Discover Online Savings Account Review

GOBankingRates Score

Discover Bank
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: The Discover® Online Savings account offers an above-average interest rate, with no monthly maintenance fees and no minimum balance required.
  • APY
  • Perks
  • Fees
  • Customer Service
How did we calculate this?


  • 4.30% APY
  • No minimums or fees
  • Can be used as overdraft protection


  • Limit of six transactions per statement period applies to certain types of transfers and withdrawals

Discover Online Savings Account Overview

The Discover Online Savings account is a standard savings account that pays a very competitive rate of interest. It pays APY, which is much higher than many national brick-and-mortar banks, and you don’t have to meet a minimum balance requirement to earn that rate. You can find slightly higher rates elsewhere, but some of the banks offering those don’t have as broad a product suite as Discover.

Key Features

GOBankingRates considered the following features to determine the Discover Online Savings account’s 4.8-star rating.


The Discover Online Savings account pays APY, which is a very good interest rate, particularly for an account with no minimum balance requirement and no fees.


The biggest perk of this account is the interest rate, but there are others. You’ll get access to the Discover app, which includes mobile check deposit, online bill pay and more. The app has ratings of 4.9 out of 5 stars on the App Store and 4.7 out of 5 stars on Google Play.

Additionally, you can set up overdraft protection from your savings account to use on your checking account, or vice versa.

No Fees

You won’t pay any fees with a Discover Online Savings account. This includes monthly maintenance fees as well as fees for bank checks, stop payment orders, deposited items that are returned, insufficient funds or even excessive withdrawals. Plus, you can use your savings account as overdraft protection for your Discover checking account — and there’s no fee for that either.

Customer Service

You can contact Discover customer service by phone anytime, day or night. Discover has a U.S.-based customer support network, so you can conveniently speak with a live person whenever necessary.

Other Features of the Discover Savings Account

Here’s a look at additional features you should consider before opening a Discover savings account.

No Minimum Balance Requirement

You do not have to maintain a minimum account balance to earn Discover’s high APY or avoid monthly maintenance fees. There is no minimum opening deposit requirement either.

FDIC Insured

Discover savings account funds are insured by the Federal Deposit Insurance Corp. up to the maximum allowed by law — $250,000 per depositor, per deposit ownership category.

Deposit Options

You can make deposits into a Discover savings account in any of the following ways:

  • Set up direct deposit into the account
  • Make mobile check deposits using the app
  • Transfer money into the account from another Discover account or an account from another bank
  • Mail a check and deposit slip to Discover

Withdrawal Options

The easiest way to withdraw money from a Discover savings account is to transfer funds to another Discover account or an external bank account. You can also wire money from the account or request an official bank check from Discover, which you can make out to yourself and deposit into another account.

How the Discover Online Savings Account Stands Out

The Discover Online Savings account gives you a high interest rate, making it stand out from many other accounts. You’ll pay no monthly maintenance fees, and you’ll also pay no fees for bank checks, insufficient funds and more. It’s also part of the Discover family of financial products, so you can do all your banking in one place.

Comparable High-Yield Savings Account Options

When shopping for a high-yield savings account, you want to look at several options so you can be sure you’re getting the right account for your needs. Here are some other high-yield savings account options to consider.

Salem Five Direct eOne Savings

At APY, Salem Five Direct’s eOne Savings account, with no minimum balance and no maintenance fee, is a worthy competitor. Salem Five Direct also offers a checking account, but unlike Discover, it doesn’t offer credit cards or loans.

UFB Premier Savings

The UFB Premier Savings account from UFB Direct pays APY, with no monthly fees or minimums. But UFB Direct does not offer a checking account, so you’ll need to have another bank as well.

How To Apply

You can open a Discover Online Savings account online or by calling Discover customer service at 800-347-7000. You’ll need to provide your personal information, including your name, address, Social Security number and email address, among other details. If you’re transferring money from another account, you’ll need the information for that account.

Who the Discover Online Savings Account Is Best For

The Discover Online Savings account is a good choice if you’re looking for a high interest rate with no fees and you also like keeping all your accounts in one place.

Final Take

The Discover Online Savings account is a great choice if you want to earn a competitive rate of interest on your savings. You can also have your checking, credit card and retirement accounts at the same bank if you choose to do so.

Discover Savings Account FAQ

Here are the answers to some of those frequently asked questions about the Discover Online Savings account.
  • Is a Discover savings account safe?
    • Discover provides several security features for keeping your account safe, including secure data encryption, proactive fraud monitoring, enhanced account verification and more. Additionally, Discover savings account funds are insured by the FDIC up to the maximum the law allows.
  • How much interest does a Discover savings account pay?
    • Discover currently offers a 4.30% APY on its savings account.
  • What is the minimum balance requirement for a Discover savings account?
    • Discover has no minimum balance requirement for its savings account.
  • Which bank pays 7% interest on savings accounts?
    • Banks in the U.S. do not currently offer savings accounts with a 7.00% APY. Landmark Credit Union offers a checking account with a 7.50% APY on balances up to $500, but the APY applied to the remaining balance is only 0.11%. Digital Federal Credit Union offers a savings account with a 6.17% APY that applies to balances up to $1,000, with the remaining balance earning just 0.16%.

Andrea Norris contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 18, 2023.

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.

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