Updated September 4, 2023

Discover Online Savings Account Review

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Make your money work with Discover high yield savings: high interest, no fees. Find out its benefits, drawbacks, and the easy way to open an account.

Discover Bank
Discover Online Savings - $200 Cash Bonus

Overall Score




Customer Service


Mobile App

5-point scale (the higher, the better)

Pros and Cons

  • High APY
  • No balance requirement
  • No fees
  • Online Only

Discover is an online bank owned by Discover Financial, the company behind the popular credit cards. Though it doesn't have brick-and-mortar branch locations, Discover offers the same types of bank accounts as traditional banks, including:

  • Online Savings
  • Money Market
  • Certificates of Deposit (CD)

Discover savings account offers one of the highest interest rates among online banks and a variety of money-saving features. Keep reading to learn more.

Shortcut: If you want a savings account with a high APY and no minimum balance or monthly fees. See Discover's current offers.

Discover Savings Account Features

Discover Savings Account offers 4.30% APY, which is a lot higher than the national average of 0.45%[1]. It has no fees and no minimum balance. Discover is a good choice if you're looking for an online savings account with a reputable bank.

But things like withdrawing money can be difficult, since Discover has no physical locations. Keep reading to find out if we think the account is worth it.

High APY
You'll earn over 12x more interest than the national average with the Discover online savings account. The interest compounds daily and is credited to your account once a month.

Compare Discover's APY to other savings account with this tool. You can see how much interest your money will earn annually.

No Balance Requirements
The Discover savings account has no minimum opening deposit or balance requirements.

No Monthly Fees
There is no monthly fees for maintaining the account. You'll also pay no fees for:

  • Official bank check (or delivery)
  • Expedited delivery for official bank checks
  • Incoming wire transfers
  • Excessive withdrawal fee
  • Stop payment order
  • Insufficient funds
  • Account closure

24-7 Customer Service
Representatives are available by phone to assist with your account (or to help you open a new one). Discover's customer service is 100% based in the US. Call 1-800-347-7000.

Auto-Saver Option
Schedule a regular transfer from a Discover checking into your Discover savings account to take advantage of the high interest rate.

Discover is FDIC insured,[2] just like a traditional bank. In the unlikely event that the bank fails, the money in your accounts is insured up to $250,000.

Mobile Banking App

Since Discover is an online bank, you'll need to handle your business from a home computer, laptop, or mobile device. The app offers a user-friendly way to manage your bank account. It's available for Android and Apple devices.

Use it to:

  • Check balances
  • Transfer funds or set up automatic transfers
  • Track recent activity
  • Deposit a check using your cell phone camera

Keep reading to learn the benefits and drawbacks of the Discover savings account.

Is Discover Bank Safe?

Just like with brick-and-mortar banks, your money with Discover Bank is safe and protected by FDIC insurance (FDIC #5649). FDIC insures your deposits up to $250,000 in case Discover fails.

Discover uses state-of-the-art encryption to protect your transactions and data. When banking on your mobile device, you can set up a passcode, fingerprint, or Face ID to log into your account.

Additionally, Discover will require you to enter an identification code sent via text, email, or phone call for actions like:

  • Accessing your account from an unfamiliar device
  • Changing basic profile information

Why We Like Discover Savings

Savings Potential
Discover online savings account's high interest rate can boost your balance. And the lack of service fees means you won't lose money, either.

Easy Sign Up
Open an account online or call the customer line to get started (more on that below). Either way, opening your account should only take a few minutes. Note: checking accounts cannot be opened over the phone.

Discover often offers cash bonuses. See the current promotions for Discover online savings account here.

All-Around Convenience
From free online bill pay to wire transfers to tracking transactions, you can handle your banking from home (or wherever you are).

In a J.D. Power banking study, it was found that customers were actually more satisfied with online banks than traditional physical banks. Online banks especially rated higher in areas of products & fees, communication, and problem resolution.

Discover Bank was one of the top three banks in terms of customer satisfaction, along with Charles Schwab and Ally Bank.

Reasons to Look Elsewhere

Difficulty Withdrawing Funds
Discover's online savings account doesn't come with a debit card for easy cash ATM withdrawals. To take out money, you'll need to either send yourself a check/wire transfer OR move money to an external account.

Discover is currently not enforcing any monthly withdrawal limits on its savings account.

No In-Person Banking
Discover doesn't have any brick-and-mortar branches. If you handle your business face-to-face, Discover savings may not be for you.

Think Discover's savings account is right for you? Read on for a step-by-step guide to open an account today.

How to Open an Account

To open your Discover savings account, follow these steps:

  1. Visit Discover Bank's Account Application page.

  2. Enter basic information including:
    • Name
    • Address
    • Birthdate
    • Social Security number

  3. Select the savings account option and choose either the individual or joint account.

  4. Fund your account now (or at a later date, if you wish). You can make a:

    • Automatic (ACH) or wire transfer from a different bank
    • Deposit a check through the mobile app
    • Mail a physical check

  5. Verify your account information and e-sign your application.

Discover Bank will email a confirmation and send an introduction packet within several business days. Be sure to read it to learn more about your account features.

Discover customer service phone number: 1-800-347-7000

How to Deposit or Withdraw Money

Discover's Online Savings account doesn't come with an ATM card for convenience. Here are your options for depositing and withdrawing funds.

Depositing money:

  • Direct deposits of paychecks
  • Mobile deposit by taking photo of your check
  • Electronic transfers from other bank accounts
  • Mailed check

Withdrawing money:

  • Electronic transfer into another bank account
  • Wire transfer
  • Official check

Customer Service

Discover's customer service reps are 100% US-based. Your calls won't be shuffled to overseas call centers. Reps are available 24/7 by phone and email. You will speak to an actual human when you call.

Overall, Discover receives high customer satisfaction ratings.

  • To open an account by phone, call 1-800-347-7000
  • For online banking technical support, call 1-800-290-9885

How it Compares


How many times can I withdraw from Discover savings account?
Savings accounts are limited to 6 withdrawals per month. However, Discover is currently not enforcing the monthly withdrawal limit. There is no excessive withdrawal fee if you go over the limit.

Can I have multiple Discover savings accounts?
Yes. There is no limit on how many Discover Online Savings Accounts you can open. So you can have a separate account for different savings goals.

Can I write checks from my Discover savings account?
You can only request an official bank check from your Discover savings account. They are free and there are no limits on the number of official bank checks you can get mailed.

Can I pay bills from Discover savings account?
No, the Discover savings account does not support bill pay. Savings accounts typically don't have bill pay because they're not meant for day-to-day activities.

How long does it take to transfer funds from Discover savings?
In general, funds will be available within 4 business days. ACH transfers made before 5pm ET will be initiated that same day. ACH transfers made after 5pm ET or on a non-business day will be initiated the next business day.

How old do you have to be to open a Discover bank account?
You need to be at least 18 years old to open a Discover bank account. For those younger than 18, you can open a joint account with an owner who is 18 or over.

Can a business open a Discover savings account?
Discover does not offer business accounts. But there's nothing stopping you from using it for your business savings, if you're a freelancer or sole proprietor.

For LLCs, you should have a dedicated business savings account to separate your finances.

Bottom Line: Is Discover Savings Worth It?

Discover Bank's online savings account is a great choice if you're looking for a savings account with no monthly fees and most importantly - a high interest rate to grow your money. Plus, Discover frequently has cash bonus offers, so that makes it even more worth it.

Discover Credit Cards: Discover is most well known for its line of popular credit cards. It offers credit cards for cash back, travel rewards, and college students.

All of Discover's credit cards have:

  • No annual fee
  • No foreign transaction fee
  • No late fee on your first late payment
  • No overlimit fee
  • No late payment penalty APR


  1. ^ FDIC. National Rates and Rate Caps as of November 21, 2022, Retrieved 11/26/2022
  2. ^ FDIC. BankFind: Discover Bank, Retrieved 11/26/2022
Discover Bank
Member FDIC

Online Savings Account - Earn 4.30% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

Expires 12/14/2023

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Member FDIC

Chase Total Checking® - $200 Bonus

Expires 10/18/2023
  • New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America
Member FDIC

Bank of America Business Advantage Checking Account - $200 Bonus Offer

Expires 12/31/2023
Earn a cash bonus in three steps:
  1. Open a new eligible business checking account by December 31, 2023
  2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
  3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
*Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC

Citi Priority - Earn up to $2,000 Cash Bonus

Expires 1/9/2024
  • Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
  • New to Relationship customers can choose their Relationship Tier.
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
  • Restrictions apply.

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Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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About Discover Bank

Discover Bank offers some of the highest interest rates for its savings account.

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