Discover Savings Review

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.

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.

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.

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.

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.