Discover Bank Online Savings Account Review: Bonus & High Yield CD Rates

Personal Loans From Discover Bank

Discover Bank even offers personal loans with no loan origination fees. The only “fee” consumers pay on these loans is the interest rate. As with its other products, this online bank offers competitive interest rates on all personal loans. Creditworthiness is used to determine the rate, but Discover’s highest rate isn’t necessarily terrible. Fixed rates and flexible repayment terms make the bank’s personal loans worth choosing. Funds can be utilized for a variety of purposes like paying off debt.

Student Loans From Discover Bank

When it comes to student loans, Discover Bank treats students well. Student loans from the bank come with no loan origination or late fees. Plus, interest rates are lower than competing banks, and flexible repayment options are available. Discover Bank will cover 100% of a student’s certified school costs. Good students will even receive 1% loan rewards for getting a 3.0 GPA or higher each year. It doesn’t hurt that Discover Bank will even approve students for multi-year loans without separate applications.

Home Equity Loans From Discover Bank

Finally, Discover Bank offers home equity loans so that homeowners can tap into their property’s value. Applicants will find no loan origination fees, no closing payments, and a lack of fees in general here. These loans can range from $35,000 to $200,000 from Discover Bank with competitive interest rates and repayment time frames. Before taking out a home equity loan, homeowners need to consider the upsides and downsides. Discover Bank offers a competitive home equity loan product either way.

How Does Discover Bank Perform When It Comes To Customer Service?

Discover Bank claims to prioritize customer service and customer experience above all else. On the latter subject, competitive interest rates and a lack of fees help the company succeed. An online bank lives and dies by its customer service performance, and we’re happy to say that Discover tends to exceed expectations. Traditional and online banks often have relatively lackluster customer service ratings. Discover Bank bucks that trend through a commitment to treating its customers with respect.

Currently, all of Discover’s customer service representatives come from within the United States. Its entire customer service force is based in the United States, and no outsourcing of these tasks is performed. This comes in stark contrast to most banks that outsource their customer service to other countries. Undoubtedly, many consumers will appreciate the ability to talk to someone within the US. Live 24/7 customer service also means that help is always a phone call away with minimal wait times.

In annual polls, Discover tends to perform above average in general customer service and satisfaction. Consumers note the company is always available but also tends to solve problems. Far too many banks let customer service issues slip by without properly addressing them. For Discover, the company’s goal of treating customers well shines through here, leading to a better customer service experience. Most consumers rate the companies online banking, credit cards, and loan products well, too.

Wait times for calling in to Discover Bank are quite short. Most callers reach a live person in less than five minutes, which is below the industry average. From there, most phone calls don’t last more than a few minutes. The average caller won’t need to make a second call in order to resolve their issue. US-based customer service helps fuel these results, and more banks should provide the same level of service. On an annual basis, Discover Bank tends to improve its performance incrementally.

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