This review was updated June 14th, 2018. Review The Motley Fool's advertiser disclosure.

We think the Discover high-yield savings account is among the best in its class. Its combination of a high annual percentage yield (APY), focus on cutting fees, and ease of use are some factors we consider a must-have for online savings accounts. 

For these reasons, we named Discover Savings as one of the top savings accounts on the market (review our full list of the best high-yield savings accounts for more options).

Bank Name APY Min. Opening Deposit Key Features

Discover Savings




-No monthly maintenance fees

-Mobile app

-Mobile deposit

RELATED >> Compare hundreds of savings rates to find a high yield

What we like about Discover Savings

  • High APY -- The flat 1.65% APY is among the highest yields for online savings account providers. It's worth mentioning that all balances qualify for the same interest rate, whereas some competing online savings accounts offer tiered rates based on account balances.
  • No monthly balance requirement -- Discover's high-yield savings account is broadly accessible to different account holders, including savers who aren't maintaining large ongoing monthly balances. 
  • No monthly maintenance fees -- The account rightly doesn't charge a maintenance fee each month.
  • Mobile app -- Discover has one of the best mobile apps of the savings-account providers we cover: The iOS app is currently rated 4.8 out of 5 stars, and the Android version has 4.5 out of 5 stars. Mobile apps are crucial for an online savings account, where customers must rely upon technology to facilitate transactions normally handled face to face at a bank. Savers can access details for all their Discover accounts, view account activity, electronically deposit checks, and transfer money.

What could be improved for Discover Savings

  • Withdrawal limit fee -- Discover charges $15 per transaction once you exceed six qualifying withdrawals each month. Some competing banks waive this fee.
  • No ATM card -- One limiting aspect of the account applies to withdrawals. Discover's Savings account does not provide an ATM or convenience card for withdrawals like the bank's other checking and money market accounts do.

WANT YOUR SAVINGS TO EARN MORE? >> Check out current CD rates

How to fund a Discover Savings account

Account holders have a standard set of options to deposit funds, including mobile check deposit, online transfer from Discover Bank account or external accounts, direct deposit, or mailing in a physical check.

How to withdraw your money

Savers have several withdrawal options that should address most people's needs. The simplest may be setting up free electronic transfers between Discover and a brick-and-mortar bank, but outgoing wires are an option as well.

Other high-yield savings accounts to consider

We picked Discover Savings as one of the best options, but we recognize that savers have varying needs. We suggest you compare hundreds of high-yield savings accounts inside our banking center or check out our other picks for the best high-yield savings accounts to uncover a few alternatives that may better suit your needs.

Feature Discover Savings American Express® Personal Savings    CIT Bank Premier High Yield Savings
APY 1.65% 1.65% 1.85%
Min. opening deposit


$0 $100
Bonus $0 $0 $0
Monthly maintenance fee $0 $0 $0
Withdrawal limit fee $15 $0 $0
ATM card No No No
Free ATMs N/A N/A N/A
Mobile app Yes No Yes
Mobile deposit Yes No Yes
Bank review --  American Express® Personal Savings Review   --

Final take

Beating your financial goals often comes down to generating a decent return while minimizing fees. Discover Savings nails both, offering savers a competitive return on their funds and exceptionally low fees. Add in the fact that Discover offers both a big cash bonus and one of the better mobile apps on the market, and you can understand why we rank this high-yield savings account favorably. Just be sure to keep an eye on the number of monthly withdrawals you make, as the over-limit fee is among the higher ones we've come across.

The Motley Fool's Golden Rule is our North Star and we'll guide you to best-in-class offerings, regardless of advertising relationships. We value editorial independence and reviews are not influenced by compensation. Compensation may influence placement within our list of the best savings accounts, but not inclusion. Click here to read more about how we pick the best banking accounts. We work feverishly to maintain current offer details and some offers may vary from what's included on this page. Review bank sites for full details on costs, fees and other important details before opening an account. The Motley Fool has a disclosure policy. The Motley Fool has no position in any of the stocks mentioned.