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- Discover Savings Review
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When it comes to savings, Discover's high-yield savings account is one of the leaders in its class. The Discover Online Savings account's low fees and ease of use are both must-have features, especially online. We'll cover these details and more in this in-depth Discover Online Savings account review.
Offer | Our Score | APY | Best For | Next Steps |
---|---|---|---|---|
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Discover Online Savings
Member, FDIC
|
Rating image, 4.5 out of 5 stars.
4.5 stars
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. |
APY: 0.40% | Best For: No monthly maintenance fee |
Below, we go over the top perks of the Discover Online Savings account -- as well as what could be improved.
0.40% APY. The Discover Online Savings account's APY is one of the highest offered by top online savings accounts. All balances qualify for the same interest rate. This differs from some competing online savings accounts with tiered rates based on account balances.
No monthly balance requirement. Discover's high-yield savings account is broadly accessible to different account holders. This includes savers who don't keep large ongoing monthly balances.
No fees. You won't pay for a stop payment order, excessive withdrawal, insufficient funds, or monthly maintenance.
Mobile app. Discover has one of the best mobile apps of the online banks we reviewed. 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.
FDIC insured. Just like a traditional bank, Discover is a member of the FDIC, which means that your funds are protected, even in the unlikely event of bank failure. The FDIC covers up to $250,000 per depositor, per institution.
ATM card. The Discover Online Savings account doesn't provide an ATM or convenience card for withdrawals. However, the Discover Cashback Debit account can be opened in tandem with a savings account. It allows you to transfer funds between accounts for easy ATM and debit transactions. Plus, the account earns cash back on debit purchases each month.
Discover doesn't have physical branches. However, it does give you several options for deposits and withdrawals.
Here are your choices for depositing money into your Discover Online Savings account:
When you need to withdraw money from your Discover Online Savings account, you have these options:
If you transfer funds electronically to other Discover accounts, such as a Discover checking account, you can quickly and easily access cash at any ATM in the bank's network.
The Discover Online Savings account has many appealing benefits, but it's not the best fit for everyone. Check out these other highly ranked online savings account options to see if one is a better choice for you. They also pay high rates and don't charge monthly maintenance fees.
The Discover Online Savings account is a solid pick for anyone interested in earning a high APY while avoiding many common bank fees. As long as you're comfortable managing your finances online, you won't find much to complain, especially if you pair this account with a Discover checking account.
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