Discover Bank Online Savings Account

Discover Bank Online Savings Account Review

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

• Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.30%*, which is much higher than the average interest rate for a savings account.
• $0 monthly fee. 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
Linked savings account. Discover Bank Online Savings Account allows you to link your savings account to a checking account. Access to ATM services through you linked checking account. Available in all 50 states. High variable APY*. Access to a nationwide network of ATMs. No charge on incoming domestic or international wire transfers.	Online-only account with no access to physical branches. Does not come with a debit card Higher than average wire transfer fees. No signup bonus.

Discover savings FAQ

Are savings 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.

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.

Discover Bank Online Savings Account Minimums

Description
Minimum Account Transfer to Avoid Monthly Fee	$0
Minimum Balance to Avoid Monthly Fee	$0
Minimum Balance to Earn APY	$0
Minimum Combined Balance to Avoid Monthly Fee	$0
Minimum Direct Deposit to Avoid Monthly Fee	$0
Minimum Opening Deposit	$0
Minimum Required Balance	$0

What APY* does Discover Bank Online Savings Account offer?

Discover savings offers an APY of 4.30% (APY stands for annual percentage yield, rates may change). This is higher than the typical APY for online-only savings accounts, which is around 1% APY.

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.

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.