Discover Bank is well-known in the US for its low-fee chequing and savings accounts as well as its rewards credit cards. It also made headlines when it was acquired by Capital One in 2025, so you may well be wondering, can I open an account with Discover Bank in Canada?
Is Discover Bank in Canada?
No, Discover Bank isn’t available in Canada. You have to be a US resident with a Social Security Number to open a Discover Bank account, which means Canadians can’t sign up for a Discover Bank account.
But the good news is that there are plenty of great alternatives that offer similar banking products and services to Discover. Let’s take a closer look at five of the best of them.
Discover Bank attracted plenty of customers with its high-yield savings account and no-fee chequing account, and EQ Bank combines these features into a single package with the Personal Account. You get unlimited day-to-day transactions with no monthly fee, but you can earn up to 2.75% interest on your balance at the same time.
You can also pair the Personal Account with an EQ Bank Card, which allows you to enjoy free ATM withdrawals across Canada and earn 0.5% cashback on your spending. And that's why this account is a top Discover Bank alternative in Canada.
Free unlimited transactions
No monthly fee or minimum balance requirement
Free ATM withdrawals across Canada
Earn up to 2.75% interest on your balance
Earn cashback on your spending
No branches for in-person service
You need to meet the terms and conditions to earn the bonus offer
BMO may be a traditional brick-and-mortar bank with a large branch network, but it's worth a look if you're searching for a Discover Bank alternative. The Performance Chequing Account is BMO's mid-tier option, offering unlimited transactions (including e-Transfers) for an $17.95 monthly fee.
The fee is waived if you keep your balance above $4,000 each month, while you also get access to a nationwide network of 3,300+ ATMs. This account is eligible for the BMO Family Bundle too, allowing you to help your family members avoid monthly banking fees.
Like Discover, Tangerine is a digital bank known for minimal fees and competitive savings rates. With this account, you can take advantage of unlimited day-to-day transactions with no monthly fees to worry about. You get free access to Scotiabank's nationwide ABM network too, and the inclusion of a free chequebook is a handy bonus. Best of all, it's quick and easy to manage your money using Tangerine's highly rated mobile app.
No monthly fee or minimum balance requirement
Free day-to-day transactions
Free e-Transfers
Free chequebook
User-friendly mobile app
Only pays minimal interest
2.5% foreign currency conversion fee
No in-person service
Monthly Account Fee
$0
Free Transactions
unlimited
Interac e-Transfer Fee
$0
In-Network ATM Fee
$0
NSF Fee
$45
Foreign Transaction Fee
2.5%
CDIC Deposit Insurance
$100,000
Bonus Offer
Earn $250
Simplii Financial: Discover Bank alternative in Canada
Simplii Financial, like Discover Bank, is an online bank focused on providing lower fees for customers. Its No Fee Chequing Account is exactly that—a day-to-day banking account with no transaction fees or monthly fees. Free e-Transfers are included, and overdraft protection is also available if needed. And because Simplii Financial is owned by CIBC, you get no-fee access to the nationwide ATM network of a Big Five bank.
If you want to give your savings a quick boost, the MomentumPLUS Savings Account from Scotiabank is designed to do exactly that. You can earn up to 4.75% interest on your balance for the first 3 months, before the account reverts to a lower ongoing rate. There are no monthly fees or minimum balance requirements to worry about, while it's also easy to access your money whenever you need with unlimited transfers.
Earn 4.75% for the first 3 months
Interest rate boosts available
No monthly fee
Unlimited withdrawals
Promo rate only applies for the first 3 months
Regular ongoing rate of 0.4%
Confusing interest rate structure
Monthly Account Fee
$0
Interac e-Transfer Fee
$0
In-Network ATM Fee
CDIC Deposit Insurance
$100,000
Bonus Offer
No offer available
Key takeaways
Discover Bank is not available in Canada and has been acquired by Capital One in the USA.
There are several reputable banks in Canada that offer similar products to Discover Bank, including high-interest savings accounts and no-fee chequing accounts.
Compare accounts to find the Discover Bank alternative that’s right for you.
What is Discover Bank?
Discover Bank is a US digital bank that offers online-only banking services. It is best known for its high-interest savings account, no-fee cashback chequing account, and competitive interest rates on certificates of deposit.
However, Discover Bank was acquired by Capital One in 2025.
Is Discovery Bank a real bank?
Discover Bank should not be confused with Discovery Bank, a South African digital bank of almost the same name. Discover Bank in the USA and Discovery Bank in South Africa are two separate entities, but both are real, licensed banks.
Launched in 2018, Discovery Bank is regulated by South Africa’s Prudential Authority and Financial Sector Conduct Authority.
What bank owns Discover Bank?
Discover Bank is now a subsidiary of Capital One Financial Corporation. Capital One acquired Discover Financial Services in May 2025, forming the sixth-largest US bank in terms of asset size. Capital One is best known as a credit card provider but also offers chequing and savings accounts, certificates of deposit and auto financing.
How does Discover Bank work?
Discover Bank offers a selection of banking products and services in the USA.
Credit cards
Discover offers 7 credit cards to customers. Highlights include the Discover it Cash Back Credit Card, student credit cards and the Discover it Secured Credit Card.
Banking
Discover’s Cashback Debit is a no-fee chequing account for day-to-day transactions. It also allows you to earn 1% cashback on as much as $3,000 in debit card purchases each month.
The Discover Online Savings Account offers a competitive interest rate with no monthly fees or minimum balance requirements. Discover also offers certificates of deposit (CDs) with competitive annual percentage yields and terms of up to 10 years.
However, following its acquisition by Capital One, Discover is no longer accepting new applications for chequing and savings accounts.
Personal loans
Discover Personal Loans offer amounts of up to $40,000 and terms ranging from 3 to 7 years. APRs start at 7.99%, and there are no loan fees to worry about.
Does Discover Bank work in Canada?
If you’re a US resident with a Discover Bank account, you can still access your account while visiting Canada. You can also use your Discover Bank credit card or debit card to pay for purchases while in Canada, and you’ll be pleased to know that Discover cards have no foreign transaction fees.
Can Canadians use Discover Bank?
No, Canadians cannot use Discover Bank. Discover products are designed for US residents and citizens, so you’ll need a US address and Social Security Number to qualify.
Where can you download the Discover Bank app?
The Discover Mobile app is free to download from:
Apple’s App Store for iOS devices.
Google Play for Android devices.
Discover Bank scams
Like other digital banks and online banking services, Discover Bank can be a target for scammers. One common threat involves scammers contacting Discover Bank customers and impersonating the bank’s fraud department, while phishing emails and messages have also been reported.
There are several simple steps you can take to protect yourself against scams, such as:
Set strong banking passwords and never share them with anyone.
Don’t respond to unexpected contact purporting to be from Discover.
Don’t click on any suspicious links.
Set up two-factor authentication.
Report any suspicious transactions to the bank straight away.
Is Discover Bank safe?
Yes, Discover Bank is generally considered to be a safe bank. It is a member of the Federal Deposit Insurance Corporation (FDIC), so eligible deposits with Discover are covered by up to $250,000 of CDIC insurance. Discover also uses security methods such as data encryption, security alerts and account monitoring to provide protection against fraud.
Discover Bank lending alternatives in Canada
If you’re searching for a personal loan in Canada, there are plenty of options to choose from.
US borrowers generally need to have a credit score of 660 or higher to qualify for a Discover Bank Personal Loan. Major banks and credit unions in Canada typically have similar eligibility criteria, so you’ll need good to excellent credit to qualify for funding.
If your credit history is less than perfect, there are also plenty of online lenders who may be willing to approve your loan application. The downside is that higher rates and fees often apply.
Don’t worry about the fact that you can’t use Discover Bank in Canada—there are several great alternatives to consider instead. Compare the alternatives above to find the best bank account for your needs.
FAQs about Discover Bank in Canada
No. Discover Financial Services is based in the USA and was acquired by Capital One in 2025. It does not offer banking products in Canada.
No. Discover Bank is a direct bank for US customers and does not have any international branches. However, Discover cardholders are able to use their cards internationally to pay for purchases and use ATMs.
No. Discover Bank is an online-only bank and does not operate any physical locations. Customers can manage their accounts online or via an Android or iOS mobile app.
You can continue to use and manage your account as per usual, using the Discover website and app. Capital One will contact you if you need to do anything or if there are any upcoming changes to your account.
Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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