Discover is introducing a checking account with cash-back rewards, early access to paychecks and a mobile-first digital banking experience, according to a Wednesday (April 6) press release.
This new Cashback Debit account builds on Discover’s Cashback Bonus rewards and no-fee structure, per the release.
“Our new Cashback Debit account is designed to be the only checking account that a customer will ever need,” Carlos Minetti, president of consumer banking at Discover, said in the release. “Our unique Cashback Bonus rewards program makes it easy for people to earn cashback as part of their everyday debit card spending.
“We’re building on a program that has rewarded millions in cashback to our checking customers since 2017, by adding more industry-leading features and we plan to continue to stack up more benefits throughout the year and beyond.”
The new product aligns with Discover’s goal of offering customers easier access to their money, looking to meet consumer expectations that bank accounts should be easy to manage digitally and offer the latest innovations.
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Discover’s research found that 90% of consumers consider no fees as being an important checking account feature. However, just 46% said their bank offers a no-fee option. Additionally, 72% said cash-back rewards are an important feature, yet only 28% said it’s a feature offered by their banks.
According to the release, the checking account features sought most by over 80% of consumers are security, 24/7 access to customer service and free ATM access.
“While our competitors are now starting to lower their fees, Discover set an example for the industry when it proactively removed all deposit account fees in 2019, saving customers millions,” Minetti said. “The latest evolution of our Cashback Debit checking account aims to help people more easily move and manage their money while making banking more accessible for consumers with an ability to apply in minutes and no fees.”
See also: Discover/Diners Club Suspends All Actions in Russia
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