Discover Bank Online Savings

5 out of 5

Powered by: Discover Bank

At A Glance

As you search for a solution that will maximize your savings, consider Discover Bank Online Savings. With competitive savings rates, big bonuses, no fees, and ease of use, Discover Bank Online Savings matches the criteria investors should value most when picking the best online savings account.

Pros & Cons

Pros

  • Access to a comprehensive suite of financial products and services
  • No fees
  • Robust mobile banking
  • Competitive savings rates

Cons

  • Only one physical branch location
  • No ATM card

Discover Bank Online Savings Highlights

Minimum balance

No minimum balance requirement

Minimum deposit

No initial deposit requirement

Ongoing APR

0.55% APR

Account fees

No account fees

Online and mobile banking

Online and mobile banking available

FDIC insurance
Member FDIC
Customer support

Phone, email, and 24/7 live chat

Promotion
No promotion available

Discover Bank Online Savings Review

Expert's Take
Brooke Hayes - Spade Business Team
Brooke Hayes
December 2, 2020

Discover Bank is an online bank offering customers a high-yield savings account with robust savings features. On top of its appealing features, Discover provides a strong annual percentage yield, no fees, and a cashback debit card. Account-holders won’t be issued an ATM card, but Discover Bank remedies this by providing free bank checks complete with expedited delivery.

Check out our in-depth Discover Bank Online Savings review to see if this account fits your needs.

Where Discover Bank Online Savings Shines

Competitive APY: When investing money in a high-yield savings account, APY should be the first factor to consider. With Discover’s high-yield savings account, you’ll benefit from one of the higher APYs on the market. Discover offers an APY of 0.55% as of July 2020. Since rates can change, consider looking at their website for up-to-date rates.

No monthly balance requirement: In addition, there’s no minimum deposit required to open an account and no minimum balance required.

No fees: Another major selling point for Discover’s high-yield savings account is that there are no fees for monthly maintenance, insufficient funds, excessive withdrawal, or stop payment order.

Mobile app: Discover has one of the most robust mobile apps on the market, so folks who prefer and reply on mobile banking should take a look at Discover Bank Online Savings. Account-holders can view account activity, access their account details, electronically deposit checks, and transfer money.

Where Discover Bank Online Savings Falls Short

No ATM card: Discover Bank makes it slightly difficult to access your funds immediately. The account doesn’t offer ATM cards for withdrawals. However, Discover’s cashback debit account can be opened with a savings account. As a bonus, you’ll earn 1% cash back on up to $3,000 of purchases each month.

How To Access Your Money

Discover only has one physical bank location, so here’s how to deposit and withdraw your money.

Deposit options:

Here are several ways you can make a deposit:

  • Mobile deposit
  • Online transfer
  • Wire transfer
  • Direct deposit
  • Mailing a physical check
Withdrawal options:

Discover Bank offers several withdrawal options, including:

  • Outgoing wire transfer
  • Official bank checks
  • Online transfers to external banks
  • Transfer to other Discover accounts

Is Discover Bank Online Savings Right For You?

If you want competitive rates and no fees, this high-yield savings account is a reliable option. As long as you don’t need an ATM card with your savings account, the Discover Savings account is a clear winner. You can even use the cash back debit account in tandem to easily access your funds. Plus, the cash bonus (if you have enough money to qualify) should make this account at the top of your list.

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