the interest received from holding a decent balance in the above interest earning bank accounts. 

 

Before I found my 1% checking/1.10% savings, I was with Ally Bank, which is one of the top/best online banks around. <- Both definitely better than Discover checking. 

Message 5 of 5
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