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Discover® Money Market Account review

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Discover® Money Market
Finder score
On Discover's secure site
Up to 4.05%
Minimum deposit to open
Member FDIC

Our verdict

This free money market savings account earns up to 4.05%.

The online CIT Bank Savings Builder account has no monthly fees and earns up to 1% APY — above the national average but significantly lower than other top savings accounts. You'll also need to deposit $100 when you open the account. Alongside the mediocre rate, you're required to maintain a high $25,000 balance or monthly deposits of at least $100 to earn the 1% APY. If you don't meet those requirements, you earn a measly 0.4%. With requirements like that, you'd expect a more competitive APY. These strict requirements and low APY make it difficult to recommend the account, especially when the bank itself has other savings accounts with much more attractive APYs.

Best for: CIT Bank customers looking for a low-fee savings account.


  • Up to 4.05% APY
  • No monthly fee


  • High $2,500 opening deposit
  • Online only

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What makes the Discover Money Market shine

Discover’s free money market savings account offers a variety of perks, including a competitive interest rate that pays 4.00% APY on balances under $100,000 and a 4.05% 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

Where it falls short

The Discover Money Market account’s biggest drawback is its high opening deposit of $2,500. This is on the higher end of the average, as some money market accounts require as little as $500 to open an account. Although it’s high, it may be worth it if you have enough funds to make that initial deposit. Remember: The more you keep in your account the more you can accrue back in interest.

It also 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.

Name Product 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


Up to $250,000
CIT Bank Money Market
Finder Score: 3.9 / 5: ★★★★★
CIT Bank Money Market
Money market


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


Up to $250,000
Key Select Money Market Savings®
Finder Score: 3.3 / 5: ★★★★★
Key Select Money Market Savings®
Money market
Up to


Up to $250,000
Earn 4.00%-4.50% Interest Rate (2.41%-2.92% blended APY) for 6 months. Rate available on balances of $25,000 to $1,999,999.99 with an increase in total relationship balances of at least $25,000. See specific rate for your location here
Axos Bank High Yield Money Market account
Finder Score: 4.1 / 5: ★★★★★
Axos Bank High Yield Money Market account
Money market


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


Up to $250,000
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.

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 Twitter: 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:


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


  • 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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