The Discover Online Savings Account offers many benefits for which Discover is renowned, such as low fees and superior online and mobile banking tools. In addition, the APY is competitive. Nevertheless, you can read our comprehensive review of the Discover Online Savings account to learn everything about this account.
List of Contents
Overview: Website
Customers seeking premium online savings accounts with a high APY should consider the Discover Online Savings account. Discover takes the no-fee approach to the next level by not charging any monthly or hidden fees, unlike other banks. Discover provides customers with a top-rated mobile application that enables them to stay connected to their savings from nearly anywhere.
Deposit & Withdrawal Options
Genuinely, Discover has no physical locations. Nevertheless, it provides multiple deposit and withdrawal options.
Deposit Options
The following options are available for your funding:
- Mobile Deposit
- Online transfer
- Wire transfer
- Direct deposit
- Mailing in a check
Withdrawal Options
You have the following options for withdrawing funds:
- Wire transfer
- Official bank checks
- Online transfers to external banks
- Transfer to other Discover accounts
In addition, you can quickly and easily access cash at any ATM in the bank’s network if you transfer funds electronically to other Discover accounts, such as a Discover checking account.
Benefits and Drawbacks of Discover Online Savings Account
Benefits
✔ No fees
✔ No minimum balance
✔ Mobile app
✔ FDIC insured
✔ 2.75% APY
Drawbacks
✘ Few physical locations
✘ No ATM card
Benefits
- No fees
Stop payments, excessive withdrawals, insufficient funds, and monthly maintenance are free.
- No minimum balance
The high-yield savings account offered by Discover is widely accessible to various account holders. This category includes savers who do not maintain large monthly balances.
- Mobile app
Discover has one of the best mobile applications. Mobile applications are essential for an online savings account, where customers must rely on technology to complete transactions typically conducted in person. Accessible to savers are details for all their Discover accounts, account activity, electronic check deposits, and money transfers.
- FDIC insured
Discover, like conventional banks, is a member of the FDIC. Thus, your funds are protected even in the unlikely event of a bank failure. The FDIC protects deposits up to $250,000 per institution and depositor.
- 2.75% APY
The APY is among the best online savings accounts. All balances are eligible for the same rate of interest. This contrasts with other online savings accounts that offer tiered interest rates based on account balances.
Drawbacks
- Few physical locations
Since Discover has few physical locations, you must be comfortable doing all your banking online.
- No ATM card
The Discover Online Savings account does not include a debit card or ATM withdrawal access.
Is Discover a Worth Online Savings Account to Get?
The Discover Online Savings account is an excellent option for those who need to earn a high APY while avoiding several common bank fees. If you are comfortable managing your finances online, you won’t have many complaints about this account, especially if you pair it with a Discover checking account.
FAQs
The online savings account from Discover is a savings account that can be opened and managed entirely online. There are no monthly maintenance fees or minimum balance restrictions.
There is no required minimum amount for Discover’s online savings account.
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