When it comes to Discover Bank, most people think about credit cards. But, what many people don’t know is that Discover Bank offers a wide variety of banking products and services, many of which beat the offerings of most local and national banks, hands down. For instance, did you know that Discover Bank online savings accounts currently earn over four times the average in interest?

Now that I have your attention, here are a few other things you may not know about Discover.

Discover Bank entered the scene in 2000, thanks to a collaboration between Greenwood Trust Company and Discover Financial Services, formerly known as Sears Financial Services. The marriage was a natural fit since Greenwood Trust Company was already issuing Discover credit cards.

Thanks to a well funded advertising campaign, most people are already familiar with Discover’s credit card offerings. They are one of the few issuers that have consistently offered cash back on their credit card products. But, Discover Bank also offers many other traditional banking products and services that you may not be as familiar with. They offer the same perks as your current bank including interest bearing deposit accounts, FDIC insurance up to $250,000 per accountholder and live customer service.

Online Savings. This is the one area where Discover Bank really shines. Though you need a minimum deposit of $500 to open an online savings account, you don’t need to maintain this balance in order to enjoy interest rates of up to four times the national average. You don’t even need to maintain this balance in order to keep from having to pay monthly maintenance fees.

Money Market. Now, in order to enjoy Discover Bank’s money market accounts, you will need to find $2500 you are willing to part with since this is the amount you’ll need to open and maintain this account. But, you can expect to earn a much better interest rate than your current checking account. If you are looking for a more versatile savings account, this product may be able to provide what you are looking for. If you maintain a balance of $10,000 or more in your account, you can enjoy interest rates as good as the online savings account offered by Discover.

Certificates of Deposit. You have probably heard of CDs, but many people don’t understand how they work. CDs are like loans you make to your bank. You decide how much to loan them and for how long. For this consideration, the bank will pay you interest. Obviously, the longer you leave your money in the CD, the higher your interest rate will be. When it comes to interest rates on CDs, Discover Bank is extremely competitive.

These are just a few of the products offered by Discover Bank. They are also extremely competitive in the student and small business loan segments. So, if you find yourself in the market for a new bank, take a look at Discover Bank. You’ll be glad you did.