Online Savings Account

  • Earn over 5X the National Savings Average1
  • Low $500 minimum opening deposit
  • No minimum balance or monthly maintenance fees
Open an Account
Or call 24/7 at

Save more. Earn more.

Whether you're putting money aside for a rainy day or saving up for something special, an online savings account pays a great savings rate with convenient access.

  • Deposits are FDIC insured up to the maximum allowed by law
  • Fund your savings account online from an existing bank account
  • Manage your savings account online or with our mobile banking app
  • Fast and free online money transfers2

Among the best savings and money market interest rates5.

— MoneyRates.com 4Q 2013

A great Online Savings Account rate that you can count on.

Our consistently competitive savings rate helps maximize the return on your savings account.

Discover Online Savings Account National Average1 Bank of America4 Chase4
Account Balance Interest Rate APY3 APY APY APY
Open an Account

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FAQs for Discover's Online Savings Account.

See how your money can work harder.

Find out how to put your savings account plan into action with our Online Savings Account Interest Calculator.

Reach your online savings goals.

Use the Online Savings Account Goal Calculator to set your savings objective and plan of action.

How we calculate the graph Close
  • Assumes principal and interest remain on deposit
  • Based on current Discover Online Savings 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 $500.

Am I required to maintain a minimum balance?

There is no minimum balance requirement.

What is the Discover Bank routing number?

The Discover Bank routing number is 031100649 for direct deposit and electronic transfers, but not for wire transfers.

How do I complete a wire transfer?

Click here to access a Wire Transfer Form and complete an outgoing wire transfer.
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 Online Savings Account?

Online Savings Account 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
(per item in excess of 6 limited withdrawals)
$15
Insufficient Funds (maximum one per day) $30

Is the Online Savings Account FDIC-insured?

Funds on deposit at Discover Bank are FDIC-insured up to the maximum allowed by law.For more information, visit our FDIC information page.

How can I access and manage my Online Savings Account?

Click here to login to access and manage your Online Savings Account. You can also access and manage your account via our mobile app available for Android™ and iPhone®. If you do not have an Android or iPhone smartphone, you can still access your account on your phone from m.discover.com. Please remember your mobile device must be set up to access the Internet in order to use Mobile Discover.com. Click here for more information on our mobile services.

Not registered for the Account Center? Register Now

How many withdrawals or transfers am I allowed?

For online savings accounts, there is a maximum limit of six (6) withdrawals per statement cycle. If you exceed the maximum number of withdrawals, an Excessive Withdrawal Fee will apply for that period.

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:

  • ACH Transfer
  • Wire Transfers
  • Funds transfers to an internal or external account
  • Phone Transfers
  • Online Transfers
  • Transfers to repay loans at Discover

Note: Official bank check withdrawals do not count towards the limit of six (6) withdrawals or transfers per monthly statement cycle.

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

Click here to reset your User ID and Password. If you have already tried to reset your User ID and Password, please call us at 1-800-347-7000 and a Banking Specialist will assist you.

How do I open a Discover Online Savings Account?

Click here for more information and to open an account online. Additionally, you can call our Banking Specialists at 1-800-347-7000 to open an account over the phone.

What is the minimum deposit to open my Online Savings account?

The minimum opening deposit is $500.

How many withdrawals or transfers am I allowed?

For online savings accounts, there is a maximum limit of six (6) withdrawals per statement cycle. If you exceed the maximum number of withdrawals, an Excessive Withdrawal Fee will apply for that period.

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:

  • ACH Transfer
  • Wire Transfers (a fee applies)
  • Funds transfers to an internal or external account
  • Telephone Transfers
  • Internet Transfers

Note: Official Bank Check withdrawals do not count towards the limit of six (6) withdrawals or transfers per monthly statement cycle.

How do I make deposits to my Online Savings Account?

Here are your deposit options:

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

    - Mellon Bank - Routing Number 043000261

    - Discover Account - 9914394

    - Further credit your name and your Discover Bank account number

  • Mail a check 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

*Please note that Travelers Checks are not accepted for deposit

How do I withdraw money from my Online Savings Account?

Here are the ways to withdraw money from your Online Savings Account

  • An online transfer to an eligible Discover Bank Account or to an external bank account
  • Wire Transfer (fees may apply)
  • Request an official bank check

Note: There is a maximum limit of six (6) withdrawals per statement cycle.

When will I start earning interest on new deposits?

You will start to earn interest on the business day your deposit is received.

How is interest on my Online SavingsAccount 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 and 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: An 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.

There's more to savings than just saving.

Learn the different ways you can make your money earn more.

Online Savings: A Smart Way to Save for Your Goals
Online Savings: A Smart Way to Save for Your Goals

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Three Steps to Help Save for Short-Term Goals
Three Steps to Help Save for Short-Term Goals

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Tips for Revving up Your Funds with Online Savings Accounts
Tips for Revving up Your Funds with Online Savings Accounts

"No pain, no gain." It's certainly an appropriate thought at the gym. But does that same "pain" have to apply to saving money? Saving money can be painless especially when you tap the power of a high interest savings account.... Read More

An Online Savings Account can help with Unexpected Expenses
An Online Savings Account can help with Unexpected Expenses

Bad things happen (and often when we least expect it). And it's not always the big bumps that catch us off our financial guard. Sometimes it's the little things, like that unexpected trip to the emergency room.... Read More

Going Mobile with Your Online Savings Account
Going Mobile with Your Online Savings Account

Today, just about anything you can do from your home computer you can also do with your mobile device. That includes managing your deposit accounts.... Read More

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 Online Savings 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