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Discover Bank savings account rates

Updated July 1, 2024
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Discover might be best known for its credit cards, but it also offers high-yielding 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.

One thing consumers should be aware of is that Capital One recently announced its plan to acquire Discover Financial Services, which includes Discover’s line of credit and debit cards. There’s still some uncertainty on what exactly that’ll mean for customers of either bank. But pending approval, the deal isn’t expected to officially close until late 2024 or early 2025.

Discover savings account interest rate

Discover Bank has only one savings account and it offers the same high yield regardless of your balance.

Account name APY Minimum deposit
Online savings account 4.25% APY No minimum deposit

Note: The annual percentage yield (APY) shown is updated weekly, and may vary by region.

How Discover savings accounts compare with top-yielding banks

Discover’s high-yield online savings account offers a competitive interest rate, which comes without a monthly fee or a minimum deposit requirement, though higher rates on savings can be found at other online banks.

Other savings options at Discover

Discover also offers a money market account and a broad range of certificates of deposit, if you’re looking for other options for your savings. The money market account pays a slightly lower interest rate than the savings account.

Marcos Cabello Arrow Right Writer, Banking/Deposits
Marcos Cabello is a banking writer at Bankrate, where he’s dedicated to helping readers make the best decisions about their finances. Previously, Marcos wrote about money for CNET and NextAdvisor, running the gamut of personal finance topics including U.S. economic policy and cryptocurrency.