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Discover Online Savings Account review

This online high-yield savings account earns 4.30% APY — 10x higher than the national average.

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Our verdict

The Discover Online Savings Account is one of the few savings accounts from major banks that offers a more than competitive 4.30% APY, which is 10x higher than the national average. It works well paired with the Discover® Cashback Checking account, which allows you to earn cash back on purchases and deposit those savings directly into your savings account automatically. But like with most online accounts, you can't deposit cash directly into this savings account, so you'll need to turn to direct deposits or transfers.

Best for: Consumers who want a strong APY from an established and trusted major bank.

  • Strong 4.30% APY
  • No monthly fee
  • No minimum opening deposit
  • One brick-and-mortar branch
  • No cash deposits


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Discover Online Savings Account

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Where the Discover Online Savings Account shines

Discover’s high-interest savings account offers a few key benefits, including a very strong 4.30% APY. There’s also no minimum opening deposit required to open the account and minimal fees, including no fees for maintenance, excessive transactions, overdrafts, closing accounts and more. Discover is also now integrated with Zelle, so Discover customers with a checking, savings or money market account that’s at least 90 days old can send or recieve peer-to-peer transactions with no fees on Discover’s end.

A unique feature of the account is the ability to pair it up with Discover® Cashback checking account, which offers 1% cash back for debit purchases. You can choose to have your cash back earnings created on your checking account automatically deposited into your savings account, helping build your savings and cash back even further.

How much interest you could earn

Your savings rate is compounded on a daily basis giving you the most earnings possible. Here’s how much you could earn, depending on how much money you keep in savings:

APYAmount in savingsInterest earned in 12 months

Where it falls short

There are no major drawbacks to the Discover Online Savings Account. There’s a $30 fee for outgoing wire transfers — but this is pretty standard in the banking industry. The main drawbacks are those associated with digital banking: since you can’t deposit cash, you’ll need to use direct deposits, online transfers, mobile check deposits or mail to add funds to your account. There’s also just one physical Discover branch available in the entirety of the US, located in Riverwoods, Illinois. But it high APY makes up for these online banking drawbacks.

How do I open a Discover Online Savings Account?

You can open a Discover Online Savings Account on your own or as a joint account when you start your online application.

  1. Select Apply now.
  2. Choose All Products from Discover Bank’s website.
  3. Select Online Banking and hit Online Savings Account.
  4. Choose Open an Account and select whether you’re a new or returning customer.
  5. Enter your personal information and Continue.
  6. Follow the prompts to set up your account, make your opening deposit and read over the account disclosure.

Eligibility requirements

To apply for an account with Discover, you’ll need to meet the following requirements:

  • US citizen
  • At least 18 years old
  • Valid Social Security number or taxpayer ID
  • Physical US address

What do I need to open an account?

Provide Discover with the following information:

  • Name
  • Date of birth
  • Address
  • Social Security number or tax identification number
  • Employment information

Compare Discover Online Savings Account to similar accounts

We gathered a quick comparison of Discover Online Savings Account and similar accounts to help you decide which one is best for you.

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How do I deposit or withdraw my money?

Deposit and withdraw money from your Discover Online Savings Account in several ways.


  • Online transfer from an external bank account
  • Direct deposit
  • Mobile phone deposit
  • By mail by sending a check with your name and account number on the memo line to the following address:
  • Discover Bank
  • PO Box 30417
  • Salt Lake City, UT 84130


Make withdrawals from your account, although savings accounts usually are limited to six transactions per month. There are four ways to withdraw from your account:

  1. Send an online transfer to an external bank account.
  2. Transfer to your Discover checking account.
  3. Request an official bank check.
  4. Wire transfer.

The six-withdrawal limit is a regulation set by the Federal Reserve. However, the regulation is currently suspended, so contact Discover to learn any other limitations.

How do I get in touch with customer service?

There are five ways to reach Discover Bank customer service:

  • By phone: 800-347-7000
  • Online: Log in to your account to use the secure message center or live chat. You can also manage your account through your online account or app.
  • Facebook: Discover
  • Twitter: @Discover
  • By mail:
    • Discover Bank
    • PO Box 30416
    • Salt Lake City, UT 84130

What other banking services does Discover provide?

In addition to its high-interest savings account, Discover offers several other banking and investment products that include:

  • Discover® Cashback Debit. Discover’s checking account rewards you with up to $3,000 in debit card purchases each month, no monthly maintenance fees and unlimited online transfers.
  • Discover Money Market. Earn up to 4.25% APY with a balance of $100,000 and above. Anything less and you’ll earn 4.20%.
  • Discover CDs. Discover offers flexible terms of three months to 10 years with rates of 2.00% to 5.00%, depending on the term.
  • IRA CDs. Choose between a traditional or Roth IRA CD and enjoy interest rates of 2.00% to 5.00% with fixed terms that range from three months to 10 years.

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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8 Responses

    Default Gravatar
    IGApril 17, 2019

    Regarding online savings that offers 2.10% APY and $0 monthly fees, is there a dollar limit on withdrawals? Is there a fee to withdraw money from the account? Is there a fee to close an account? Is interest paid as it accrues, annually or other? Is money deposited into the account insured in the event the online account is hacked or somehow stolen?

      JeniApril 19, 2019Finder

      Hi IG,

      Thank you for getting in touch with Finder.

      Interest is compounded daily, credited monthly, and calculated on a 365-day basis for interest-bearing accounts. No limit on how much you wish to withdraw from this account however you will be charged an excessive withdrawal fee of $15 if you make more than 6 withdrawals in a calendar month. Funds in Discover Bank Accounts are insured by the Federal Deposit Insurance Corporation (FDIC) to the maximum allowed by law. Please contact Discover directly if you need more info on opening an account with them.

      I hope this helps.

      Thank you and have a wonderful day!


    Default Gravatar
    LaurieApril 1, 2019

    If I open an account with $15000 and receive the bonus and something happens where I need the money and withdraw some, would I lose the bonus?

      johnbasanesApril 2, 2019Finder

      Hi Laurie,

      Thank you for reaching out to Finder.

      No you do not lose the 2.10% APY as this is the interest being earned for the account. When you need to withdraw money, the account allows you to do this via 3 methods:

      Send an online transfer to an external bank account.
      Request an official bank check.
      Wire transfer.

      Please note that the principal that is to be calculated after the withdrawal will be smaller thus the interest smaller as well. Hope this helps!


    Default Gravatar
    KaraJanuary 3, 2019

    Is there a fee for closing an account if I need to take out my money?

      JhezelynJanuary 4, 2019Finder

      Hi Kara,

      Thank you for your comment.

      There is no fee for closing your Discover Online Savings Account and for taking out the money.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.


    Default Gravatar
    ClintonSeptember 1, 2018

    I tried creating a discover account I filled out the necessary information needed but I haven’t been approved I was told it would be reviewed. How long can I wait?

      Default Gravatar
      joelmarceloSeptember 1, 2018

      Hi Clinton,

      Thanks for leaving a question on finder.

      Typically, approval is within 3 to 5 business days. If it takes longer than that, you can contact Discover bank directly to follow up and find out what could be causing the delay.


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