Money Market Account

  • Access funds by check, debit card, or online1
  • Easy online money transfers and bill pay
  • Rates that have consistently exceeded the Money Market National
    Averages2
Open an Account
Or call 24/7 at

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
  • Free ATM withdrawals at over 60,000 Allpoint® or MoneyPass® ATMs
  • Manage your account online or with our mobile app

Among the best savings and money market interest rates5.

— MoneyRates.com 4Q 2013

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.

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?

Money Market Fee Schedule
Deposited Item Returned (per item) $15
Stop Payment
(per item to stop payment for 6 months)
$15
Outgoing Wire Transfer $30
Excessive Withdrawal $15
Insufficient Funds (maximum one per day) $30
Minimum Balance
(Average Daily Balance under $2,500 per statement cycle)
$10

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?

There is a limit of six (6) withdrawals per statement cycle for Money Market accounts. If you exceed the maximum number of withdrawals, a $15 Excessive Withdrawal Fee will apply for that period. Cash withdrawals from an ATM are unlimited.

What types of transactions count towards the six (6) withdrawals or transfers per statement cycle?

Transactions that count towards the limit of six (6) withdrawals or transfers per monthly statement cycle include:

  • Checks written from your Money Market Account
  • Debit Card purchases
  • ACH Transfer (outgoing)
  • Wire Transfers
  • Funds transfers to an internal or external account
  • Phone Transfers
  • Online Transfers
  • Online Bill Pay transactions
  • Transfers to repay loans at Discover

Transactions that do not count towards the limit of six (6) withdrawals or transfers per monthly statement cycle include:

  • ATM Withdrawals
  • Official Bank Check

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?

During the account opening process, you will be able to request a debit card and checks.

After you open your Money Market account your free debit card and free checks will be mailed separately to you and will arrive within ten days from the date your account is funded.

If you order a debit card, your Personal Identification Number (PIN) will be mailed separately.

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: There is a limit of six (6) withdrawals per statement cycle for Money Market accounts. If you exceed the maximum number of withdrawals, a $15 Excessive Withdrawal Fee will apply for that period. Cash withdrawals from an ATM are unlimited.

Where can I get additional cash over a purchase?

Cash over is available at participating retailers nationwide.

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 the United States, Canada, Mexico and the Caribbean wherever you see the Discover, PULSE, Diners Club International, Allpoint®, or MoneyPass® symbols.

Note: There is a limit of six (6) withdrawals per statement cycle for Money Market accounts. If you exceed the maximum number of withdrawals, a $15 Excessive Withdrawal Fee will apply for that period. Cash withdrawals from an ATM are unlimited.

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?

  • Free cashwithdrawals at over 60,000 Allpoint® and MoneyPass® ATMs

    - Use online and mobile ATM Locators to find a free ATM near you - click here

  • Use your debit card at 415,000 ATMs nationwide, anywhere you see the Discover, Diners Club International or Pulse logo

    - Discover will never charge you a fee to use an ATM; however, the owner of a non-MoneyPass/Allpoint ATM may charge a fee

  • Use your debit card to pay for purchases wherever you see the Discover, Pulse or Diners Club International logo
  • Choose additional cash over at participating retailers when you use your Discover debit card
  • Online transfer to an external bank account
  • Use online bill pay
  • Write a check
  • Request an official bank check
  • Wire Transfer (fee applies)

Note: There is a limit of six (6) withdrawals per statement cycle for Money Market accounts. If you exceed the maximum number of withdrawals, a $15 Excessive Withdrawal Fee will apply for that period. Cash withdrawals from an ATM are unlimited.

How can I pay a company or a person online from my Money Market account?

Online Bill Pay can be used to pay most companies and individuals. To start using Online Bill Pay, click on the "Bill Pay" tab in the Account Center or our Mobile App.

Note: There is a limit of six (6) withdrawals per statement cycle for Money Market accounts. If you exceed the maximum number of withdrawals, a $15 Excessive Withdrawal Fee will apply for that period. Cash withdrawals from an ATM are unlimited.

How do I set up a repeating bill payment?

Once you are logged in to the Account Center or Mobile App, you can set up repeating bill payments by clicking "Schedule Payments" and then clicking on "Manage Repeating Payments" under "More Options."

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: There is a limit of six (6) withdrawals per statement cycle for Money Market accounts. If you exceed the maximum number of withdrawals, a $15 Excessive Withdrawal Fee will apply for that period. Cash withdrawals from an ATM are unlimited.

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.

I scheduled a bill payment, why hasn't my available balance changed?

Paying a bill with Online Bill Pay is similar to writing a check. When you schedule a bill payment, your available balance does not change until the individual or company you are paying actually processes or cashes the payment.

When will my account be debited for my bill payment?

The funds will be debited on the "Deliver By" date for electronic bill payments; and the funds will be debited when the check has been cashed by the payee for mailed bill payments.

What does "status" next to my bill payment mean?

Scheduled - Bill payment has been scheduled but not yet initiated. Bill payments in the scheduled state can be edited or deleted.
Processing - Bill payment has been initiated and is in the process of being paid. These bill pays cannot be edited or deleted.
Sent - Bill payment has been sent to the Payee.
Paid - Bill payment has arrived to the Payee. In the case of a paper check being mailed, payments marked as "Paid" will not be debited from your account until the Payee has cashed the check.
Cancelled - Bill payment has been cancelled. Deleting a scheduled bill payment will result in a Cancelled status.

How do I delete a scheduled bill payment?

You can delete a scheduled bill payment by clicking "Review Payments" and then clicking "Delete" for the associated payment. If "Delete" is not displayed for the bill payment that you are trying to cancel, it has been initiated and cannot be deleted.

How do I edit a scheduled bill payment?

You can edit a scheduled bill payment by clicking "Review Payments" and then clicking "Edit" for the associated payment. If "Edit" is not displayed for the bill payment that you are trying to cancel, it has been initiated and cannot be edited.

Why can I not edit or delete a bill payment?

If your bill payment has already been processed and sent to the payee it is not available for editing. Additionally, bill payments that have been made by a Joint Owner can only be edited or deleted by the person who initially set up the payment.

How do I add a Payee?

Payees can be added by clicking on "Manage Payee." You can search for a Payee by company name or phone number or you can manually enter a Payee's information by clicking "Enter Payee Information."

Why do I need to enter my Payee's account number when adding a Payee?

Providing your account number allows the Payee to ensure that your account is properly credited with the bill payment amount.

How do I delete a Payee?

Payees can be deleted by clicking on "Manage Payees" and then clicking "Delete" for the relevant Payee.

If I delete a Payee, what will happen to my scheduled bill payments?

If you delete a Payee with scheduled bill payments, all Scheduled payments will be deleted. If you delete a Payee with Processing or Sent bill payments, those payments will still be executed.

What is a repeating bill payment?

A repeating bill payment is a set of scheduled payments to a payee for a fixed amount. These payments are specified to occur at a defined interval and for a defined length of time.

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?

The term eBill stands for "electronic bill" and is an electronic version of your paper bill delivered to you automatically through the Account Center. Once enrolled for eBills, you will have the ability to view and pay bills online anytime.

What are Bill Reminders?

Bill Reminders are emails you can sign up for to remind you that you have an upcoming bill payment due. You can select the date that the email will be sent to you.

How can I sign up for a Bill Reminder?

After you log into your account, you can sign up for a Bill Reminder by clicking on "Payment Reminder" under the "More Options" section.

Why did I receive a Bill Reminder after I paid my bill?

You will receive a Bill Reminder on the date you selected, regardless of whether or not you paid that specific bill.

What is a Preferred Account?

A Preferred Account is the account you select as the default "Pay From" account each time you schedule an online bill payment. To configure your Preferred Account, click on "Manage Your Preferred Account" under the "More Options" section.

Am I able to have a trial period before I decide to pay all my bills with Online Bill Pay?

Some billers may allow you to sign up for an eBill trial. During that time period, you will still get your paper bill, along with your eBill. If your trial period expires and you haven't enrolled in eBill with that payee, you will be unenrolled from eBill with that payee.

How can I sign up for eBills?

After you log into your account, you can sign up for eBills, by clicking "Manage eBills" from the Online Bill Payment page. Then select the appropriate payee from the Request/Cancel eBills drop down.

Which payees can I sign up to receive eBills?

After you log into your account, you can view eligible eBill payees, by selecting "Manage eBills" from the "Schedule an Online Bill Payment" page.

How do I view my eBills?

Once you are logged into your account, you can view your eBills by selecting "Manage eBills" on the Online Bill Payment page and clicking on "View Bill" next to each eBill.

How do I pay my eBills?

Once you are logged into your account, you can pay your eBills by selecting "Manage eBills" from the Online Bill Payment page and clicking "Pay" next to the eBill.

I paid my eBill, so why is it still showing as due?

We only mark your eBill as paid if you pay it through DiscoverBank.com. If you paid your bill through another means, you can dismiss the eBill by going to the "Manage eBills" screen and clicking "Mark as Paid" next to the bill.

How do I unenroll from an eBill?

To unenroll from an eBill, log into your account, go to the "Manage eBills" option on the Online Bill Payment page and select the payee from the "Request/Cancel eBills" drop down.

Why can't I sign up for eBills for one of my payees?

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

Why do I need to enter personal information to sign up for an eBill?

Each payee determines the level of security questions required (if any) to allow a person to sign up for eBills. This is to ensure that the person enrolling for eBills is authorized to access the account.

When will I start earning interest on new deposits?

You will start to earn interest on the day your deposit is posted to your account.

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:
The annual percentage yield (APY) reflects the total amount of interest paid on an account based on the interest rate and the frequency of compounding.

APY Example:
A Money Market account with an interest rate of 2.47% will effectively yield 2.50% over a one-year period due to compounding.

APYE:
The annual percentage yield earned (APYE) for periodic statements is an annualized rate that reflects the relationship between the amount of interest actually earned on your account during the statement period and the average daily balance in the account for the statement period.

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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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