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Discover® Online Savings Review: A Low-Fee, High-Earning Option for Mobile Bankers

Review Updated
James McClenathen
Author: James McClenathen
James McClenathen
James McClenathen

James is the Managing Editor for Motley Fool Money, overseeing the production and quality of our editorial content. James has worked full-time for The Motley Fool since 2012. He's a personal finance wonk, longtime editor, former reporter, and University of Michigan alum.

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Nathan Alderman
Fact Checked: Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has been a full-time Motley Fool employee since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As Motley Fool Money's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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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 that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

The Discover® Online Savings account earned a spot on our list of the Best High-Yield Savings Accounts of 2025, taking the crown for Best for Mobile App Bankers. While it may not have the absolute highest APY out there, it still offers a solid return that far outpaces typical savings accounts, all while boasting zero fees and no monthly minimums.

If you're already a Discover cardholder or have a Discover® Bank checking account, this is an especially great choice. It's a solid option for anyone looking for a low-risk, reliable account that gets your money working for you -- without the hassle. Keep reading to see if it's right for you.

Discover® Online Savings
Open Account for Discover® Online Savings

On Discover Bank's Secure Website.

Member FDIC.

Ratings Methodology
Rates as of Apr 11, 2025

Discover® Online Savings

Open Account for Discover® Online Savings

On Discover Bank's Secure Website.

Member FDIC.
Rating image, 5.00 out of 5 stars.
5.00/5 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
Rating image, 5.00 out of 5 stars.
5.00/5 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
Open Account for Discover® Online Savings

On Discover Bank's Secure Website.

Limited-time offer
Earn up to $200 when you use offer code TMF325 on your first Discover Online Savings application. Circle with letter I in it. Apply for your first Discover Online Savings Account with offer code TMF325. Deposit $15,000 to earn $150 or $25,000 to earn $200. Deposits must post within 45 days. Offer ends Sept. 11, 2025. See Discover's website for full details.
APY
3.70%
Min. To Earn APY
$0
  • Competitive APY
  • No account fees
  • Comfort of a well-known brand and reputation
  • 24/7 customer support
  • FDIC insured
  • Online only; single branch location in the U.S.

The Discover® Online Savings account promises customers an above-average interest rate and few limitations. Most people won't ever encounter fees with this account, and you won't have to worry about keeping track of your monthly withdrawals either.

Our ratings are determined by an editorially independent Ratings team. Here's more information about how we scored this product:

APY (50%)
Rating image, 5.00 out of 5 stars.
5.00/5
Brand & Reputation (20%)
Brand (20%)
Rating image, 5.00 out of 5 stars.
5.00/5
Account Features (15%)
Features (15%)
Rating image, 4.00 out of 5 stars.
4.00/5
Fees (15%)
Rating image, 5.00 out of 5 stars.
5.00/5

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code TMF325 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. 

What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank.

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

At Motley Fool Money, we rate savings accounts on a five-star scale (1 = poor, 5 = best). We evaluate all savings accounts across four main criteria: annual percentage yield (APY), brand and reputation, fees and minimum requirements, and perks that really make a difference -- think ATM access, linked checking accounts, or even branch access.

Our scores are weighted as:

  • APY: 50%
  • Brand and reputation: 20%
  • Fees and minimums: 15%
  • Other perks: 15%

Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering competitive APYs and standout features. Learn more about how Motley Fool Money rates bank accounts.

What I like about the Discover® Online Savings account

No fees or minimum deposits

A great high-yield savings account (HYSA) shouldn't nickel and dime you -- and Discover gets that. While the 3.70% APY isn't the absolute highest out there, you can start earning with as little as $1, and there are no annoying fees eating into your savings. No overdraft fees, no monthly maintenance fees -- just a simple, stress-free way to grow your money. The only exception? A $30 fee for outgoing wire transfers, but unless you're frequently wiring money, this account stays refreshingly fee-free.

Limited time offer welcome bonus

Like the sound of free money? One of Discover's standout perks is its welcome bonus, which sets it apart from many other HYSAs. Use offer code TMF325 when opening your first Discover® Online Savings account, and you could snag up to $200 just for getting started. Deposit $15,000 within 45 days to earn $150, or go big with $25,000 to pocket $200. But don't wait -- this offer expires Sept. 11, 2025.

Interest compounded daily

Most high-yield savings accounts compound interest monthly, but Discover takes it up a notch with daily compounding interest. Over time, that could mean a nice boost to your earnings if you're maintaining a sizable balance.

Mobile app experience

We named Discover the Best Mobile App Experience in our Best HYSA rankings for a reason. With a 4.9/5.0 rating in the Apple Store and 4.3/5.0 in Google Play, the app makes it incredibly easy to manage your savings on the go. Even better? If you have a Discover credit card, checking account, or CD, you can manage everything in one place -- no juggling multiple logins or apps.

We want to know what you think about Discover® Online Savings

Do you have first-hand knowledge of Discover® Online Savings? Share your thoughts with us and your fellow Motley Fool Money readers.

Discover® Online Savings
Write a Review
Discover® Online Savings
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Let us know what you think

Do you have any experience with this bank account? Let us know your thoughts.

Discover® Online Savings

The most helpful reviews focus on your experience with this product.

For privacy reasons, do not include your full name or email address.

I authorize Motley Fool Money to use my name and comments on their site without compensation or final approval from me, and I will not hold them liable for any errors or distortions. I acknowledge that Motley Fool Money may choose not to use my comments, or make edits, and I have not been promised any compensation for this testimonial. I confirm that granting this license does not conflict with any of my existing commitments.

Downsides you should consider

Online-only banking

If you love the convenience of digital banking, this won't be a dealbreaker -- but if you prefer walking into a branch and talking to a teller, Discover might not be the right fit. With just one physical location (in Greenwood, Delaware), this is a true online-only bank, meaning everything -- account setup, transfers, check deposits, and customer service -- happens digitally or over the phone.

That said, Discover does a solid job of making online banking as seamless as possible. The highly rated mobile app, 24/7 customer service, and large network of fee-free ATMs ensure you can still manage your money easily. But if you need frequent in-person banking, you'll want to look elsewhere.

TIP

Editorial note

In February 2024, Capital One announced it would acquire Discover. Now, in early 2025, we're all eagerly awaiting to see if this deal is approved by regulators and shareholders. If it does, that means Discover Savings customers would likely gain access to the 200+ Capital One branch locations across the U.S.

Not the highest APY available

While 3.70% APY is nothing to scoff at, typically online-only banks offer higher APYs than brick-and-mortar banks because of their lack of overhead. But in this case, there are higher APY options for online-only banks, like the Barclays Tiered Savings account (4.15% APY).

It's of course worth noting that Discover's APY is still more than nine times higher than the national savings rate, and with no fees or minimums, it remains a competitive choice for those who want a hassle-free, well-rounded savings experience.

We tried it: Our team's firsthand experience

Here at Motley Fool Money, we pride ourselves as real users of most of the products across our site. One of our Senior Performance Marketers, Ethan Mellin, uses the Discover® Online Savings account himself.

Here's Ethan's review:
Image of reviewer

I chose Discover® Online Savings first and foremost because of its high APY. However, I am also a Discover credit card and checking account holder, so having everything in one easy-to-use mobile app makes it extremely easy to manage my finances. That being said, I've recently noticed other online savings accounts with slightly higher APYs.

Customer service

Though it doesn't have the highest APY on the market, one of the biggest perks of a well-known bank like Discover is the level of customer service that accompanies its well-known name. With an online-only bank, it's important to have consistent and reliable access to customer service representatives in case of an emergency.

Discover offers 24/7 U.S.-based customer service, so you can reach a real person by phone any time, day or night. And remember that mobile app we love? Many users in the App Store specifically praise its easy access to customer support, making banking with Discover as stress-free as possible.

Accessing your money

One of the most common questions people have about HYSAs is how hard it is to get your money out. Since most people use their HYSA for an emergency fund or for saving for something like a down payment, you need to be able to get your hands on your money asap.

The good news? Discover makes deposits and withdrawals pretty straightforward.

Depositing money

You've got a few options when adding money to your account:

  • Transfer funds from an existing Discover account or external bank account
  • Set up direct deposit for automatic contributions
  • Deposit a check within the app or mail it in

Withdrawing money

When it's time to take money out, here's what you can do:

  • Transfer funds to an existing Discover account or an external bank
  • Wire transfer funds ($30 fee per outgoing wire)

Pro tip: If you transfer money to a Discover® Cashback Debit account, you can use Discover's fee-free ATM network to withdraw it.

Important limits to keep in mind

  • Six withdrawals per month (standard for most savings accounts)
  • $250,000 transfer limit (both incoming and outgoing) per 30-day statement period

If you plan on moving large sums of money frequently, those limits mean this isn't a great choice for you. But for everyday savers, Discover offers flexibility while keeping your funds easily accessible when you need them.

Security and reliability

Discover® Bank is FDIC insured, meaning you can recover up to $250,000 per depositor, per account ownership category in the event of a bank failure. That's the most important thing you're looking for when deciding if a bank is safe.

Discover also offers the basic security features you'd expect: encryption technology, fraud monitoring, and two-factor authentication. It also has a robust fraud and account protection system for credit card data.

Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 3.80%²
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
4.10% APY for balances of $5,000 or more
Rate info Circle with letter I in it. 4.10% APY for balances of $5,000 or more; otherwise, 0.25% APY
Min. to earn: $100 to open account, $5,000+ for max APY
Earn a bonus of at least $225 after a one-time deposit of $25,000+. Circle with letter I in it. Transfer a one-time deposit of $25,000-$49,999.99 for a bonus of $225. Transfer a one-time deposit of $50,000+ for a bonus of $300. Account must be opened with code PS2025 while this promotion lasts, and funded within 30 days. Bonus will be fulfilled within 60 days from the funding date. There is no period of time where the customer will be required to maintain the funds. Account must be open when bonus is credited. One bonus per account and primary customer. Bonus will be credited into the Platinum Savings Account that fulfills the funding requirement. Funding can be deposited all at once or incrementally.
3.70%
Rate info Circle with letter I in it. 3.70% annual percentage yield as of April 11, 2025. Terms apply.
Min. to earn: $0
N/A
Open Account for American Express® High Yield Savings

On American Express's Secure Website.

Disclaimers



SoFi disclosure:

¹ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.

² SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.

³ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.

⁴ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.

Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.

⁵ We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.

⁶ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

⁷ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the“30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.

Who will benefit from the Discover® Online Savings account?

The Discover® Online Savings account is a great fit for:

  • Mobile-first savers: If you prefer handling your banking through a well-designed app with seamless account management, Discover's top-rated mobile experience makes it an excellent choice.
  • Existing Discover customers: Already have a Discover credit card or checking account? Keeping everything under one roof makes managing your finances even easier.
  • Fee-averse savers: With zero monthly fees, no overdraft fees, and no minimum balance requirements, this is a stress-free savings option that won't eat into your earnings.

Who might want to look elsewhere?

  • People who prefer in-person banking: With just one physical branch, Discover is best for those comfortable with online-only banking.
  • Rate chasers: While 3.70% APY is competitive, there are higher-yield options available from other online banks if maximizing APY is your top priority.
  • Frequent large transfers: The six-withdrawal limit per month and $250,000 transfer cap per 30 days could be a drawback for those moving large sums in and out regularly.

Bottom line

If you're looking for a reliable, fee-free, and user-friendly savings account that integrates seamlessly with Discover's ecosystem, this is a great option. Ready to start growing your savings? Open a Discover® Online Savings account today and put your money to work.

FAQs

  • At 3.70% APY, Discover offers a competitive rate, but some online banks provide slightly higher yields. However, with no fees, daily compounding interest, and a top-rated mobile experience, it remains a strong choice for hassle-free savings.

  • Transfers to and from external banks typically take one to three business days, depending on the receiving bank's processing times. Internal transfers between Discover accounts are usually instant.