Review
Updated
Fact Checked
Nathan Alderman
We may think mostly of credit cards when we think of Discover®, but the popular card issuer is also a bank with a range of products, including the competitive Discover® Money Market account. While not the highest rates we've seen, you can get a solid APY with a reasonable minimum deposit. Plus, you can enjoy Discover's famously good customer service. Read our full Discover® Money Market account review for all the details.
Member FDIC.
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Ratings Methodology
Rates as
of Apr 26, 2024
Discover® Money Market
Member FDIC.
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.
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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.
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= Best
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= Excellent
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Monthly Fee
$0
Min. Balance
$2,500 to open, no min balance to maintain
APY
4.00%-4.05%
Rate info
4.00% applies to balances under $100K, Need $100,000+ to earn 4.05%
Min. To Earn APY
$0.01-$100,000 for 4.00%; $100,000+ for 4.05%
- Competitive APY
- No minimum balance to maintain account
- No monthly fee
- Debit card and check availability
- FDIC insured
- Required balance to open is a little high
- Best rate requires at least $100,000
- No in-person banking/branches
This account offers a competitive APY, especially given there are no monthly service fees, while still giving access to ATMs and checks. The minimum balance to open the account may be a little high for some folks, but you don't need to maintain a high balance to earn a good rate.
High-yield savings account comparison
We recommend comparing high-yield savings account options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of standout accounts.
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| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Rating image, 4.75 out of 5 stars.
4.75/5
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.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.60%
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
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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Rating image, 4.75 out of 5 stars.
4.75/5
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.
= Best
= Excellent
= Good
= Fair = Poor |
5.05% APY for balances of $5,000 or more
Rate info
5.05% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000 for max APY
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N/A
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Rating image, 4.00 out of 5 stars.
4.00/5
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.
= Best
= Excellent
= Good
= Fair = Poor |
4.35%
Min. to earn: $0
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New customers can earn a $200 bonus with a minimum $25,000 qualifying deposit. Terms apply.
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Full Discover® Money Market account review
Top perks
A competitive APY: The biggest feature of the Discover® Money Market account that makes it worthwhile is the competitive APY (annual percentage yield). It's not as high as some of our other top money market accounts, but it's a very respectable 4.00%-4.05%.
No minimum balance to maintain your account: While you need to meet a minimum deposit to open your account, once established, you won't need to maintain a set balance just to keep your account open. You don't need to meet a minimum for a good APY, either, though the top tier rate does have a minimum threshold.
No monthly account fee: Normally, perks like ATM cards and check writing mean paying pesky checking account fees. Not with this account. There's no monthly account service fee. You also won't pay fees for standard checks, eligible ATM withdrawals, or replacement debit cards.
ATM access and paper checks: Money market accounts pair the best features of savings and checking accounts. For one thing, you get the high APY of a top savings account. Plus, you'll receive a debit card with ATM access. You even have the option to write paper checks.
Discover customer service: Every time someone comes out with a list of the best banks or credit card companies for customer service, Discover is usually ranked pretty high. For instance, they're usually first or second in the J.D. Power rankings. You deal with your bank regularly, so you want to choose a reliable one.
What could be improved
Opening balance requirement is high: You need to deposit at least $2,500 to open a Discover® Money Market account, which is fairly high and could put this account out of reach for some folks. On the plus side, once the account is open, you won't be penalized if your balance drops below $2,500.
A high balance required to earn best APY: The basic APY offered to all account holders is solid, but if you want the highest possible rate, you'll need to deposit and maintain a balance of at least $100,000. Needless to say, that is very high. Moreover, if you have that much money to deposit somewhere, this might not be the best use of it.
No bank branches for in-person banking: The main drawback to an online bank vs. brick-and-mortar banks is that you won't be able to visit a branch. So if in-person banking is important to you, you may need to look at alternative options.
How to access your money
Getting money into and out of your account is fairly simple, especially if you can transfer to or from another account.
Deposit options
Since Discover® Bank is an online bank, most of your deposit options are digital:
- Online transfer from another Discover® Bank account
- ACH transfer from an external bank account
- Wire transfer from an external account (fees apply)
- Automatic Direct Deposit
- Checks deposited via mobile check deposit
- Mail a check (and deposit slip) directly to Discover® Bank
- Add cash at Walmart (terms apply)
That last option is probably the most interesting on the list. Basically, if you have a contactless Discover® Bank debit card, you can take your card and some cash to any Walmart. Then, you simply ask a cashier to add the cash to your Discover® Bank account.
Withdrawal options
You have more withdrawal options than you do for deposits, including:
- Online transfer to another Discover account
- ACH transfer to an external bank account
- Online bill pay
- Write a paper check
- Request an official bank check
- Use your debit card to withdraw from an ATM (fees may apply)
- Get cash back at eligible retailers
- Complete a wire transfer (fees may apply)
If you want cash in hand, your best option is probably to hit the ATM. Your debit card can be used at more than 60,000 in-network ATMs with no extra fees. Or, use your card at any ATM -- just watch out for those extra service fees.
A Discover® Money Market account is right for you if:
A Discover® Money Market account is for folks who want checking account features, like check writing and/or ATM access, but still want a competitive APY. The minimum opening deposit requirement is fairly high, however, and you won't get the top rate unless you deposit $100,000 or more. But you do get to enjoy Discover's top-rated customer service, which may be of the most value to some.
Keep reading about Discover:
- Discover® Bank
- Discover® Online Savings
- Discover® Bank CD Rates
- Discover® Cashback Debit
- Discover® Cards
Our money market account methodology
At The Motley Fool Ascent, we evaluate money market accounts based on four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum balance requirements, and perks.
Our scores are weighted as:
- APY: 60%
- Brand and Reputation: 15%
- Fees and Minimums: 15%
- Perks: 10%
Learn more about how The Motley Fool Ascent rates bank accounts.
FAQs
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A money market account essentially combines the best features of both checking and savings. You get the high interest rate of a savings account, plus the ATM and check-writing capabilities of a checking account.
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No, there are no account opening or monthly service fees with a Discover® Money Market account.
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If you want a competitive APY and no fees, the Discover® Money Market account can be worth opening. It doesn't have the highest rate we've seen, but Discover has famously good customer service.
Our Banking Experts
Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
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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. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Citigroup is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target and Walmart. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.