Discover Savings Review

Earn up to a $200 bonus -- Accountholders can earn one of two bonuses when using offer code FOOL119, applying by 2/4/19, and making a deposit by 2/18/19: Earn a $150 bonus when depositing at least $15,000 or earn a $200 bonus when depositing at least $25,000.

High APY -- The flat 2.10% APY is among the highest yields for online savings accounts. 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.

To get your $150 or $200 Bonus offer:

What to do: Apply for your first Discover Online Savings Account by 2/4/19, online or by phone. Enter Offer Code FOOL119 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus by 2/18/19. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover. Accounts must be open when bonus is credited. Bonus will be credited to the account by 3/4/19. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice.

See advertiser website for full details.

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. However, Discover does offer a cash back debit account that allows you to transfer funds between accounts for easy ATM and debit transactions. Plus, the account earns 1% cash back on up to $3,000 of debt purchases each month.

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. 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. Discover Savings nails both, offering savers a competitive return on their funds and exceptionally low fees. 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.