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Discover®️ IRAs Review


ConsumersAdvocate.org Rating: 4.1 / 5 (Excellent)
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Founded in 1985, Discover Financial Services has evolved from a Sears subsidiary to an independent company and leading credit card supplier. In addition to Discover and Diners Club credit cards, Discover offers personal banking services, including savings accounts, money market accounts, and IRA certificates of deposit.
 
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How is Discover rated?

Breakdown

0.0/5
IRA Types
0.0/5
Investment Options
4.3/5
Account Features
4.5/5
Fees and Discounts
4.0/5
Reputation & Customer Support

Overall Rating: 4.1 / 5 (Excellent)

Discover's sole alternative for consumers looking to save for retirement with an IRA is a certificate of deposit, which limits the options investors may want. It's possible to open this IRA CD under Roth or traditional rules, and APYs are very competitive when compared to CDs from other banks. However, the fact that only a CD is available, coupled with the $2,500 minimum, may turn away most except those closer to retirement.

Discover Account Features

Account Features - 4.3 / 5

Discover offers consumers an IRA certificate of deposit that allows them to grow their balance with high APYs until the account reaches maturity. It is possible to open the CD as a Roth IRA or a Traditional IRA, which changes the customer's tax responsibilities. With a Discover IRA CD, customers can roll over balances or transfer IRAs from other banks. APY rates vary by account term length. To open an account, consumers must have a minimum of $2,500.
Types of IRAs
Roth IRA
Traditional IRA
Account Minimum
$2,500
Mobile App
Yes

Discover Fees and Penalties

Fees and Discounts - 4.5 / 5

With Discover, consumers do not need to pay a monthly account management fee. Other fees may apply, though they are not specified on Discover's website.
Management Fee
$0

Discover Financial Strength and Reputation

Reputation & Customer Support - 4 / 5

Discover Financial Services is accredited and rated A+ by the Better Business Bureau. On Trustpilot.com, they hold a middling 6 out of 10 rating, while the Consumer Financial Protection Board has logged over 6,000 complaints—mostly related to their credit card business. However, seeing as Discover is one of the principal financial companies in the United States, this high number of complaints is to be expected. On the financial side, Discover holds strong credit ratings from three of the major credit bureaus, which indicates they are in a stable position to continue meeting their obligations and rendering services.
Year Founded
1985
Standard & Poor's Financial Rating
AA
Moody's Financial Rating
Aaa
AM Best Financial Rating
A++
FDIC Member
Yes
BBB Rating
A+
Trust Pilot Rating
6.0 out of 10
Consumer Financial Protection Board (CFPB) Complaints
9,631
Date Collected
2018-12-27
Live Help 24/7
Yes

Contact Methods

Phone
Email
Chat
Social Media
Text

Company Profile

Full Name
Discover®️ IRAs
Company Website
https://www.discover.com
Headquarters
502 East Market Street, Greenwood, DE, 19950

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Top Rated
  • Offers Roth IRA certificates of deposit (CDs)
  • Interest rates are higher than many competitors'

Discover offers a dedicated Roth IRA CD, which can be purchased with maturity dates ranging from 3 months to 10 years. Although Discover does not offer other Roth IRA options, it can be a good choice for people who want CDs to be part of their Roth IRA portfolio.

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