In this guide

  • Our verdict
  • Your reviews
  • Ask a question
Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Discover® Money Market Account review

  • Steven Dashiell's headshot
Discover® Money Market
3.9
★★★★★
Finder score
On Discover's secure site
APY
Up to 4.05%
Fee
$0
Minimum deposit to open
$2,500
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.

Pros

  • Up to 4.05% APY
  • No monthly fee

Cons

  • High $2,500 opening deposit
  • Online only

In this guide

  • Our verdict
  • Your reviews
  • Ask a question

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
4.00%$1,000$40
4.00%$5,000$200
4.00%$10,000$400
4.00%$50,000$2,000
4.05%$100,000$4,050

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.

{"visibility":"visibilityTable","ctaLabel":"Calculate","tableCode":"savings_calculator_table","nicheCode":"USFSA","fields":[{"name":"PERIOD","value":"1","options":"","label":"Years to save","suffix":"","useSuffixAsPrefix":false,"useDropDownOption":false,"tooltip":""},{"name":"INITIAL_DEPOSIT","value":"1000","options":"","label":"Initial deposit","suffix":"$","useSuffixAsPrefix":true,"useDropDownOption":false,"tooltip":"Select Calculate to see your estimated total balance based on the current APY for each product below"}]}
1 - 6 of 13
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

5.00%

Up to $250,000
$0
$100
$1,050
Discover® Money Market
Finder Score: 3.9 / 5: ★★★★★
Discover® Money Market
Money market

4.05%

4.00%

Up to $250,000
$1
$2,500
$1,040.50
CIT Bank Money Market
Finder Score: 3.9 / 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
loading

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:

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.

Your reviews

No reviews yet. Write a review

Ask a question

Ask a question
Avatar

Steven Finder

Senior writer

Hi there, looking for more information? Ask us a question.

Error label

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked
Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Go to site