Discover Bank Ranks Highest in Customer Satisfaction With Checking Accounts for Direct Retail Banks by J.D. Power

By: Discover Financial Services via Business Wire

May 12, 2022 at 12:38 PM EDT

The Discover Bank checking account tied for first place in customer satisfaction with a score of 715, according to the J.D. Power 2022 U.S. Direct Banking Satisfaction Study. Additionally, Discover’s Online Savings Account ranked second with a score of 717.

“For years we have been launching enhancements and new features for our deposits customers, including the introduction of no fees in 2019 and the recent relaunch of Cashback Debit checking, with cashback rewards and early access to paychecks,” said Ram Subramanian, vice president of Deposits at Discover. “These updates have helped us build industry-leading banking products that help customers better manage, move and save their money.”

Discover Bank ranked best for overall checking satisfaction, helping customers grow their money, manage their accounts through the Discover mobile app and providing the highest customer experience to its customers. The Discover Online Savings Account performed well in the account management factor through the mobile app and through the website.

Discover’s deposit products offer customers:

- No fees on any account¹- 1% cash back on up to $3,000 in debit card purchases each month with the Discover Cashback Debit checking account²- The ability to get paid up to two days early with direct deposits on checking, savings (excluding IRA savings) and money market accounts³- Online Savings Accounts that earn interest over 5x the National Savings Average ⁴

The U.S. Direct Banking Satisfaction Study, now in its sixth year, was redesigned for 2022. The study measures overall satisfaction with direct bank and neobank checking and/or savings/money market products based on seven factors (in alphabetical order): customer service; ease of moving money; helps grow money; level of trust; managing account via mobile app; managing account via website; and reduce banking fees. The study defines direct banks as online/branchless institutions with federal banking charters, with either the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC) or the Federal Deposit Insurance Corporation (FDIC) as their primary regulator.

For more information on Discover accounts visit: https://www.discover.com/online-banking

About Discover

Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover card, America's cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network comprised of Discover Network, with millions of merchants and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.

1.		Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.
2.		ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal®, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the US and other countries. Venmo and PayPal are registered trademarks of PayPal, Inc.
3.		With Early Pay, we may at our discretion make funds from eligible ACH direct deposits available to you up to 2 days early. This feature is dependent on the timing of our receipt of the direct deposit instructions. See terms and conditions.
4.		The Annual Percentage Yield (APY) for the Online Savings Account as of 05/12/2022 is more than five times the national average APY for interest bearing savings accounts with a balance of $500 as reported by Curinos as of 05/12/2022. National average is based on information regarding the top 50 banks (by deposit size) and may not include information from variations in regional pricing at such banks or information from products that may not be widely available to their customers. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed. APYs are subject to change at any time.