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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 0.35%
APY
$0
Fee
$2,500
Minimum deposit to open
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.
Discover’s Money Market account is best for those who have at least $2,500 ready to deposit. You’ll earn 0.3% APY on balances under $100,000 and a slightly higher rate on balances above $100,000.
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.
Discover Money Market
Not yet rated
Find out more |
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Fee $0 |
APY
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Minimum deposit to open $2,500 |
Minimum balance to earn interest $1 |
CIT Bank Money Market
★★★★★
Go to site |
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Fee $0 |
APY 0.45% |
Minimum deposit to open $100 |
Minimum balance to earn interest $0 |
UFB Direct Premium Money Market Account
★★★★★
Go to site |
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Fee
$10 per month |
APY
|
Minimum deposit to open $5,000 |
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: