Discover Savings Account Review – High Interest Rate & No Monthly Fees

Discover bank offers one of the better savings accounts in the market. Let’s take a look at this account to see if it’s worth signing up for. Keep in mind that unlike other sites we do not use bank account affiliate links, meaning our reviews are honest and not biased by financial incentives.

Account At A Glance

• Interest Rate: 1.6% APY
• Minimum Balance: None
• Maximum Balance: None
• Hard/soft pull: Soft
• ChexSystems: No
• Credit card funding: None
• Monthly fees: None
• Insured: FDIC

Fees

The full fee disclosure can be found here.

• No monthly maintenance fee (and no minimum balance requirement)
• No fee for official bank check or for expedited delivery
• No early account termination fee. Account can be closed via secured message.
• $15 fee per transaction if you exceed the 6 qualifying transaction limit
• Wire transfers:
  • No fee for incoming transfers
  • $30 for outgoing wire transfers
• Insufficient funds fee $30 per item (limit of one per day)

Interest Rate

Interest is calculated daily. The current interest rate is 1.50% APY. This is competitive when it comes to basic saving account rates, but is still lower than the current top rate of 1.75% APY and significantly less than 5% APY’s being offering by rewards checking accounts.

Here is the rate history:

• February 24th – current: 1.5% APY
• January 2018 – February 24th: 1.4% APY
• October 30th, 2009: 1.85%

Sign Up Bonus

Discover has somewhat recently started offering sign up bonuses for their saving account products. The current bonus is $150 or $200 and requires a deposit of $15,000 – $20,000. The good thing about these bonuses is that there is no minimum deposit length unlike a lot of other savings account bonuses.

Our Verdict

The Discover savings account is worth considering for people that are interested in the sign up bonus of $150/$200 currently being offered. As mentioned, there are other savings accounts offering a higher interest rate (currently a difference of 0.25%) and I’d really recommend checking out rewards checking accounts to get rates of up to 5% APY. Hopefully you found this review helpful, if you have any questions then please ask us in the comments below.