Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear) and may influence which products we write about, but our product ratings are not influenced by compensation. We do not include all companies or offers available in the marketplace.
    |    Accessibility Options

Discover® Online Savings Review: A Low-Fee, High-Earning Option for Mobile Bankers

Review Updated
James McClenathen
Author: James McClenathen
James McClenathen
James McClenathen
Editorial Strategist

James McClenathen is a full-time Managing Editor and Personal Finance Writer at Motley Fool Money, overseeing the production and quality of editorial content while also writing about credit cards, investing, and everyday money management. He has worked at The Motley Fool since 2012 and brings extensive experience as an editor, reporter, and finance expert. A graduate of the University of Michigan, James has spent more than a decade of his career helping readers make smarter financial decisions.

See Full Bio

| 1 other [ + ]
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.

See Full Bio

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.

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 bank member, 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.

Rates as of Oct 17, 2025

Discover® Online Savings

Member FDIC.
4.80/5 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
4.80/5 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
APY
3.40%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • FDIC insured
  • Online only; single branch location in the U.S.

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.

Open a Discover® Online Savings Account

Our ratings are determined by an editorially independent Ratings team. Here's more information about how we scored this product:

APY (50%)
5.00/5
Brand & Reputation (20%)
Brand (20%)
5.00/5
Account Features (15%)
Features (15%)
4.00/5
Fees (15%)
5.00/5

At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:

  • APY
  • Brand and reputation
  • Fees and minimum requirements
  • Accessibility and features

Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.

At Motley Fool Money, we rate savings accounts on a five-star scale, shown in tenths of a point to highlight even small differences between products. Accounts are evaluated across four main criteria:

  • APY
  • Brand and reputation
  • Fees and minimum requirements
  • Accessibility and features

Scores may be adjusted to reward limited-time high rates or penalize accounts with excessive fees. Our goal is to highlight accounts that are competitive, easy to use, and backed by trusted institutions. Learn more about how Motley Fool Money rates bank accounts.

What I like about the Discover® Online Savings account

No fees or minimum deposits

A great high-yield savings account (HYSA) shouldn't nickel and dime you -- and Discover gets that. While the 3.40% 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.

Interest compounded daily

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.

Mobile app experience

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, bank account, or CD, you can manage everything in one place -- no juggling multiple logins or apps.

We want to know what you think about Discover® Online Savings

Do you have first-hand knowledge of Discover® Online Savings? Share your thoughts with us and your fellow Motley Fool Money readers.

Discover® Online Savings
Write a Review
Discover® Online Savings
×
Let us know what you think

Do you have any experience with this bank account? Let us know your thoughts.

Discover® Online Savings

The most helpful reviews focus on your experience with this product.

For privacy reasons, do not include your full name or email address.

I authorize Motley Fool Money to use my name and comments on their site without compensation or final approval from me, and I will not hold them liable for any errors or distortions. I acknowledge that Motley Fool Money may choose not to use my comments, or make edits, and I have not been promised any compensation for this testimonial. I confirm that granting this license does not conflict with any of my existing commitments.

Downsides you should consider

Online-only banking

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

Editorial note

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.

Not the highest APY available

While 3.40% 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 (3.90% 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.

We tried it: Our team's firsthand 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.

Here's Ethan's review:
Image of reviewer

I chose Discover® Online Savings first and foremost because of its high APY. However, I am also a Discover credit card 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.

Customer service

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.

Accessing your money

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.

Depositing money

You've got a few options when adding money to your account:

  • Transfer funds from an existing Discover account or external bank account
  • Set up direct deposit for automatic contributions
  • Deposit a check within the app or mail it in

Withdrawing money

When it's time to take money out, here's what you can do:

  • Transfer funds to an existing Discover account or an external bank
  • Wire transfer funds ($30 fee per outgoing wire)

Important limits to keep in mind

  • Six withdrawals per month (standard for most savings accounts)
  • $250,000 transfer limit (both incoming and outgoing) per 30-day statement period

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.

Security and reliability

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.

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 Bonus Next Steps
up to 4.50%
Rate info Circle with letter I in it. Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Min. to earn: $0
Earn up to $300 and +0.70% Boost on Savings APY with direct deposit. Terms apply. Circle with letter I in it. Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking & Savings account with Eligible Direct Deposit by 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
3.85%
Rate info Circle with letter I in it. 3.85% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $5,000
Earn a bonus of up to $300 after a one-time deposit of $25,000+ Circle with letter I in it. This limited-time offer to qualify for a $225 cash bonus with a minimum deposit of $25,000 or a $300 bonus with a minimum deposit of $50,000 is available to New and Existing Customers who meet the Platinum Savings promotion criteria. The Promotion begins on September 23, 2025, and can end at any time without notice. Customers will receive a $225 or a $300 bonus provided that the program requirements are met. Click here to see promotion details and terms: https://www.cit.com/cit-bank/platinum-savings/PS2025
4.10%
Rate info Circle with letter I in it. The annual percentage yield (APY) is accurate as of September 30, 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
Disclaimers

Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of September 23, 2025: 0.25% APY on balances of $0.01 to $4,999.99; 3.85% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.

Based on comparison to the national average Annual Percentage Yield (APY) on savings accounts as published in the FDIC National Rates and Rate Caps, accurate as of September 15, 2025.

For complete list of account details and fees, see our Personal Account disclosures.

The annual percentage yield (APY) is accurate as of September 30, 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.

Who will benefit from the Discover® Online Savings account?

The Discover® Online Savings account is a great fit for:

  • Mobile-first savers: If you prefer handling your banking through a well-designed app with seamless account management, Discover's top-rated mobile experience makes it an excellent choice.
  • Existing Discover customers: Already have a Discover credit card? Keeping everything under one roof makes managing your finances even easier.
  • Fee-averse savers: With zero monthly fees, no overdraft fees, and no minimum balance requirements, this is a stress-free savings option that won't eat into your earnings.

Who might want to look elsewhere?

  • People who prefer in-person banking: With just one physical branch, Discover is best for those comfortable with online-only banking.
  • Rate chasers: While 3.40% APY is competitive, there are higher-yield options available from other online banks if maximizing APY is your top priority.
  • Frequent large transfers: The six-withdrawal limit per month and $250,000 transfer cap per 30 days could be a drawback for those moving large sums in and out regularly.

Bottom line

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.

FAQs

  • At 3.40% 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.