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Discover Online Savings Account review

Earn 0.40% APY with this high-yield online savings account.’s rating: 4.6 / 5.0


Discover Online Savings no hidden fees and a 0.40% 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.






Minimum deposit to open


Annual percentage yield (APY)0.40%
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$0
More infoGo to site

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.

Expert review

With a 0.40% 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.

How do I open a Discover Online Savings Account?

Open a Discover Online Savings account in six steps:

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

Can I open this as a joint savings account?

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.

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. To keep looking, select “Compare accounts” to compare even more savings accounts.

What are the benefits of the Discover Online Savings Account?

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.

  • Competitive APY. Its 0.40% APY is significantly higher than you’ll find with traditional savings accounts — sometimes as low as 0.01% APY.
  • No minimum opening deposit. Some banks require $100 or more to open an account, but you can open a Discover Online Savings Account Account with any amount.
  • Minimal fees. Unlike the competition, Discover’s online savings account doesn’t have any fees for monthly maintenance, excessive transactions, insufficient funds, account closures and more.
  • Auto Redemption. With the Discover Cashback Debit checking account, this program automatically deposits your cashback bonus into your savings account monthly.

What should I look out for?

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:

  • One brick-and-mortar branch. As an online bank, Discover has one storefront in Riverwoods, Illinois, so the only way to withdraw funds is at ATMs. Find one using the ATM locator online or through Discover Mobile, but be aware that not all ATMs are free or even open 24/7.
  • Limited deposits options. The only ways to deposit money are from direct deposits, online transfer, mobile check deposits or mail. You can’t deposit cash or traveler’s checks.

How do I deposit or withdraw my money?

You can deposit and withdraw money from your Discover savings account in seven ways:


  • Online transfer from an external bank account.
  • Direct deposit
  • Mobile phone
  • 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


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

Discover Savings account reviews and complaints

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.

Is this Discover savings account safe?

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.

How do I get in touch with customer service?

There are a few 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
  • 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 0.35% APY with a balance of $100,000. Anything less and you’ll earn 0.30%.
  • Discover CDs. Discover offers flexible terms of three months to 10 years with rates of 0.20% to 1.00%, depending on the term.
  • IRA CDs. Choose between a traditional or Roth IRA CD and enjoy interest rates of 0.20% to 1.00% with fixed terms that range from three months to 10 years.

Common questions about Discover Bank

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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    Default Gravatar
    April 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?

      Avatarfinder Customer Care
      April 19, 2019

      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
    April 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?

      Avatarfinder Customer Care
      April 2, 2019

      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
    January 3, 2019

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

      Avatarfinder Customer Care
      January 4, 2019

      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
    September 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
      September 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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