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Discover Online Savings Account review

Earn 2.15% APY with this high-yield online savings account.’s rating: 4.6 / 5.0


Discover Online Savings Account no hidden fees and a 2.15% 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)2.15%
Minimum deposit to open$0
Minimum balance to earn interest$0
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$0
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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 2.15% APY and no monthly fees, there’s a lot to love about Discover Online Savings. It’s best for looking for competitive interest rates and low commitment on how much you stash in the account.

However, as with most online accounts, it doesn’t let you deposit cash. You’ll either need to use any on-hand cash at stores or have an external account that accepts cash deposits. You should also be comfortable banking online since Discover only has one branch location.

Finally, you’ll get the most benefit from this account by using Discover’s Cashback Checking. The checking account lets you earn cash back on debit purchases, and you can deposit your rewards automatically into your savings. You can also withdraw funds more easily by transferring them to your Discover checking account.

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

Discover Online Savings Account

American Express® High Yield Savings Account


Finder rating 4.6 / 5


Finder rating 4.6 / 5

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on Discover's secure site
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on American Express's secure site









Minimum deposit to open


Minimum deposit to open


Minimum balance to earn interest


Minimum balance to earn interest


What are the benefits of the Discover Online Savings Account?

Discover’s high-interest savings account offers key benefits in addition to solid fraud and liability protections, standard FDIC insurance up to $250,000 and 24/7 US-based customer service.

Maximize your benefits by using Discover’s Cashback checking account, which offers rewards for debit purchases and no account fees.

  • Competitive APY. Its 2.15% APY is significantly higher than you’ll find with traditional savings accounts. Brick-and-mortar banks can go as low as 0.01%.
  • No minimum opening deposit. Some banks require $100 or more to open an account, but you can open a Discover Online Savings Account with any amount.
  • Minimal fees. We love that this savings account doesn’t charge fees for monthly maintenance, excessive transactions, overdrafting your account, closing accounts and more.
  • Save your cashback bonus automatically. Deposit your cashback bonus from your Discover Cashback checking into your savings account automatically.

How much interest you could earn

The Discover Online Savings Account calculates your interest every day, giving you the most earnings possible. Other accounts compound interest monthly or quarterly. What you could earn, depending on how much money you keep in savings:

APYAmount in savingsInterest earned in 12 months

What should I look out for?

Discover Online Savings Account 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. That means the main way to withdraw your money is to transfer it to your other bank accounts.
  • No cash deposits. You can’t deposit cash or traveler’s checks. However, you can use direct deposits, online transfers, mobile check deposits or mail.
  • Enroll in overdraft protection. You must enroll to get this protection. You can do so by logging in to your account and selecting Overdraft Protection under Accounts, which brings you to the Overdraft Protection enrollment page.

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 2.1% APY with a balance of $100,000 and above. Anything less and you’ll earn 2.05%.
  • Discover CDs. Discover offers flexible terms of three months to 10 years with rates of 0.75% to 3.30%, depending on the term.
  • IRA CDs. Choose between a traditional or Roth IRA CD and enjoy interest rates of 0.75% to 3.30% 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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  1. 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!


  2. 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!


  3. 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.


  4. 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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