Discover Bank Money Market Account

Discover Bank Money Market Account Review

Discover Bank Money Market Account is offered by Discover Bank, a bank founded in 1985 and based in Riverwoods, IL. Discover Bank money market are available in 50 states (and Washington, DC).

Key Takeaways

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.25%, which is much higher than the national average for a money market account.
• No APY minimum balance. There is no minimum amount you have to deposit to start earning interest with this money market account.
• $0 monthly fee. This account does not charge any monthly account fees.
• High minumum opening deposit. You must deposit a minimum of $2,500, which is high compared to most money market accounts.

Pros & Cons of Discover Bank Money Market Account

Discover Bank Money Market Account FAQ

Are money market accounts from Discover Bank federally insured?

Yes, your deposits are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What are the interest rates for Discover Bank money market rates?

Discover Bank money market offers an APY starting at 4.20% and ranging up to 4.25% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only checking accounts, which is around 1% APY.

What are the fees for Discover Bank Money Market Account?

Discover Bank Money Market Account does not charge a monthly maintenance fee.

What is the minimum balance for Discover Bank money market?

Minimum deposit of $2,500. You must make an initial deposit of at least $2,500 to open this account.

What features and perks does Discover Bank money market offer?

This account includes the following features:

• Fraud monitoring - Discover Bank monitors transactions for potentially fraudulent activity.
• Mobile Banking Services - Discover Bank money market allows you to manage your money through online banking and a dedicated mobile app. This includes depositing checks in your account with your smartphone.
• Nationwide ATM network - Discover Bank money market allows you to access your money from an ATM, a convenient feature only a few offer.

What is the customer service phone number?

The customer service number for this account is (800) 347-2683.

What is the support contact email?

The support contact email for this business credit card is service@email.discover.com.

How to open an account with Discover Bank

• Visit the Discover Bank website.
• Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
• Check the information is accurate and submit your application.