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Discover Online Savings Review: High APY and No Fees

Review Updated
Kailey Hagen
By: Kailey Hagen

Our Banking Expert

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 our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

The Discover Online Savings account offers many of the perks Discover is known for, including few fees and excellent online and mobile banking tools. It also has a competitive APY. Read our full Discover Online Savings account review to learn about all this account has to offer.

Rates as of June 5, 2023
Member FDIC.
Rating image, 4.50 out of 5 stars.
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
4.50/5
APY
3.90%
Min. To Earn APY
$0
  • Competitive APY
  • No fees
  • Great customer service
  • No branch access

The Discover Online Savings account is a top choice for customers looking for a quality online savings account with a high APY. Discover takes the no-fee approach to the next level with none of the monthly fees or hidden fees that you might see with other banks. Discover offers a top-rated mobile app that lets customers stay connected to their savings from almost anywhere.

Full Discover Online Savings review

Below, we go over the top perks of the Discover Online Savings account -- as well as what could be improved.

Top perks

3.90% 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.

What could be improved

ATM card: The Discover Online Savings account doesn't provide an ATM or convenience card for withdrawals. Previously, a Discover Cashback Debit account could be opened in tandem with a savings account. This product allows transferring funds between accounts for ATM and debit transactions, and it earns cash back on debit purchases each month. Discover isn't accepting new applications for Discover Cashback Debit accounts now, but it's planning to resume taking applications for it this year.

How to access your money

Discover doesn't have physical branches. However, it does give you several options for deposits and withdrawals.

Deposit options

Here are your choices for depositing money into your Discover Online Savings account:

  • Mobile deposit
  • Online transfer
  • Wire transfer
  • Direct deposit
  • Mailing in a check

Withdrawal options

When you need to withdraw money from your Discover Online Savings account, you have these options:

  • Wire transfer
  • Official bank checks
  • Online transfers to external banks
  • Transfer to other Discover accounts

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.

Online savings account comparison

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.

Rates as of June 5, 2023
Offer
 
 
 
Account
Rating
Rating image, 4.50 out of 5 stars.
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
4.50/5
Rating image, 4.75 out of 5 stars.
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
4.75/5
Rating image, 4.00 out of 5 stars.
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
4.00/5
APY 3.90% 4.00% 4.60% Rate info Circle with letter I in it. CIT Bank also offers the Platinum Savings account. Savers with $5,000 or more can get a 4.85% APY with Platinum Savings, but accounts with less than $5,000 get 0.25% with that account.
Min. to earn APY $0 $1 $100
Next Steps

The Discover Online Savings account is right for you if:

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 about, especially if you pair this account with a Discover checking account.

Our Banking Expert