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Discover® Money Market Account review

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Discover® Money Market
3.9
★★★★★
Finder score
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Annual Percentage Yield (APY)
Up to

3.75%

Fee
$0
Minimum deposit to open
$0
Member FDIC

Our verdict

This free money market savings account earns up to 3.75%.

Discover's Money Market account rewards you for keeping a high balance in your account. You’ll earn a competitive 3.70% APY on balances under $100,000 and a slightly higher rate of 3.75% APY on balances above $100,000. This rate is much higher than the average, which currently sits at 0.6% APY. On top of that, there are no minimum balance requirements, no monthly fees and no opening deposit requirements. But you'll have to comfortable managing the account online.

Best for: Those looking for a free high-yield account with ATM access.

Pros

  • Up to 3.75% APY
  • No monthly fee

Cons

  • Online only

In this guide

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  • Ask a question

What we like about Discover Money Market

Discover’s no-fee money market savings account offers a variety of perks, including a competitive interest rate that pays 3.70% APY on balances under $100,000 and a 3.75% APY for balances above $100,000. Though this isn’t the highest rate we’ve seen on the market, it’s well above the average and remains competitive with other money market offerings. There are also no fees for insufficient funds or to maintain your account. In fact, the only fee you’ll find is for outgoing wire transfers at $30 per transfer.

How much interest you can earn

APYAccount balanceInterest earned
3.70%$1,000$39.70
3.70%$5,000$198.52
3.70%$10,000$397.05
3.70%$50,000$1,985.24
3.75%$100,000$4,022.30

Where it falls short

The Discover Money Market account falls short due to its lack of physical branches. While this is a drawback if you prefer in-person banking, online banks are known to give customers more in rewards and interest as they don’t have the overhead costs of maintaining physical locations.

Compare Discover Money Market with other accounts

See how other money market accounts compare based on their interest rates, features and minimum opening deposits.

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1 - 6 of 11
Name Product USFSA Account type Annual Percentage Yield (APY) FDIC or NCUA insured amount Minimum balance to earn interest Minimum deposit to open Offer Estimated total balance
Quontic Bank Money Market
Finder Score: 4.6 / 5: ★★★★★
Quontic Bank Money Market
Money market

4.75%

Up to $250,000
$0
$100
$1,047.50
Discover® Money Market
Finder Score: 3.9 / 5: ★★★★★
Discover® Money Market
Money market
Up to

3.75%

Up to $250,000
$1
$0
$1,037.50
CIT Bank Money Market
Finder Score: 4.1 / 5: ★★★★★
CIT Bank Money Market
Money market

1.55%

Up to $250,000
$0
$100
$1,015.50
Great Lakes FCU MMA through Raisin
Finder Score: 4.7 / 5: ★★★★★
Great Lakes FCU MMA through Raisin
Money market

2.40%

Up to $250,000
$0
$1
$1,024
Axos Bank High Yield Money Market account
Finder Score: 4.1 / 5: ★★★★★
Axos Bank High Yield Money Market account
Money market

0.25%

Up to $250,000 individual
$0
$1,000
$1,002.50
Axos Bank Business Money Market
Finder Score: 3.6 / 5: ★★★★★
Bonus
Axos Bank Business Money Market
Money market

0.20%

Up to $250,000
$0
$1,000
If you’re incorporated after June 1, 2020, you’ll get $200 added to your new account. Must maintain a daily balance of at least $2,500 for 60 days. Must apply with the promo code NEWBIZ200. If you’re not a new business, use promo code NEWAXOSBIZ for a $100 bonus.
$1,002
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Discover Money Market Account customer experience

There aren’t many recent customer reviews of the Money Market Account on social media such as Reddit, though sentiment on Discover is generally positive with only a few consumers complaining of unwarranted account closures.

You can contact Discover customer service in three ways

  • Call 800-347-7000 to reach a customer rep 24/7.
  • On X (formerlyTwitter): Use @Discover to find customer service via social.
  • Live chat: Log in to your account to chat with a live rep.

How to deposit or withdraw my money

Although savings accounts are designed to limit transactions, Discover offers several ways to access your money:

Deposits

  • Online transfer from another bank account.
  • Direct deposit.
  • Mobile check deposit.
  • Mail a check.

Withdrawals

  • At ATMs using the free debit card, as long as you withdraw less than $510 per day.
  • Transfers to other accounts.
  • Online bill pay.
  • Write a check.
  • Request a bank check.
  • Cash back from participating retailers.
  • Wire transfer.

Savings account ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top savings accounts and rate them one to five stars based on factors that are most important to you. These factors include: interest rates, monthly fees, minimum deposits, customer service and account features.

Read the full methodology of how we rate savings accounts.

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