Discover Bank is part of Discover Financial Services (NYS: DFS) a financial services company which issues the Discover Card and offers other consumer banking products including high yield savings accounts, CDs, home mortgage loans, and student loans. Discover Home Loans, formerly LendingTree Loans, is one of the nation's largest direct to consumer lenders. The company maintains its corporate headquarters in Riverwoods, Illinois. Over the years, Discover has grown from a credit card issuer to a full service financial institution.
Discover Financial Services, the parent company of Discover Bank, began as simply the Discover Card, a credit card offered by Sears. The Discover brand name grew steadily over the years, and in 2007 Morgan Stanley, which owned Discover, spun off Discover Financial Services as a fully independent company. Discover has continued its strong growth, aided by acquisitions of Diners Club in 2008 and LendingTree's Home Loan Center in 2012.
Discover Bank offers many direct banking products, including popular high yield online savings accounts, certificates of deposit (CDs), and money market accounts. Discover does not operate physical branches, so working with Discover Bank is only an option for consumers who are comfortable with all banking being online. However, Discover is regulated by the exact same entities that monitor banks that do operate brick and mortar branches, so there's no need to worry about safety.
With its acquisition of LendingTree Loans, Discover is now a major player in the direct-to-consumer mortgage industry. You can find Discover Home Loans mortgage rates on all of the major comparison websites, including this one. Direct-to-consumer lenders compete largely on price. The company offers fixed-rate and adjustable rate options. Discover Home Loans operates in Washington D.C., and all 50 states except for Nevada.
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