Money Market Account

  • Access funds by debit card, check or online1
  • Easy online ACH transfers and Online Bill Pay
  • Rates that have consistently exceeded National Averages2
Open an Account
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Convenient cash access with a competitive Money Market rate.

Money Market Accounts give you the best of both worlds: high yields with flexible access to your money.

  • Deposits are FDIC insured up to the maximum allowed by law
  • Open your Money Market Account with as little as $2,500
  • Make free withdrawals (to limitations) at over 60,000 ATMs nationwide with your debit card
  • Manage your account online or with our mobile app
  • See the Money Market Account Guide for more information

Among the best savings and money market interest rates5.

— MoneyRates.com 3Q 2014

Money Market Rate Chart
Account Balance Interest Rate APY3
Rate as of XX/XX/XX

Great Money Market rates that you can count on.

Our consistently competitive Money Market rates help maximize the return on your savings.

Discover Money Market Account National Average2 Bank of America4 Chase4
Account Balance Interest Rate APY3 APY APY APY
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Make your money work harder.

Use the Money Market Interest Calculator to see how much interest you can earn.

Reach your savings goals.

Use the Money Market Savings Goal Calculator to set your savings objective and plan of action.

How we calculate the Money Market graph Close
  • Assumes principal and interest remain on deposit
  • Based on current Discover Money Market Account interest rates for balance on deposit
  • Interest is compounded daily (i.e., the interest for day 2 is calculated from the initial deposit + interest from day 1)
  • Time Period Variable used the Interest Earned Calculation has to be in units of years
  • In the event that a comparable National Average APY is not available, the next highest (or highest overall) value is being used for this calculation

Frequently Asked Questions

What is the minimum deposit amount to open my account?

The minimum initial deposit is $2,500.

Am I required to maintain a minimum balance?

A minimum average daily balance of $2,500 is required for a Money Market account. If your average daily balance in a statement cycle is below $2,500, there is a $10 fee for that period.

What is the Discover Bank routing number?

The Discover Bank routing number is 031100649 for direct deposit and electronic transfers made by ACH, but not for wire transfers. When initiating an incoming wire, please wire funds to:

  • Mellon Bank - Routing Number 043000261
  • Discover Account - 9914394
  • Further credit your name and your Discover Bank account number

How do I complete a wire transfer?

To complete an outgoing wire transfer, click here to access a Wire Transfer Form.
When initiating an incoming wire, please wire funds to:

  • Mellon Bank - Routing Number 043000261
  • Discover Account - 9914394
  • Further credit your name and your Discover Bank account number

What fees are associated with my Money Market Account?

Below are the fees associated with your Money Market Account:

Money Market Fee Schedule
Minimum Balance
(Average Daily Balance per statement cycle under $2,500)
$10
Deposited Item Returned (per item) $15
Excessive Withdrawal
(per item)
$15
Stop Payment
(per order to stop payment for six months)
$15
Insufficient Funds (maximum 1 per day) $30
Outgoing Wire Transfer (domestic and international) $30

See the Money Market Account Guide for more information

How can I access and manage my account?

Login to the Account Center through DiscoverBank.com. When prompted, enter your User ID and password and choose "Banking" in the "Select an Account" section. Upon successful login, you will be directed to your Money Market account details page.

You may also log in to your Discover Bank account with our Mobile App. Mobile Banking is available for AndroidTM and Apple® mobile devices.

How many withdrawals or transfers am I allowed?

Six withdrawals or transfers are allowed each calendar month from a Money Market Account. This limit is set by a federal regulation for electronic and telephone transactions from savings and money market accounts. An Excessive Withdrawal Fee will be charged for each withdrawal or transfer over this limit.

There is no limit on the number of withdrawals by ATM or by Official Bank Check mailed to you.

What types of transactions count towards the 6 withdrawals or transfers allowed per calendar month?

Below are the transaction types that count towards the 6 withdrawals and transfer limit:

  • Checks written from your Money Market Account
  • Debit Card purchases
  • ACH Transfers
  • Wire Transfers (a fee applies)
  • Phone Transfers
  • Online Transfers
  • Online Bill Payments
  • Transfers to repay loans at Discover Bank

Please note that withdrawals by ATM and Official Bank Checks that are mailed to you do not count towards the limit.

What should I do if I forget my User ID or Password?

Click here to reset your User ID and password. If you are still unable to log in, call us at 1-800-347-7000 and a Banking Specialist will help you reset your User ID and password.

How do I fund my Account or make deposits?

  • Complete an online transfer from an eligible Discover Bank account
  • Complete an online transfer from an external bank account to your Money Market account
  • Set up Direct Deposit
  • Deposit a check with Discover's Mobile Check Deposit using your mobile device
  • Set up a Wire Transfer - wire funds to:

    - Mellon Bank

    - Routing Number 043000261

    - Discover Account - 9914394

  • Mail a check that is made payable to you with a deposit slip or your account number on the memo line to:

    Discover Bank

    PO Box 30417

    Salt Lake City, UT 84130

  • Travelers Checks are not accepted for deposit

Is the Money Market account FDIC-insured?

Yes, funds on deposit at Discover Bank are FDIC-insured up to the maximum allowable limits. For more information, visit our FDIC information page.

How can I reorder checks or deposit tickets?

You may reorder additional checks or deposit tickets online via the Account Center. You can also contact us at 1-800-347-7000 and a Banking Specialist can assist you with your order.

How do I initiate Stop Payment on a check?

To request a stop payment on a check, contact us at 1-800-347-7000 with the check's date, amount, number, and payee name (if available).

Do I have overdraft protection?

No, as of this time, we do not offer overdraft protection.

How do I open a Discover Money Market account?

You may visit DiscoverBank.com and find out more about our Money Market account. To open, click on the Savings tab and proceed to "Open an Account." Additionally, you may call one of our Banking Specialists at 1-800-347-7000 to open an account over the phone.

What is the minimum deposit amount to open my account?

The minimum opening deposit is $2,500.

When will I receive my debit card and checks?

If you request a debit card and checks, you should receive them within ten days after your account is opened. Additionally, you will receive a Personal Identification Number (for your debit card), in a separate mailing, a few days after receiving your card. Once you receive your PIN, you can change it online in the Account Center or over the phone through our automated system at 1-800-347-7000.

How do I activate my debit card?

You can activate your debit card online at the Account Center or by calling 1-877-347-4055.

How do I change my Personal Identification Number (PIN) for my debit card?

Your 4-digit PIN will be mailed to you separately from your debit card. Once you receive your PIN, you can change it online in the Account Center or by using our automated system at 1-800-347-7000.

How can I locate an ATM near me?

Use our ATM Locator online or use our Mobile App to find a nearby ATM, including free Allpoint® and MoneyPass® ATMs.

What happens if my debit card is lost or stolen?

If your debit card is lost or stolen, call us at 1-800-347-7000 and a Banking Specialist will help cancel your old card and order a new card.

Is there a fee for using my debit card at an ATM?

60,000 Allpoint® and MoneyPass® ATMs are completely free of charge. However, owners of a non-MoneyPass/Allpoint ATM may charge a fee.

Discover will not charge you a fee for using your debit card at any ATM.

What happens if I am charged an ATM fee at an Allpoint® or MoneyPass® location?

If you are at an Allpoint or MoneyPass ATM and it indicates you are being charged a fee, accept the fee and proceed with your transaction. Then notify Discover Bank by sending a message through our Secure Message Center or calling us at 1-800-347-7000.

Please provide the following information and we will credit your account for the fee:

  • Date and time of the transaction
  • ATM location
  • Last four digits of your debit card
  • Amount of the fee you were charged

Where can I use my debit card to make purchases?

Your Discover debit card is accepted at participating merchants in the United States, Canada, Mexico and the Caribbean wherever you see the Discover®, PULSE® or Diners Club International® logos.

Note: Six withdrawals or transfers are allowed each calendar month from a Money Market Account. This limit is set by a federal regulation for electronic and telephone transactions from savings and money market accounts. An Excessive Withdrawal Fee will be charged for each withdrawal or transfer over this limit. There is no limit on the number of withdrawals by ATM or by Official Bank Check mailed to you.

Where can I get additional cash over a purchase?

Cash over is available at participating retailers nationwide.

Note: Six withdrawals or transfers are allowed each calendar month from a Money Market Account. This limit is set by a federal regulation for electronic and telephone transactions from savings and money market accounts. An Excessive Withdrawal Fee will be charged for each withdrawal or transfer over this limit. There is no limit on the number of withdrawals by ATM or by Official Bank Check mailed to you.

Can I use my debit card outside of the United States?

You can use your Discover debit card to withdraw cash at ATMs and make purchases at participating merchants in Canada, Mexico and the Caribbean wherever you see the Discover®, PULSE®, or Diners Club International® symbols.

Note: Six withdrawals or transfers are allowed each calendar month from a Money Market Account. This limit is set by a federal regulation for electronic and telephone transactions from savings and money market accounts. An Excessive Withdrawal Fee will be charged for each withdrawal or transfer over this limit. There is no limit on the number of withdrawals by ATM or by Official Bank Check mailed to you.

Is there a daily limit to the amount of money I can withdraw from an ATM with my debit card?

Yes. The Discover ATM withdrawal limit is $510 per day. Some ATMs may have lower withdrawal limits but you may complete multiple transactions until you meet the Discover withdrawal limit of $510 per day.

How do I make deposits to my account?

  • Complete an online transfer from an eligible Discover Bank account
  • Complete an online transfer from an external bank account to your Money Market account
  • Set up Direct Deposit
  • Deposit a check with Discover's Mobile Check Deposit using your mobile device
  • Set up a Wire Transfer - please wire funds to:

    - Mellon Bank - Routing Number 043000261

    - Discover Account - 9914394

    - Further credit your name and Discover Bank account number

  • Mail a check that includes your account number, made payable to you or Discover Bank to:

    Discover Bank

    PO Box 30417

    Salt Lake City, UT 84130

  • Travelers Checks are not accepted for deposit

How can I withdraw money?

You can withdraw money from your Money Market Account in the following ways:

  • Online transfer to an external bank account or another Discover Bank account
  • Online Bill Pay
  • Write a check
  • Request an Official Bank Check
  • From over 60,000 surcharge-free ATMS through the Allpoint® or MoneyPass® networks
  • From any ATM nationwide where you see the Discover®, Pulse®, or Diners Club International® logos
  • Cash over at participating retailers
  • Wire Transfer (a fee applies)

To locate an ATM near you, please click here to access our ATM Locator.

Note: Six withdrawals or transfers are allowed each calendar month from a Money Market Account. This limit is set by a federal regulation for electronic and telephone transactions from savings and money market accounts. An Excessive Withdrawal Fee will be charged for each withdrawal or transfer over this limit. There is no limit on the number of withdrawals by ATM or by Official Bank Check mailed to you.

What is Online Bill Pay?

Online Bill Pay is a free online service you can use to pay most companies and individuals via your Discover Money Market Account. For more information about Online Bill Pay, click here.

How do I sign up to pay my bills online?

Click here to sign up for Online Bill Pay. Not registered for online banking? Click here to begin.

Are there any fees associated with Online Bill Pay?

No. Discover Bank's Online Bill Pay service is offered at no charge.

Who can I pay?

You can use Online Bill Pay for your utilities, credit card payments, insurance premiums or other companies. You can also pay individuals, such as landlords, contractors, relatives, etc.

Note: You may make up to six withdrawals from your Money Market Account per calendar month, including preauthorized, automatic and telephone transfers, debit card purchases, and checks. There is no limit on the number of withdrawals by ATM or by Official Check mailed to you. If you exceed these transaction limits during any calendar month we may assess an Excessive Withdrawal Fee or refuse to pay each transaction in excess of the limitations. If you exceed these limits on more than an occasional basis, we reserve the right to close your account.

Are there any bills I cannot pay using the Online Bill Pay service?

Yes, bill payments to individuals or organizations outside of the United States are not eligible for the Online Bill Pay service. In addition, payments that violate any law, statute, ordinance or regulation, and any payments related to illegal gambling, illegal gaming and/or any other illegal activity are prohibited through the service.

Also, payments to governmental agencies, including but not limited to, the Internal Revenue Service, all state and local tax authorities, collection agencies, as well as recipients of court-ordered payments like child support or alimony are highly discouraged and are not covered by our Bill Pay Protection policy in our Online Security Guarantee.

How will my bill payment be sent?

Bill payments are sent electronically or by check sent in the mail to your payee. Discover Bank guarantees that your bill payment will reach your Payee by the "Deliver By" date.

When will my account be debited for my bill payment?

Most bills paid to companies are debited on the deliver by date. Bills paid to individuals are typically debited only after the check has been cashed by the payee.

What happens if a future bill payment is scheduled for a weekend or holiday?

One-time bill payments cannot be scheduled for delivery on a weekend or holiday. However, if a repeating bill payment is scheduled for a weekend or holiday, the payment will be initiated to the payee on the preceding business day.

What is an eBill?

An eBill is an electronic version of a paper bill that is viewable in the Bill Pay of the Account Center. If you are enrolled in eBills, you will have the ability to view and pay bills online anytime.

How can I enroll to have my bills sent electronically?

To sign up to have your bills sent electronically, you will need to log into your account and select the "eBills" option from the drop down menu under the Payments tab. Once on the bill payment page, select "Manage eBills" and choose the appropriate payee from the Request/Cancel eBills drop down menu.

Can I have all my bills sent to me electronically?

Each payee determines whether or not they will support eBills. For questions about a particular payee's policy, please contact the payee directly.

How do I unenroll from an eBill?

To unenroll from an eBill, you will need to log into your account and select the "eBills" option in the drop down menu under the Payments tab. Once on the bill payment page, select "Manage eBills" and select the payee from the Request/Cancel eBills drop down menu.

When will I start earning interest on new deposits?

You will start to earn interest on the business day we receive your deposit.

How is interest on my Discover account calculated?

Interest is compounded daily and credited to your account monthly. Use our calculators for more information.

What is APY and how is it used?

APY stands for Annual Percentage Yield. The annual percentage yield is the effective annual rate of return taking into account the effect of compounding interest.

What is the difference between APY and APYE?

APY stands for Annual Percentage Yield and is the effective annual rate of return taking into account the effect of compounding interest. The Annual Percentage Yield Earned or APYE for periodic statements is an annualized rate that reflects the relationship between the amount of interest actually earned on an account and the average daily balance for the statement period. For more information about APY and APYE, click here to visit the U.S. Government Printing Office website.

APY Example:
A Money Market account with an interest rate of 2.47% will have an APY of 2.50% due to daily compounding.

APYE Example:
An account with an interest rate of 1.09% (APY 1.10%) for the first part of the statement period and a rate of 1.19% (APY 1.20%) for the second part of the statement period would have an APYE in between 1.10% and 1.20%. The actual percentage would depend on the weighted average of the balance in the account during those time periods.

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1. Federal law limits the number of certain types of withdrawals and transfers from a Money Market or Online Savings Account to a combined total of six per calendar month per account. There is no limit on the number of withdrawals by ATM or by Official Check mailed to you. If you exceed these transaction limitations during any calendar month we may assess an Excessive Withdrawal Fee or refuse to pay each transaction in excess of the limitations. If you exceed these limits on more than an occasional basis, we reserve the right to close your account.

2. National savings average APYs based on rates of top 50 U.S. banks by deposit provided by Informa Research Services, Inc., as of XX/XX/XX.

3. Annual Percentage Yield (APY) is accurate as of XX/XX/XX for Money Market account balances under $100,000 and subject to change daily without notice. Money Market APY increases to 0.80% for balances of $100,000 or more. Applies to personal accounts only. Minimum opening balance is $2,500.

4. Competitor comparison information obtained from Informa Research Services, Inc., as of XX/XX/XX, using Illinois Savings account APYs. APYs assume a $2,500 minimum deposit to open. When no competitor rate is available a dash "-" is displayed. The non-Discover Bank service marks Bank of America and Chase are owned by each respective entity. All rights reserved. Although the information provided by Informa Research Services has been obtained from the various institutions, the accuracy cannot be guaranteed.

5. According to MoneyRates.com 3Q 2014 survey of 100 traditional and online banks.

How we calculate the graph

  • The values shown in the calculator are for illustrative purposes only and may not apply to your individual circumstances
  • Assumes principal and interest remain on deposit
  • Based on current Discover Money Market Accounts interest rates for balance on deposit
  • Interest is compounded daily (i.e., the interest for day 2 is calculated from the initial deposit + interest from day 1)
  • Time Period Variable used the Interest Earned Calculation has to be in units of years
  • In the event that a comparable National Average APY is not available, the next highest (or highest overall) value is being used for this calculation