Requirements

Discovery Bank Account Requirements

Discovery Bank accounts have straightforward requirements for opening and maintaining checking or savings accounts. There are typically no minimum deposit or balance requirements for most account types, and the process can be completed online by providing necessary personal details and documentation[2][4][6].

General account requirements include:

  • Proof of identity and proof of residence, in compliance with banking and anti-money laundering laws[3].
  • Personal information: Full name, email address, phone number, Social Security number (or equivalent), date of birth, and current address[5].
  • No minimum opening deposit is required for checking, savings, or money market accounts[2][4][6].
  • No ongoing minimum balance requirements or monthly maintenance fees for most checking and savings accounts[2][4][6].
  • Applicants may need to meet eligibility criteria, such as age limits (some accounts can be opened by minors with an adult joint owner)[1], and may be evaluated for account history (such as no more than one non-fraud charge-off under $500 at another institution for certain products)[1].
  • The application is typically completed online, requiring digital submission of supporting documents for identity and residence[5].

Once the online application and document verification steps are finished, your Discovery Bank account is ready for use, offering features like fee-free access, cashback debit (for eligible products), and FDIC insurance up to $250,000[4][7].

References

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