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Discover Bank High Yield Savings Accounts


Bank Anywhere, Anytime and Manage your account 24/7 from almost anywhere with compatible phones, tablets or computers – Plus, Earn 5x the National Average of Savings Account.

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Earn over 5X the National Savings Average.


No minimum balance or monthly maintenance fees.


0.95% APY.

Account Details

Credit Needed

Applicants can have any credit type to open this account. Anyone can open the Discover Online Savings Account.

ChexSystems and EWS

For those with a ChexSystems or EWS record you may ask: Does Discover Bank use ChexSystems? Discover Online Savings Account does not use ChexSystems or EWS. The Discover Online Savings only verifies your identity, per Patriot Act, through a soft-pull on your Experian report.

Benefits

Save more. Earn more. Whether you’re putting money aside for a rainy day or saving up for something special, Discover Bank High Yield Savings Accounts pays a great savings rate with convenient access. Customers enjoy a rate that exceeds the national Savings Average on all balances, fast online money transfers and easy to setup automatic savings plan.

Customer Service

Expect great service when you bank with Discover. As a Discover Bank customer, you’ll enjoy the same commitment to customer service that has ranked Discover card among the highest in customer loyalty for 18 consecutive years.

Mobile Deposits

You can access and manage your account via Discover’s mobile app available for Android™ and iPhone®. If you do not have an Android or iPhone smartphone, you can still access your account on your phone using Discover Bank’s App. With Discover Bank’s Mobile Check Deposit feature you can deposit checks at anytime and anywhere.

Pros

No minimum balance required to earn 0.95 APY. A savings account can be a great way to save for short-term and long-term goals, as well as for unexpected costs. Discover’s Online Savings Account can deliver what you want: a great savings rate and convenient and secure access online or on a mobile device, to give you peace of mind.

Cons

The minimum initial deposit is $500 although you are not required to maintain a minimum balance once the account is open. But Discover makes it easy to deposit the initial $500 if you don’t have it immediately. You have up to 30 days to fund the account after you open it online. You can mail a money order, cashier’s check, payroll or personal check, benefits or government check.

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    Summary of Key Benefits:
  • Earn over 5X the National Savings Average.
  • Low $500 minimum opening deposit.
  • No minimum balance or monthly maintenance fees.
The editorial content on this page (including, but not limited to, Pros and Cons) is not provided by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. The credit card offers that appear on this site are from credit card companies from which this site may receive compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers.

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