Discover Savings Account Interest Rates for September 2025
Written by
Caitlyn Moorhead
Edited by
Melanie Grafil
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Most have heard of Discover® credit cards, but did you know Discover also offers online banking? You can find checking accounts, certificates of deposit and a high-yield savings account at Discover® Bank, Member FDIC.
Whether you want to write a check, get a handle on your debit card purchases or let your savings grow with interest, you might want to consider Discover.
Overview of Discover Bank Savings Account Rates
The Discover® Online Savings account offers an APY, above the national average. The interest is compounded daily and paid monthly.Â
| Account | APY |
|---|---|
| Online Savings Account |
Key Features of the Discover Online Savings Account
Discover Bank offers one savings account. The Discover Online Savings account has:
- No monthly maintenance fees
- No insufficient funds fees
- No minimum balance requirements
Since it also has no minimum deposit requirement, you can open an account with as much or as little as you want.
Is the Discover Savings Account Right for You?
The Discover Online Savings Account is a great choice if you want to earn an interest rate exceeding the national average of 0.39%. It also provides the convenience of linking your checking account and credit card accounts within the same bank, making it easier to manage your finances in one place.
This convenience is worth it for many, making it a one-stop banking shop. The only drawback could be if you prefer to do your banking in person, as Discover deposit accounts are online only.
Pros and Cons of Discover Savings Accounts
Before opening a Discover Online Savings account, here are some pros and cons.
Pros
- APY is higher than the national average
- No monthly fees
- Easy to use platform
Cons
- No physical branches
- Not conducive for cash deposits
- Limited product variety compared to traditional banks
How Do Discover Savings Rates Compare to Other Banks?
When comparing high-yield savings accounts, it’s essential to consider factors like APY, fees, and standout features to find the best fit for your financial needs. Here’s a quick look at how Discover stacks up against popular options like Ally, Marcus by Goldman Sachs, and Capital One.
| Bank | APY | Fees | Key Features |
|---|---|---|---|
| Discover | No monthly fees | No minimum balance, 24/7 customer service, mobile app access | |
| Ally | No monthly fees | Savings buckets, no overdraft fees, user-friendly app | |
| Marcus by Goldman Sachs | No monthly fees | High APY, no minimum deposit, reliable customer support | |
| Capital One | No monthly fees | Performance Savings feature, no minimums, excellent mobile tools |
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 2, 2025.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
All information about Discover® Cashback Debit has been collected independently by GOBankingRates. Discover® Cashback Debit is no longer available through GOBankingRates.
