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 4.1 out of 5 stars in Bankrate’s review across its deposit products.
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||1.25%||No minimum deposit|
Note: The APY (Annual Percentage Yield) shown is as of May 19, 2020. The APYs for some products may vary by region.
How Discover savings accounts compare with top-yielding banks
Discover’s savings account offers a solid interest rate, but you can still earn higher APYs elsewhere. The difference in payout isn’t large enough to make switching banks worth your time. But if you’re opening an online savings account for the first time, you can earn more if you open it elsewhere, such as at Vio Bank.
Other savings options at Discover
If you’re looking for other options for your savings, Discover also offers a money market account and multiple CDs that you can consider. The money market account pays a slightly lower interest rate than the savings account and it’s longer-term CDs pay a slightly higher rate.