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

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

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.

“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 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.

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“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

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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.

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[To share your insights with us, please write to sghosh@martechseries.com]

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