Discover Savings Review

Discover high-yield savings account is among the best in its online 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, Discover Savings landed a spot as one of the best online savings accounts.

Rates as of Aug. 31, 2018
Offer APY Best For… Next Steps
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APY: 1.80% Best For: Low fees Apply Now

What I like about Discover Savings

High APY -- The flat 1.80% 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 I 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

Withdrawal limit fee -- Discover charges $15 per transaction once you exceed six qualifying withdrawals each month. Some competing banks waive this fee.

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.

Funding options

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.

Withdrawal options

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.

Online savings account comparison

Rates as of Aug. 31, 2018
Offer Discover Online Savings Member, FDIC
Marcus Savings by Goldman Sachs Goldman Sachs Bank USA Member, FDIC
Synchrony Bank High-Yield Savings Member, FDIC
Rating
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
5.0 stars Info icon 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.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
5.0 stars Info icon 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.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon
5.0 stars Info icon 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.
Star Review Icon Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Best
Star Review Icon Star Review Icon Star Review Icon Star Review Icon = Excellent
Star Review Icon Star Review Icon Star Review Icon = Good
Star Review Icon Star Review Icon = Fair
Star Review Icon = Poor
APY

APY: 1.80%

APY: 1.85%

APY: 1.85%

Best For…

Best For: Low fees

Best For: High APY and low fees

Best For: High APY

Min. for APY

Min. for APY: $1

Min. for APY: $1

Min. for APY: $0

Next Steps Apply Now Discover Online Savings Review Apply Now Marcus Savings by Goldman Sachs Review Apply Now Synchrony Bank High-Yield 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 I 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 I've come across.