Discover® Bank Online Savings Account is no longer available to new customers on SuperMoney. Click here to compare and quickly find the best options for your needs.
Last Updated: 12/05/2025
Not Currently Available
Discover® Bank Online Savings Account
Claimed
from Discover® Bank
Last Updated: 12/05/2025
SuperMoney User Recommendation Score +67
Strongly recommended21 total votes
Explore a similar product
Try this top product in Savings Accounts
Chime Savings Account
Mostly recommended31 reviews
Compare All Savings Accounts
Filter & compare all your options in one place.
Highlights
Community Rating
Strongly recommended
APY (Annual Percentage Yield)
3.40%(Verified 10/01/2025)
Disclaimer popup with additional information
Minimum Opening Deposit
$0
Minimum Balance to Earn APY
$0
Number of Reviews
Discover® Bank Online Savings Account Review
Discover® Bank Online Savings Account is no longer available to new customers on SuperMoney. Click here to compare and quickly find the best options for your needs. |
Discover® Bank Online Savings Account is offered by Discover® Bank, a bank founded in 1985 and based in Riverwoods, IL. Discover® Savings are available in 50 states and Washington, DC.
Key Takeaways
- High yield savings. This account offers an annual percentage yield of up to 3.40%*, which is much higher than the average interest rate for a savings account.
- No monthly maintenance fees. This account does not charge any monthly account fees.
- No minimum initial deposit. There is no minimum balance required to open an account online.
Discover® Savings Pros & Cons
| Pros | Cons |
|
|
Discover® Savings FAQ
Are savings accounts from Discover® federally insured?
Yes, your deposits are insured 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.
Does Discover® Bank offer a signup bonus?
Discover® Savings doesn't offer a signup bonus.
What is the minimum initial deposit for Discover® Savings?
There is no minimum deposit to open a Discover® Savings.| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Balance to Avoid Monthly Service Fee | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Balance to Earn APY | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Opening Deposit | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Average Combined Balance to Avoid Monthly Maintenance Fee | Starting at $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Required Balance | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Minimum Account Transfer to Avoid Monthly Fee | $0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
What APY* does Discover® Bank Online Savings Account offer?
Discover® Savings offers an APY of 3.40% (APY stands for annual percentage yield, rates may change). This is much higher than the average savings account rate.
The interest rate on a savings account or checking account can change based, in part, on what the Federal Reserve does. Note that the APY of a savings account is the amount of interest you will earn if you keep your money in the account for a full year expressed as a percentage. The difference between an APY and an interest rate is that the APY takes into account how often your money earns interest (or compounds). The more often your money compounds, the more it will earn. Savings accounts with an interest rate that compounds daily, for example, will earn a higher return (and therefore a higher APY) than savings accounts that compound annually. Annual Percentage Yield (APY). Advertised Online Savings Account APY is accurate as of 9/30/2025. Applies to personal accounts only. APY may change before or after the account is opened. No minimum deposit to open.
What fees does Discover® Savings charge?
Discover® Savings does not charge a monthly service fee. See the fee breakdown section below to view all fees.
- Outgoing domestic bank transfers come with a $30 fee.
- Outgoing international bank transfers come with a $30 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
What features and perks does Discover® Savings offer?
This savings account includes the following features:
- Fraud monitoring - Discover® Savings monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location, or you make a sudden string of costly purchases.
- Mobile Banking Services - Discover® Savings allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
- Nationwide ATM network - Conveniently transact at a nearby ATM.
Can you set up a direct deposit to Discover® Savings?
Yes, you can typically set up a direct deposit to this account. However, it depends on the direct deposit program your employer uses. Most direct deposit programs allow you to send your paycheck to a savings or checking account. In some cases, you can even split your paycheck between the two.
What is the customer support email for Discover® Savings?
The customer support email for Discover® Savings is service@email.discover.com.
How do people rate the customer service and user experience of Discover® Savings?
Overall, Discover® Savings is strongly recommended based on community reviews that rate customer service and user experience.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message from Discover® Savings
Hours of Operation
Sunday
Closed
Monday
9:00AM - 6:00PM
Tuesday
9:00AM - 6:00PM
Wednesday
9:00AM - 6:00PM
Thursday
9:00AM - 6:00PM
Friday
9:00AM - 6:00PM
Saturday
8:30AM - 1:00PM
Other Services by Discover® Bank
CD Accounts
8
8 Reviews
Checking Accounts
25
29 Reviews
Money Market Accounts
Rating not yet determined (4 Reviews)
Home Equity Loans
Rating not yet determined (4 Reviews)
SuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +67, or 4.3 on a 5-point rating scale.
+67
-1000+100
No one recommends
Everyone recommends
Discover® Bank Online Savings Account Community Reviews
Would you recommend Discover® Bank Online Savings Account to your friends?
JD
J D.
Aug 29, 2024
May or may not recommend
It's very convenient that there's no minimum deposit needed to open the account - big draw for me!
KC
Kawanis C.
Feb 29, 2024
May or may not recommend
If there's one thing that makes me very happy with banking with Discover, it is their mobile deposit feature. It's smooth, and easy to use, and there's rarely any problems with it. I've been using this account for a while and it's been a nice experience. The support team members are great to talk to and will help you with any issues you're facing. While there's no physical branch to ...Show More
SJ
Shamim J.
Feb 21, 2024
May or may not recommend
It sounds like Discover's online savings account offers competitive rates due to lower overhead costs, which is advantageous especially during times of economic uncertainty like the pandemic. A higher percentage rate of almost 4% is definitely attractive for savers. Thanks for the recommendation!
RW
Ryan W.
Dec 19, 2023
May or may not recommend
As a customer of Discover's Online Savings account, I've been mostly satisfied with my experience. The standout feature is the high APY of 4.35%, which is a lot higher than many other banks offer. This, combined with no monthly fees, makes it a very cost-effective choice for saving money. It's also really convenient that there's no minimum deposit needed to open the account, and the fact that the funds are ...Show More
MZ
Marinela Z.
Nov 9, 2023
May or may not recommend
I initially opened a Discover savings account around 2017 because I got a promotion through the mail. I was interested in opening with them because they offered the highest interest rate at that time for a savings account. I think I started with 3% interest rate and then I saw it go down to 2% and then 1%. At first I thought the 3% was just an ...Show More
ID
Irini D.
Nov 3, 2023
May or may not recommend
Discover Bank is my favorite savings account, with no monthly fee or annual fee, and is very trustworthy. Amazing bank to work with, 100 percent recommend!
U
Anonymous
Jul 7, 2023
May or may not recommend
Tried to open a checking and savings account. Wanted me to use a notary.
BW
Bre W.
Jun 26, 2023
May or may not recommend
No annual fee, no minimum so even if it’s just $5 I’m able to put it in there. I think having a minimum for a savings account isn’t saving.
JT
Jesse T.
Apr 21, 2023
May or may not recommend
The Discover Bank Online Savings Account is great! Not only is there no monthly fee and no minimum initial despite, their interest rate is high. This will be very beneficial if you tuck away a lot of money in savings as you will gradually grow your savings account over time. I would highly recommend this savings account!
Kimberly D.
Jan 27, 2023
May or may not recommend
Overall, Discover is a well-structured bank that allows you to feel secure about your finances.
Michael R.
Jan 23, 2023
May or may not recommend
Discover savings is my favorite savings account provider, and one of the best banks.
TS
Tonya S.
Jan 13, 2023
May or may not recommend
I have had my mobile deposit paycheck suddenly rejected 9 out of 10 times with no explanation. Their "investigation" was such a joke that they didn't even put the right account number in my correspondence. Switched to another bank and have had zero problems!
SD
Seth D.
Jan 14, 2021
May or may not recommend
Right now the APY is low because of our current situation with the pandemic, but I have had percentage rates up to almost 4% with this bank account. Because it is online, they don’t have to pay for many of the overhead costs of running business out of a store front, and in turn can offer you better rates than most competitors. I would strongly recommend opening a savings account ...Show More
LL
Lucky Lou L.
Jan 6, 2021
May or may not recommend
I have first learned about this bank through TV commercials and I got interested in their offers. I decided to apply online and waited 3 days for their approval. One of their agents called me as well just to explain about the coverage of their offers. The agent was so polite and friendly. I like how they handle their clients professionally. Their mobile banking is one of the best. I ...Show More
SL
Stephanie L.
Dec 11, 2020
May or may not recommend
I honestly don't know why anyone would not recommend this exceptional company - they are in a class of their own when it comes to delivering premium services and I had an amazing experience with them. Thank you for being amazing!
Harper H.
Oct 29, 2020
May or may not recommend
I have been banking with discover bank saving account for 10 years.I moved and changed my address today.Discover sent me an email indicating they will send confirmation to both old and new address.Why would they send a letter to my old address after i moved with someone else living there? Arent they supposed to protect my privacy and security?By sending a letter to my old address they are putting my ...Show More
RS
Rebecca S.
Oct 24, 2020
May or may not recommend
Trust is number-one for me when I'm looking for a savings account. The customer service representatives at Discover are super friendly and helpful and they never hesitate to answer all my questions. I know that the money I keep in my savings account at Discover is federally protected, too. It's just icing on the cake that they don't charge any monthly or ATM fees and they have a higher percentage ...Show More
PR
Poorva R.
Oct 9, 2020
May or may not recommend
Discover Bank Online Savings Account provides a higher interest rate (usually greater than 1%) than most other savings bank accounts. It has a well-built mobile app with user-friendly interface which allows you to manage your account efficiently. Their recent integration with Zelle for quick transfers between your accounts makes up for the unavailability of a debit card. Even though it does not have any physical banking locations, but the ...Show More
LR
Lauren R.
Sep 29, 2020
May or may not recommend
My experience with Discover banking has been a mix of good and bad. My first savings account application was denied because their instructions online were unclear and I did not upload the correct files they needed. I also don't like that I cannot transfer any amount of money less than $25. I am constantly needing to transfer small amounts, but instead have to transfer the whole $25, then transfer some ...Show More
Tiffany K.
Sep 9, 2020
May or may not recommend
While it’s not a super great interest rate, it is good for a savings account and better than the one that I get from the savings account at my usual bank. I like that it’s a higher interest rate, but I can still access the money quickly easily if necessary. I like the Discover app and website a lot, and the few times I’ve had to call their customer service, ...Show More
Showing 20 of 21 reviews
