Discover might be best known for its credit cards, but it also offers deposit products. The online bank’s savings account comes with a solid interest rate and no minimum deposit or monthly fees, making it a fine place to store your emergency fund.
Discover Bank earned 4.6 out of 5 stars in Bankrate’s review across its deposit products and 5 out of 5 stars for its savings account.
Discover savings account rates
Discover has only one savings account and it offers the same rate regardless of your balance.
|Account name||APY||Minimum deposit|
|Online savings account||1.10%||No minimum deposit|
Note: Annual percentage yield (APY) shown is as of July 1, 2022. APYs for some products may vary by region.
How Discover savings accounts compare with top-yielding banks
Discover’s savings account offers a competitive interest rate, though higher rates can be found at other online banks.
Other savings options at Discover
If you’re looking for other options for your savings, Discover also offers a money market account and a broad range of certificates of deposit. The money market account pays a slightly lower interest rate than the savings account, while Discover’s longer-term CDs pay much higher yields.