This offer has become a regular offer, just the offer code keeps changing… ContentsApplication LinkBenefitsBonus RequirementsHow to Avoid the Monthly Maintenance FeeSummaryHistorical … Opening an account is fast and simple with the customer service and security of the Discover Company. For a detailed comparison of these products, please see my Discover Bank Review. Discover Bank offers some of the highest yield money market accounts, CDs, IRA CDs, and savings accounts available. But probably in a few days a new offer code will appear. While account holders do not have the ability to withdraw money from their savings account via an ATM, they are able to access and manage their account online and via a mobile app. Discover charges $30 for a wire transfer fee, whereas it is free at some banks (though these banks typically do not offer ATM access or checking accounts). Discover Bank - Savings Account. Online Savings Account - Earn 0.50% APY - Learn More. New account opening bonus of $150/$200! I'm not too educated on the subject, but 2.1% APY is pretty good right? I did not enjoy the experience and found these very poor reviews after the fact. There are no fees and no balance requirements. Compared with the best online savings accounts in our listing, Discover Bank’s Online Savings Account offers a pretty decent rate, but not the best. Where to open Discover Bank vs. No minimum deposit to open.". I have a savings, two checkings, and a credit card with Discover and have been a customer since 2018- the only negatives I have ever run into have been the fact that you couldn't use Zelle with them (something that has more recently become available with them), and the difficulty in moving cash into an account. Bottom Line. 0.50% APY (annual percentage yield) as of 12/17/2020, 0.50% APY (annual percentage yield) as of 11/17/2020. More and more banks have been turning to new and innovative ways of banking. You probably won't find anything much higher, unless you're willing to deal with extra requirements for meeting the higher rate. The scoring formulas take into account multiple data points for each financial product and service. Discover Bank offers excellent accounts and a massive free ATM network, and it does not charge monthly or overdraft fees. A penalty may be charged for early withdrawal. You’ll need at least $2,500 to open up this account. The online savings account is Discover's best deposit account, offering their highest interest rate and a robust online interface that allows you to easily link other bank accounts. The… Margarette Burnette is a savings account expert at NerdWallet. Ally Bank Savings Accounts Review. Shortcut: If you want a savings account with a high APY and no minimum balance or monthly fees, see Discover's current offers. I have a savings, two checkings, and a credit card with Discover and have been a customer since 2018- the only negatives I have ever run into have been the fact that you couldn't use Zelle with them (something that has more recently become available with them), and the difficulty in moving cash into an account. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. There is a downside for those unwilling to let go of face-to-face banking: Unless you live near Greenwood, Delaware — where Discover Bank has its only branch — you’ll need to do your banking online. Discover pays a competitive rate on your savings account balance, and it doesn't require an initial deposit to open the account. ", 0.50%Advertised Online Savings Account APY is accurate as of 11/24/2020. The Discover Online Savings Account in review The Discover Online Savings Account is a competitive online-only high-yield savings account, paying 0.50% APY with no minimum balance required. It’s hard to beat Discover Online Savings Account’s 0.50% APY without a large minimum balance requirement or other restrictions. I have a credit card with Discover and they recently emailed me with a deal that if I create a savings account with them soon, it will have 2.10% APY, with no fees or min balance. Discover customer service and their online banking app are awesome. Go for it! Ally Bank: Products. Yes, your Discover Bank checking accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). For example, the Discover Online Savings Account, winner of NerdWallet’s 2020 Best Savings Account Award, offers a high interest rate and no account fees. The annual percentage yield, or APY, rate for the Discover online savings account is five times higher than the national average for interest-bearing savings accounts. Our partners cannot pay us to guarantee favorable reviews of their products or services. Welcome. Most of the reviews are about its credit card and loan services. The company has 24/7 live customer support, and their app works on the iPhone, Blackberry devices and Android phones. That money should have been in a savings account long ago. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. 2.1% is pretty good right now. The Discover Online Savings Account in review. Once you own an account, how does it hold up against All, Discover, CIT and other online savings accounts? If you don’t have enough money to make a purchase, Discover won’t penalize you for it. Applies to personal accounts only. Free bill pay. High Savings Rates to Reach Money Goals Faster. Neither bank’s savings account requires a minimum deposit to open. Property and Casualty insurance services offered through NerdWallet Insurance Services, Inc.: Licenses, NerdWallet Compare, Inc. NMLS ID# 1617539, NMLS Consumer AccessLicenses and Disclosures, California: California Finance Lender loans arranged pursuant to Department of Financial Protection and Innovation Finance Lenders License #60DBO-74812. There is no minimum balance required to open a Discover Bank Online Savings Account, nor any monthly maintenance fees. NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. No ATM fees. Here's why: *No dollar limitations for ACH transfers - When you find a top bank rate account, you don't want to be limited to just $5K or $10K transfers. 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