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.
“These updates have helped us build industry-leading banking products that help customers better manage, move and save their money.”
“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.”
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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
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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.
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