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The Discover® Online Savings account earned a spot on our list of the Best High-Yield Savings Accounts of 2025, taking the crown for Best for Mobile App Bankers. While it may not have the absolute highest APY out there, it still offers a solid return that far outpaces typical savings accounts, all while boasting zero fees and no monthly minimums.
If you're already a Discover cardholder or have a Discover® Bank checking account, this is an especially great choice. It's a solid option for anyone looking for a low-risk, reliable account that gets your money working for you -- without the hassle. Keep reading to see if it's right for you.
Discover® Online Savings
On Discover Bank's Secure Website.
On Discover Bank's Secure Website.
The Discover® Online Savings account promises customers an above-average interest rate and few limitations. Most people won't ever encounter fees with this account, and you won't have to worry about keeping track of your monthly withdrawals either.
Our ratings are determined by an editorially independent Ratings team. Here's more information about how we scored this product:
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code TMF325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.
At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.
Our scores are weighted as:
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.
A great high-yield savings account (HYSA) shouldn't nickel and dime you -- and Discover gets that. While the 3.60% APY isn't the absolute highest out there, you can start earning with as little as $1, and there are no annoying fees eating into your savings. No overdraft fees, no monthly maintenance fees -- just a simple, stress-free way to grow your money. The only exception? A $30 fee for outgoing wire transfers, but unless you're frequently wiring money, this account stays refreshingly fee-free.
Like the sound of free money? One of Discover's standout perks is its welcome bonus, which sets it apart from many other HYSAs. Use offer code TMF325 when opening your first Discover® Online Savings account, and you could snag up to $200 just for getting started. Deposit $15,000 within 45 days to earn $150, or go big with $25,000 to pocket $200. But don't wait -- this offer expires Sept. 11, 2025.
Most high-yield savings accounts compound interest monthly, but Discover takes it up a notch with daily compounding interest. Over time, that could mean a nice boost to your earnings if you're maintaining a sizable balance.
We named Discover the Best Mobile App Experience in our Best HYSA rankings for a reason. With a 4.9/5.0 rating in the Apple Store and 4.3/5.0 in Google Play, the app makes it incredibly easy to manage your savings on the go. Even better? If you have a Discover credit card, checking account, or CD, you can manage everything in one place -- no juggling multiple logins or apps.
Do you have first-hand knowledge of Discover® Online Savings? Share your thoughts with us and your fellow Motley Fool Money readers.
If you love the convenience of digital banking, this won't be a dealbreaker -- but if you prefer walking into a branch and talking to a teller, Discover might not be the right fit. With just one physical location (in Greenwood, Delaware), this is a true online-only bank, meaning everything -- account setup, transfers, check deposits, and customer service -- happens digitally or over the phone.
That said, Discover does a solid job of making online banking as seamless as possible. The highly rated mobile app, 24/7 customer service, and large network of fee-free ATMs ensure you can still manage your money easily. But if you need frequent in-person banking, you'll want to look elsewhere.
TIP
In February 2024, Capital One announced it would acquire Discover. Now, in early 2025, we're all eagerly awaiting to see if this deal is approved by regulators and shareholders. If it does, that means Discover Savings customers would likely gain access to the 200+ Capital One branch locations across the U.S.
While 3.60% APY is nothing to scoff at, typically online-only banks offer higher APYs than brick-and-mortar banks because of their lack of overhead. But in this case, there are higher APY options for online-only banks, like the Barclays Tiered Savings account (4.00% APY).
It's of course worth noting that Discover's APY is still more than nine times higher than the national savings rate, and with no fees or minimums, it remains a competitive choice for those who want a hassle-free, well-rounded savings experience.
Here at Motley Fool Money, we pride ourselves as real users of most of the products across our site. One of our Senior Performance Marketers, Ethan Mellin, uses the Discover® Online Savings account himself.
I chose Discover® Online Savings first and foremost because of its high APY. However, I am also a Discover credit card and checking account holder, so having everything in one easy-to-use mobile app makes it extremely easy to manage my finances. That being said, I've recently noticed other online savings accounts with slightly higher APYs.
Though it doesn't have the highest APY on the market, one of the biggest perks of a well-known bank like Discover is the level of customer service that accompanies its well-known name. With an online-only bank, it's important to have consistent and reliable access to customer service representatives in case of an emergency.
Discover offers 24/7 U.S.-based customer service, so you can reach a real person by phone any time, day or night. And remember that mobile app we love? Many users in the App Store specifically praise its easy access to customer support, making banking with Discover as stress-free as possible.
One of the most common questions people have about HYSAs is how hard it is to get your money out. Since most people use their HYSA for an emergency fund or for saving for something like a down payment, you need to be able to get your hands on your money asap.
The good news? Discover makes deposits and withdrawals pretty straightforward.
You've got a few options when adding money to your account:
When it's time to take money out, here's what you can do:
Pro tip: If you transfer money to a Discover® Cashback Debit account, you can use Discover's fee-free ATM network to withdraw it.
If you plan on moving large sums of money frequently, those limits mean this isn't a great choice for you. But for everyday savers, Discover offers flexibility while keeping your funds easily accessible when you need them.
Discover® Bank is FDIC insured, meaning you can recover up to $250,000 per depositor, per account ownership category in the event of a bank failure. That's the most important thing you're looking for when deciding if a bank is safe.
Discover also offers the basic security features you'd expect: encryption technology, fraud monitoring, and two-factor authentication. It also has a robust fraud and account protection system for credit card data.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
Account | APY | Promotion | Next Steps |
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
up to 3.80%
Rate info
SoFi members who enroll in SoFi Plus with Eligible Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or SoFi members with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. If you have satisfied Eligible Direct Deposit requirements for our highest APY but do not see 3.80% APY on your APY Details page the day after your Eligible Direct Deposit arrives, please contact us at 855-456-7634. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Min. to earn: $0
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New customers can earn up to a $300 bonus with qualifying direct deposits!
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Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
3.60%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 8, 2025. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
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N/A
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Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
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Open Account for Barclays Tiered Savings
On Barclays' Secure Website.
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
4.00%
Rate info
Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
|
N/A
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Open Account for Barclays Tiered Savings
On Barclays' Secure Website. |
The Discover® Online Savings account is a great fit for:
If you're looking for a reliable, fee-free, and user-friendly savings account that integrates seamlessly with Discover's ecosystem, this is a great option. Ready to start growing your savings? Open a Discover® Online Savings account today and put your money to work.
At 3.60% APY, Discover offers a competitive rate, but some online banks provide slightly higher yields. However, with no fees, daily compounding interest, and a top-rated mobile experience, it remains a strong choice for hassle-free savings.
Transfers to and from external banks typically take one to three business days, depending on the receiving bank's processing times. Internal transfers between Discover accounts are usually instant.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands. Terms may apply to offers listed on this page. APYs are subject to change at any time without notice.