The e(-)-e(+) bound state spectrum of three-dimensional QED is investi
gated in the quenched ladder approximation to the homogeneous Bethe-Sa
lpeter equation with fermion propagators from a rainbow approximation
Schwinger-Dyson solution with a variable fermion mass. A detailed anal
ysis of the analytic structure of the fermion propagator is performed
so as to test the appropriateness of the methods employed. The large f
ermion mass limit of the Bethe-Salpeter equation is also considered, i
ncluding a derivation of the Schrodinger equation, and comparisons are
made with existing nonrelativistic calculations.