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Discover® Money Market Account Review: Pairing Competitive APYs With an Award-Winning Customer Experience

Review Updated
Brittney Myers
Brittney Myers
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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee 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 Motley Fool Money'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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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

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 no minimum deposit. Plus, you can enjoy Discover's famously good customer service.

Read our full Discover® Money Market account review for all the details.

Discover® Money Market
Open Account for Discover® Money Market

On Discover Bank's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of May 30, 2025

Discover® Money Market

Open Account for Discover® Money Market

On Discover Bank's Secure Website.

Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. 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
Open Account for Discover® Money Market

On Discover Bank's Secure Website.

Monthly Fee
$0
Min. Balance
$0
APY
3.50%-3.55% Rate info Circle with letter I in it. 3.50% applies to balances under $100K, Need $100,000+ to earn 3.55%
Min. To Earn APY
$0.01-$100,000 for 3.50%; $100,000+ for 3.55%
  • Competitive APY
  • No minimum balance to maintain account
  • No monthly fee
  • Debit card and check availability
  • No minimum deposit required to open
  • FDIC insured
  • 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. You don't need to maintain a high balance to earn a good rate.

Compare savings rates

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
up to 3.80%
Rate info Circle with letter I in it. 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
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.30%
Rate info Circle with letter I in it. The annual percentage yield (APY) is accurate as of May 2, 2025 and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.
Min. to earn: $500 to open, $0.01 for max APY
N/A
4.00%
Rate info Circle with letter I in it. Balances less than $250,000 earn 4.00%, and balances greater than $250,000 earn 4.20%.
Min. to earn: $0
N/A
Open Account for Barclays Tiered Savings

On Barclays' Secure Website.

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 3.50%-3.55%.

No minimum balance to maintain your account: You won't need to maintain a set balance to open an account or keep it 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.

No opening balance requirement: You can open a Discover® Money Market account with a $0 deposit.

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

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. 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:

Our money market account methodology

At Motley Fool Money, 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: 40%
  • Brand and Reputation: 20%
  • Fees and Minimums: 10%
  • Perks: 30%

Learn more about how Motley Fool Money rates bank accounts.

FAQs

  • 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.

  • No, there are no account opening or monthly service fees with a Discover® Money Market account.

  • 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.