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Spend smarter, manage debt better and save even more with Discover.
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It really pays to Discover.
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.
Among the best savings and money market interest rates5.
— MoneyRates.com 4Q 2013
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 |
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Find out how to put your savings account plan into action with our Online Savings Account Interest Calculator.
What is your initial savings account contribution?
How much would you like to
regularly contribute to your savings account?
How long do you want to save?
Use the Online Savings Account Goal Calculator to set your savings objective and plan of action.
The minimum initial deposit is $500.
There is no minimum balance requirement.
The Discover Bank routing number is 031100649 for direct deposit and electronic transfers, but not for wire transfers.
Click here to access a Wire Transfer Form and complete an outgoing wire transfer.
When initiating an incoming wire, please wire funds to:
| 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 |
Funds on deposit at Discover Bank are FDIC-insured up to the maximum allowed by law.For more information, visit our FDIC information page.
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
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.
Transactions that count towards the limit of six (6) withdrawals or transfers per monthly statement cycle include:
Note: Official bank check withdrawals do not count towards the limit of six (6) withdrawals or transfers per monthly statement cycle.
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.
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.
The minimum opening deposit is $500.
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.
Transactions that count towards the limit of six (6) withdrawals or transfers per monthly statement cycle include:
Note: Official Bank Check withdrawals do not count towards the limit of six (6) withdrawals or transfers per monthly statement cycle.
Here are your deposit options:
- Mellon Bank - Routing Number 043000261
- Discover Account - 9914394
- Further credit your name and your Discover Bank account number
Discover Bank
PO Box 30417
Salt Lake City, UT 84130
*Please note that Travelers Checks are not accepted for deposit
Here are the ways to withdraw money from your Online Savings Account
Note: There is a maximum limit of six (6) withdrawals per statement cycle.
You will start to earn interest on the business day your deposit is received.
Interest is compounded daily and credited to your account monthly. Use our calculators for more information.
APY stands for Annual Percentage Yield and is the effective annual rate of return taking into account the effect of compounding interest.
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.
Learn the different ways you can make your money earn more.
Certain types of savings accounts are better than others for short- mid- and long-term goals. If you want to "park" money for an emergency fund or save for a down-payment on a new car, an online savings account can deliver what you want.... Read More
Three Steps to Help Save for Short-Term GoalsPursuing short-term financial goals--those that you'd like to achieve within one to five years, can require a different strategy than pursuing long-term goals. Here are some simple steps to help you save and invest when you're going to need your money sooner rather than later.... Read More |
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 ExpensesBad 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 AccountToday, 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 |
Discover OSA
National Average