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finder.com’s rating: 3.9 / 5.0
★★★★★
When you’re looking for a safe place to stash your cash, keep in mind that savings accounts don’t always offer great interest rates, which could limit your potential. Money market accounts like Discover’s offer higher annual percentage yields (APYs) than standard savings accounts while giving you more flexible access to your money when you need it.
Up to 1.05%
APY
$0
Fee
$2,500
Minimum deposit to open
Annual percentage yield (APY) | 1.05% on balances of $100,000+ 1.00% on balances of $1 to $99,999 |
---|---|
Fee | $0 |
Minimum deposit to open | $2,500 |
Minimum balance to earn interest | $1 |
Interest compounding | Daily |
Monthly transaction limit | 6 |
Fee per transaction over the limit | $0 |
More info | Go 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.
However, Discover doesn’t have any physical branches, so you can’t do your banking in person.
You can open a Discover Money Market Account online or by phone:
You can open this account by calling 800-347-7000 to speak with a US banking specialist.
In order to open a Discover Money Market account, you’ll need to meet a few eligibility requirements:
Regardless of how you choose to apply, you’ll need to provide the following information:
We’ve gathered a quick comparison of Discover Money Market and similar accounts to help you decide which is the best fit for you. Click “Compare accounts” to compare even more money market savings accounts.
We gathered a quick comparison of Discover Money Market and similar accounts to help you decide which one is best for you. To keep looking, select “Compare accounts” to compare even more money market accounts.
Quontic Bank Money Market |
Discover Money Market |
UFB Money Market Account |
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★★★★★ |
★★★★★ |
★★★★★ |
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Fee $0 |
Fee $0 |
Fee $10 per month |
APY 1.50% |
APY 1.05% 1.00% |
APY 1.66% |
Minimum deposit to open $100 |
Minimum deposit to open $2,500 |
Minimum deposit to open $0 |
Minimum balance to earn interest $1 |
Minimum balance to earn interest $0 |
Compare even more savings accounts
Discover’s money market is designed to help you save money while still allowing you to access your funds when you need them. It boasts standard features like FDIC insurance and a mobile app, plus these unique advantages:
The Discover Money Market Account is a great way to grow your savings, but there are a few things you should watch out for:
If you prefer going with a bank with physical branch locations, you’ll want to keep looking. As always, compare your options when choosing a money market account.
Although savings accounts are designed to limit transactions, Discover offers several ways to access your money:
Can I open this account if I’m not a US citizen?
Yes, although you may need to call customer service to speak with a representative.
What do I do if my card is lost or stolen?
Start by freezing your card by going online, calling customer service or using the mobile app. Then, call customer service to have a new card mailed to you.
How can I fund my account?
You can fund your account with an online transfer from another bank account or mail a check to Discover with your account number on the memo line.
What are the daily withdrawal limits?
The Discover ATM withdrawal limit is $510 per day.
★★★★★ — 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.