Discover Bank savings account rates
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Discover might be best known for its credit cards, but it also offers high-yielding deposit products. The online bank's savings account comes with a solid interest rate and no minimum deposit or monthly fees, making it a great option to store your emergency fund or work toward your other savings goals.
Discover savings account interest rate
Discover Bank has only one savings account that pays the same high yield regardless of your balance.
| Product Name | APY | Min. for APY |
|---|---|---|
| Savings | 3.70% APY | $0 |
Note: The annual percentage yield (APY) was last updated between March 6 and March 12 and may vary by region.
Discover's high-yield online savings account offers a competitive interest rate that's significantly higher than the national average for savings accounts. This rate comes without a monthly fee or a minimum deposit requirement, though slightly higher rates on savings can be found at some other online banks.
Rate history for Discover's savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Discover savings account features
- No minimum opening deposit: You can open an account with any amount and start earning interest immediately.
- No monthly fees: The fee-free structure helps make sure that you keep all the interest you earn, regardless of your balance.
- Interest: Interest compounds daily and is credited to your account monthly.
- Mobile banking: Discover offers a highly-rated mobile app that allows you to manage your account, deposit checks, transfer funds and track your savings goals.
- Customer service: Discover provides 24/7 U.S.-based customer service by phone.
- Security features: Discover offers security features like fraud monitoring, account alerts and the ability to freeze your debit card if it's lost or stolen.
How Discover savings accounts compare with top-yielding banks
Discover’s high-yield online savings account offers a competitive interest rate, which comes without a monthly fee or a minimum deposit requirement, though higher rates on savings can be found at other online banks.
Other Discover Bank products
Discover also offers a money market account and a broad range of certificates of deposit (CDs), if you’re looking for other options for your savings. The money market account pays a slightly lower interest rate than the savings account. Discover also offers a checking account with cash back rewards on debit card purchases.
Bottom line
Discover's Online Savings Account is best for savers who are looking for a combination of high rates, no fees and excellent customer service. It's particularly good for those who value 24/7 support and may already use other Discover products.
One thing consumers should be aware of is that Capital One plans to acquire Discover Financial Services, which includes Discover’s line of credit and debit cards. Shareholders voted in favor of the planned $35 billion merger in February 2025, and the companies are still awaiting approval from the Federal Reserve and the Office of the Comptroller of the Currency.
Capital One expects the transaction to be completed early this year, though the U.S. Justice Department could still intervene.
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