Discover Money Market Account review September 2019 | finder.com

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Discover Money Market Account review

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Flexible access to your money with higher interest rates than a standard savings account.

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.

1.90%

APY

$0

Fee

$2,500

Minimum deposit to open

Details

APY1.90% on balances of $100,000+
1.85% on balances of $2,500 to $99,999
Fee$0
Minimum deposit to open$2,500
Minimum balance to earn interest$2,500
Interest compoundingDaily
Monthly transaction limit6
Fee per transaction over the limit$0

What are the benefits of the Discover Money Market Account?

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:

  • Competitive interest rates. This account pays a 1.85% APY on balances under $100,000 and a 1.9% APY for balances above $100,000.
  • Almost no service fees. You won’t pay fees to open or maintain the account, or for replacement debit cards and official bank checks.
  • Transparency. Discover discloses all possible fees on its website so you can avoid any unexpected charges.
  • Easy cash access. This account comes with an ATM card that allows you to access your cash when you need it. Plus, you won’t pay ATM fees at over 60,000 Discover ATMs.

What should I look out for?

The Discover Money Market Account is a great way to grow your savings, but there are a few things you should watch out for:

  • High opening deposit requirement. To open this account, you’ll need an initial deposit of at least $2,500.
  • Expensive wire fees. Outgoing wire transfers are $30 each.
  • Minimum balance requirements. You’ll need to maintain a balance of at least $2,500, otherwise you’ll be charged $0 per statement cycle.
  • Six transaction limit. Like other savings accounts, you can only make six transactions per month. If you exceed this limit, you’ll pay a fee and risk having your account closed.
  • No branches. Discover operates entirely online, so you won’t be able to visit a branch to speak with a teller.

Compare with other money market accounts

Name Product Interest rate (APY) Fee Minimum deposit to open
2.20%
$0
$100
A super-high interest rate if you're in the habit of saving at least $100 per month or have $25K in the bank.
2.15%
$10 per month
(can be waived)
$5,000
Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks.
2.00%
$15 per month
(can be waived)
$25
Earn one of the highest annual percentage yields (APYs) if you live in one of 42 eligible states, and access your money by ATM, check or bill pay.
2.02%
$25 per month
(can be waived)
$25,000
Earn 2.02% APY for 6 months on an MMA. Conditions apply.
2.00%
$0
$0
A high-interest, fee-free online bank account that helps you save.
1.85%
$0
$100
Reach your savings goals with a CIT Bank Money Market account. $100 minimum opening deposit.

Compare up to 4 providers

How do I open an account?

You can open a Discover Money Market Account online or by phone:

Online:

  1. Visit Discover’s website, hover over the banking tab and click Money Market.
  2. Click Open an Account.
  3. Log into your existing account or proceed as a new customer.
  4. Fill in your personal information and answer all questions as you proceed through the application.
  5. Fund your account or choose to make a deposit later.
  6. Read and accept the terms to submit your application.

By phone:

You can open this account by calling 800-347-7000 to speak with a US banking specialist.

Eligibility

In order to open a Discover Money Market account, you’ll need to meet a few eligibility requirements:

  • Valid Social Security number or tax ID number.
  • Be 18 or older.
  • Make an initial deposit of at least $2,500.

Required information

Regardless of how you choose to apply, you’ll need to provide the following information:

  • Name, date of birth and address.
  • Phone number.
  • Social Security number or tax ID number.
  • Employment information.

How do I deposit or withdraw my money?

Although savings accounts are designed to limit transactions, Discover offers several ways to access your money:

Deposits

  • Online transfer from another bank account.
  • Direct deposit.
  • Mobile check deposit.
  • Mail a check.

Withdrawals

  • At ATMs using the free debit card.
  • Transfers to other accounts.
  • Online bill pay.
  • Write a check.
  • Request a bank check.
  • Cash back from participating retailers.
  • Wire transfer.

How can I get in touch with customer service?

  • By phone: 800-347-7000
  • On Twitter: @Discover
  • Live chat: Log in to your account

Bottom line

Discover’s Money Market Account offers the security of a savings account with the added benefits of higher interest rates and easy access. However, Discover doesn’t have any physical branches, so you can’t do your banking in person. As always, compare your options to find a product that suits your needs.

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