Discover Online Savings Account Review

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

	Discover® Online Savings - $200 Cash Bonus Get Deal
	Overall Score	4.8
	Savings	4.5
	Mobile App	5.0
	Customer Service	5.0

5-point scale (the higher, the better)

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Pros and Cons

• High APY
• No balance requirement
• No fees

• Online Only

Discover® Bank 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® Bank 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

Member FDIC

Online Savings Account - Earn 3.75% APY

Click Here to Get Deal

• No fees
• No minimum opening deposit
• No minimum balance required

Discover® Savings Account offers 3.75% APY, which is a lot higher than the national average of 0.42%^[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 5x 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.

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.

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).

Member FDIC

Discover® Online Savings - $200 Cash Bonus

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.

Get Deal

Expires 3/13/2025

Member FDIC

Discover® Online Savings - $150 Cash Bonus

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.

Get Deal

Expires 3/13/2025

Member FDIC

Online Savings Account - Earn 3.75% APY

Get Deal

• No fees
• No minimum opening deposit
• No minimum balance required

Reasons to Look Elsewhere

Difficulty Withdrawing Funds
Discover® 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.

Member FDIC

Online Checking Account - Earn Cash Back

• 1% cash back on up to $3,000 in debit card purchases each month. See website for details
• No fees
• Early Pay - Get your paycheck up to two days early with no charge
• No credit impact - You can apply without affecting your credit score.
• Access to over 60,000 no-fee ATMs in the U.S.

Click Here to Apply Now

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.

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

FAQ

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.

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