Discover High-Yield Online Savings Account Review: A Competitive APY from an Online Bank
GOBankingRates Score
Discover High-Yield Online Savings Account
4.7
SCORE
- APY
- Fees
- Perks
- Ease of Use
How did we calculate this?
Pros
- 3.30% APY
- No minimums or fees
- Can be used as overdraft protection
Cons
- Limit of six transactions per statement period
Discover High Yield Online Savings Account Overview
The Discover High Yield Online Savings account is a standard savings account that pays a very competitive rate of interest. It pays APY, which is much higher than many national brick-and-mortar banks. You can find slightly higher rates elsewhere, but some of the banks offering those don’t have as broad a product suite as Discover.
Key Features
Here are some of the key features of the Discover High Yield Online Savings account.
Fees
There are no monthly maintenance fees for the Discover High Yield Online Savings account, which is common for high-yield savings accounts. But with the Discover account, you also won’t pay fees for bank checks, stop payment orders, deposited items that are returned, insufficient funds or even excess withdrawals. Plus, you can use your savings account as overdraft protection for your Discover checking account — and there’s no fee for that either.
APY
The Discover High Yield Online Savings account pays APY, which is a very good interest rate, particularly for an account with no minimum balance requirement and no fees.
Perks
The biggest perk of this account is the interest rate, but there are others. You’ll get access to the Discover app, which includes mobile check deposit, online bill pay and more. You can use overdraft protection from your savings account to use on your checking account, or vice versa.
Ease of Use
The Discover High Yield Online Savings account is easy to use, either online or with the app. Since Discover is an online-only banking service provider, you can’t walk into a branch, but you can do everything you need to do on the website or app. Plus, Discover offers other banking products like checking accounts, credit cards, loans and more, so you can do all your banking in one place if you choose.
How The Discover High Yield Online Savings Account Stands Out
The Discover High Yield Online Savings gives you a high rate of interest which makes it stand out from a lot of other accounts. You’ll pay no monthly maintenance fees, and you’ll also pay no fees for bank checks, overdrafts and more. It’s also part of the Discover family of financial products, so you can do all your banking in one place.
Comparable High Yield Savings Account Options
When shopping for a high yield savings account, you want to look at several options so you can be sure you’re getting the right account for your needs. Here are some other high yield savings account options to consider.
Salem 5 Direct eOne Savings
At APY, Salem 5 Direct’s eOne Savings account, with no minimum balance and no maintenance fee, is a worthy competitor. They also offer a Savings/Checking combo account, although they don’t offer credit cards or loans.
UFB Direct High Yield Savings account
The UFB Direct High Yield Savings account pays APY, with no fees or minimums. But UFB does not offer a checking account, so you’ll need to have another bank as well.
How To Apply
You can open a Discover High Yield Online Savings account online or by calling Discover customer service at 800-347-7000. You’ll need your personal information, including your name, address, social security number, email address, etc. If you’re transferring money from another account, you’ll need the information for that account.
Who The Discover High Yield Online Savings Account Is Best For
The Discover High Yield Online Savings account is a good choice if you’re looking for a high interest rate with no fees, and you also like keeping all your accounts in one place.
Final Take
The Discover High Yield Online Savings account is a great choice if you want to earn a guaranteed rate of interest on your savings. You can also have your checking account, credit card and investment accounts at the same bank if you choose to do so.
Discover High-Yield Savings Account FAQ
When looking around for a high-yield savings account, questions will arise. Here are the answers to some of those frequently asked questions about the high-yield Online Savings Account from Discover.
- Does Discover have high-yield savings account?
- Yes. The Discover High Yield Online Savings account pays 3.30% APY on any balance, and has no minimum balance requirement and no fees.
- Which bank has the highest high-yield savings?
- Interest rates change all the time, so it can be challenging to pinpoint the highest rate at any given time. Certainly one of the highest is the Discover High Yield Online Savings account at with its super competitive APY of 3.30%.
- Is it worth having a high-yield savings account?
- Choosing the right high-yield savings account can make a big difference. Earning 3.30% APY — in the case of the Discover High Yield Online Savings account — guaranteed, is a big benefit. You’ll have easy access to your money if you need it, and you’ll earn a good return at the same time.
- Does Discover checking have APY?
- The Discover checking account does not pay interest, but the Discover High Yield Online Savings account pays 3.30% APY. You can open both accounts and transfer money between them so you’re earning a high rate of interest on the money you’re not using.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Jan. 30, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
