Online Savings Account

  • Earn over 5X the National Savings Average1
  • Low $500 minimum opening deposit
  • No minimum balance or monthly maintenance fees
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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
  • See the Online Savings Account Guide for more information

Among the best savings and money market interest rates5.

— MoneyRates.com 3Q 2014

Today's Online Savings Rate

% APY3

for all balances

Discover's Online Savings Account rate consistently exceeds the
Savings National Average1

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.

How we calculate the Online Savings Account graph 

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 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?

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?

Below are the fees associated with your Online Savings Account:

Online Savings Account Fee Schedule
Deposited Item Returned (per item) $15
Excessive Withdrawal
(per item)		 $15
Stop Payment
(per item to stop payment for 6 months)		 $15
Insufficient Funds (maximum 1 per day) $30
Outgoing Wire Transfer (domestic and international) $30

See the Online Savings Account Guide for more information

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?

Six withdrawals or transfers are allowed each calendar month from an Online Savings Account. An Excessive Withdrawal Fee will be charged for each withdrawal over this limit. 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 Official Bank Checks mailed to you.

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

Below are the transactions that count towards the six withdrawals or transfers per calendar month:

  • ACH Transfer
  • Wire Transfers (a fee applies)
  • Phone Transfers
  • Online Transfers
  • Online Bill Payments
  • Transfers to repay loans at Discover Bank

Note: Six withdrawals or transfers are allowed each calendar month from an Online Savings Account. An Excessive Withdrawal Fee will be charged for each withdrawal over this limit. 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 Official Bank Checks mailed to you.

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?

Six withdrawals or transfers are allowed each calendar month from an Online Savings Account. An Excessive Withdrawal Fee will be charged for each withdrawal over this limit. 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 Official Bank Checks mailed to you.

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

Below are the transactions that count towards the six withdrawals or transfers per calendar month:

  • ACH Transfer
  • Wire Transfers (a fee applies)
  • Phone Transfers
  • Online Transfers
  • Online Bill Payments
  • Transfers to repay loans at Discover Bank

Note: Six withdrawals or transfers are allowed each calendar month from an Online Savings Account. An Excessive Withdrawal Fee will be charged for each withdrawal over this limit. 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 Official Bank Checks mailed to you.

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?

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

  • Online transfer to another Discover Bank Account or to an external bank account
  • Wire Transfer (a fee applies)
  • Request an Official Bank Check

Note: Six withdrawals or transfers are allowed each calendar month from an Online Savings Account. An Excessive Withdrawal Fee will be charged for each withdrawal over this limit. 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 Official Bank Checks mailed to you

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 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: An Online Savings 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.

There's more to savings than just saving.

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





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1. The APY for the Online Savings Account as of is more than five times the national average APY for interest-bearing savings account with balances over $500 as reported by Informa Research Services, Inc. as of . Rates are subject to change at any time. Although the information provided by Informa Research Services has been obtained from the various institutions, accuracy can not be guaranteed.

2. You may make up to six withdrawals from your Online Savings Account per statement cycle, including preauthorized, automatic and telephone transfers.

3. Annual Percentage Yield (APY) is valid as of . This offer applies to personal accounts only. Fees could reduce the earnings on the account. Rates may change at any time without prior notice, before or after the account is opened. Minimum opening balance is $500.

4. Competitor comparison information obtained from Informa Research Services, Inc. as of , using Illinois Savings account rates. Rates assume a $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.

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 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