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Discover might be best known for its credit cards, but it also offers deposit products. The online bank’s savings account comes with a solid interest rate and no minimum deposit or monthly fees, making it a fine place to store your emergency fund.
Discover Bank earned 4.4 out of 5 stars in Bankrate’s review across its deposit products and 4.9 out of 5 stars for its savings account.
Discover savings account rates
Discover has only one savings account and it offers the same rate regardless of your balance.
|Account name||APY||Minimum deposit|
|Online savings account||4.15%||No minimum deposit|
Note: Annual percentage yield (APY) shown is as of June 22, 2023. APYs for some products may vary by region.
How Discover savings accounts compare with top-yielding banks
Discover’s savings account offers a competitive interest rate, though higher rates on savings can be found at other online banks.
Other savings options at Discover
If you’re looking for other options for your savings, Discover also offers a money market account and a broad range of certificates of deposit. The money market account pays a slightly lower interest rate than the savings account, while Discover’s longer-term CDs pay much higher yields.