Discover Online Savings Account Ranks First for Customer Satisfaction in Direct Banking Study by J.D. Power

RIVERWOODS, Ill.--(BUSINESS WIRE)-- Discover’s Online Savings Account ranked #1 in customer satisfaction in the J.D. Power 2023 U.S. Direct Banking Satisfaction Study with a score of 748, which is 30 points higher than the segment average and more than 10 points higher than the second placed bank.

Discover Bank’s Online Savings Account ranked highest for features such as helping to reduce banking fees, ease of moving money in and out of the savings account, managing savings through mobile app, managing savings through website, and customer service.

“In today’s economic environment, it is important to find a bank that you can trust to make your money work for you in an account that allows you to access your money when you need it,” said Ram Subramanian, vice president of Deposits at Discover. “It is extremely rewarding to receive this recognition from our customers. Customer experience has always been at the center of all our decisions like offering highly competitive rates, charging no fees, and providing excellent service.”

Discover’s Online Savings Account offers customers:

- The ability to earn interest over 5x the national savings average¹, with a 3.75% APY²

- No minimum deposit to open and no fees on the account – including no account fees, no monthly fees, and no insufficient funds fees

- Discover Mobile App that allows customers quick and secure access to their accounts

- Peace of mind that their deposits are FDIC-insured up to the maximum amount allowed by law

- 100% U.S.-based customer service, available 24/7

The U.S. Direct Banking Satisfaction Study, now in its seventh year, 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.

Discover’s Online Savings account is just one part of the full suite of banking products offered by Discover Bank. Discover also offers Discover Cashback Debit, which ranked second for customer satisfaction in this year’s study, CDs, IRAs and Money Market Accounts. To learn more about Discover bank 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 The Annual Percentage Yield (APY) for the Online Savings Account as of 05/11/2023 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 05/11/2023. 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.

² Advertised Online Savings Account Annual Percentage Yield (APY) is accurate as of 05/11/2023. Applies to personal accounts only. APY may change before or after the account is opened. No minimum deposit to open.

Discover Bank, Member FDIC

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Media Contact:

Sarah Grage Silberman

Discover

sarahgragesilberman@discover.com

224-405-6029

@Discover_News

Source: Discover Financial Services