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finder.com’s rating: 4.6 / 5.0
★★★★★
Discover Online Savings no hidden fees and a 0.50% APY that’s currently 5x higher than the national average — helping you maximize your savings where it counts. But as with most online savings accounts, this one doesn’t accept cash deposits.
0.50%
APY
$0
Fee
$0
Minimum deposit to open
APY | 0.50% |
---|---|
Fee | $0 |
Minimum deposit to open | $0 |
Minimum balance to earn interest | $0 |
Interest compounding | Daily |
Monthly transaction limit | 6 |
Fee per transaction over the limit | $0 |
Go to site More Info |
Review by
Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
With a 0.50% APY and no monthly fees, there’s a lot to love about Discover Online Savings. It’s best for anyone looking for a hassle-free way to save with competitive interest rates, on-the-go transactions and no minimum account requirements.
If you already have a Discover Checking account, you’ll enjoy the added perk of having your cashback bonuses automatically deposited into your savings account each month.
But as with most online accounts, it doesn’t support cash deposits and you’ll need to be comfortable banking online as Discover only has one branch location.
Open a Discover Online Savings account in six steps:
Yes. You’ll see the option to open an individual or joint Discover savings account when you start your online application. You’ll need the joint account holder’s full name, date of birth and Social Security number when you apply.
To apply for an account with Discover you’ll need to meet the following requirements:
Provide Discover with the following information:
We gathered a quick comparison of Discover Online Savings Account and similar accounts to help you decide which one is best for you. To keep looking, select “Compare accounts” to compare even more savings accounts.
Discover Online Savings Account
★★★★★
Go to site |
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Fee $0 |
APY 0.50% |
Minimum deposit to open $0 |
Minimum balance to earn interest $0 |
American Express® High Yield Savings
★★★★★
Go to site |
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Fee $0 |
APY 0.50% |
Minimum deposit to open $0 |
Minimum balance to earn interest $1 |
Aspiration Spend & Save Account
★★★★★
Go to site |
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Fee $0 per month or $15 per month for Aspiration Plus ($12.50 per month if you pay annually) |
APY
|
Minimum deposit to open $10 |
Minimum balance to earn interest $0 |
Compare even more savings accounts
Discover’s high-interest savings account offers several key benefits in addition to solid fraud and liability protections, standard FDIC insurance up to $250,000 and 24/7 US-based customer service.
Discover Online Savings doesn’t come with an ATM card and there’s a $30 fee for outgoing wire transfers, but this is pretty standard in the banking industry. Watch out for these potential drawbacks:
You can deposit and withdraw money from your Discover savings account in seven ways:
Discover Bank
PO Box 30417
Salt Lake City, UT 84130
Discover Bank has earned an A+ rating with the Better Business Bureau (BBB) as of October 2020. It has a 1.36 out of 5-star customer rating on the site based on 132 reviews. Most of the reviews are about its credit card and loan services. There aren’t many reviews of the Discover online savings account, but some users report opening this account for a savings promotion, then having issues receiving their bonus. They say customer service wasn’t helpful in getting their issue resolved.
Yes. Discover online savings is FDIC insured up to $250,000. The bank uses industry-standard security measures and data encryption to keep your information safe.
There are a few ways to reach Discover Bank customer service:
Discover Bank
PO Box 30416
Salt Lake City, UT 84130
In addition to its high-interest savings account, Discover offers several other banking and investment products that include:
★★★★★ — 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.