Discover Savings Account Review | What You Need to Know about Discover’s Savings Rates & Account Features


There comes a time in everyone’s life to open a savings account. The Discover Bank online savings account is a great current option for a high-yield savings account. 

Whether you want to put money aside for your child’s college fund, or you simply want to better organize your finances without having to pay monthly maintenance fees, a savings account with Discover Bank is a solid option for even the least financially savvy people, no matter their age.

In light of this, we have prepared an in-depth Discover savings account review, giving you all the information you need to decide whether it’s the right product for your specific requirements.

Discover bank online savings is an FDIC-insured account and has gained a stellar reputation due to its online convenience and high interest yields. Discovery Bank focuses on providing users with a safe and secure way to save money each month, and customer satisfaction is at the forefront of their business philosophy.

Discover cleverly avoids overhead costs of a physical branch by operating online and is therefore able to offer you a higher savings rate. When you apply and fund your Discover bank online savings account, you can easily start earning 5x more than the national average with a 0.95% APY.

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What Is Discover Bank Online Savings?

The online savings account is Discover Bank’s most popular product available on the market today. Not only does it pay the highest interest rate (more than 5x the national average), but it is also incredibly easy to set up.

discover savings account review

Image Source: Discover Savings Account Review

In order to open a new Discover Bank online savings account, you need to make an initial deposit of $500, but one of the major benefits we will highlight in out Discover savings account review is that after you have made your initial deposit, there are no monthly account minimums or maintenance fees.

All transfers of funds are done online, and you can send and receive money from almost anywhere. And to make things even easier, having a local checking account with your bank of choice allows you to connect it to your Discover Bank online savings account and make your transfers at the touch of a button.



Discover Savings Account Review: Major Benefits

Deciding which company to trust your life long savings with can be overwhelming given the plethora of Discover savings reviews online, as well as countless reviews of other online savings products.

In this section of our Discover savings account review, we will summarize the main benefits and perks of the product, to make your decision-making process a little easier.

  • Zero monthly maintenance fees
  • No account closure fees
  • Wire transfers: $0 for incoming transfers and just $30 for outgoing transfers
  • 24/7 live customer support: efficient, helpful, and excellent English
  • Interest compounded and credited monthly

Perfect for Busy People

The Discover savings account reviews freely available online make it easy for anyone to deduce: if you are a busy person, then this product is definitely suitable for you.

In today’s world, being able to access important information from your mobile device is crucial. Discover Bank has developed an excellent mobile app that makes it easy for you to manage your Discover Bank online savings account on the move.

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Discover Online Savings Review: Mobile App Benefits

  • Transfer money easily and securely
  • Easily view your Discover bank online savings account balance as well as recent transactions that have been made
  • Make deposits on the move and grow your savings with automatic transfers
  • User-friendly interface
  • Extra security with touch ID

Discover Savings Review: Customer Service

Even though online business has become common with regards to banking, insurance and even education; many people are still apprehensive about trusting a product, which has no offline physical presence.

This is the exact reason that if an online company wants to succeed, it is imperative for them to offer excellent customer service, resulting in above average customer satisfaction.

As we mentioned earlier in this article, the main purpose of creating this Discover online savings review is to help you identify whether the product will work for you; therefore, we have taken a closer look at their customer service department so you know what to expect.



Online FAQ’s

Discover Bank’s website offers a helpful FAQ knowledge base to help users answer every day questions they might have about the product in order to make their experience run smoothly. We looked through the FAQs, and it is clear that they have done their research with regards to common issues, and they have answered them succinctly and clearly.

Telephone Support

Their phone support helpline is available 24/7, and we were pleased to discover that not only do their customer support agents speak excellent English, but they are also incredibly friendly and helpful.

Downloadable Guides

We were really impressed with the number of downloadable, product-specific guides available. This saves users time and effort, as each guide is specific to a topic and will take you through the steps from start to finish; rest assured that setting up and managing your account will be a breeze.



Discover Savings Account Review: Security

With all of the security concerns surrounding identity theft and phishing, understanding the security measures a company takes to protect their customers is important when making a decision. The security features offered by Discover Bank include:

$0 Liability Protection

Discover Bank customers are not held responsible for unauthorized debit card, online, or mobile banking transactions. If you notice any suspicious activity on your account, simply notify customer service and they will take it from there.



Bill Pay Protection

You can have complete peace of mind when paying bills using the Online or Mobile Bill Pay, and if through no fault of your own, your payment is late, Discover Bank will pay the late fees on your behalf.

Secure Mobile and Online Banking

All customer information is fully protected using SSL encryption. Additionally, your account information, including your statements, is password-protected online in the Account Center, and touch ID for the mobile app adds an extra layer of security.



Fraud Monitoring

Your account is continuously monitored for potential fraud, and Discover Bank will alert you if they notice any suspicious activity. If you are a victim of fraud on your account, a fraud specialist will work closely with you to resolve the issue.

FDIC Insured

Your Discover Bank online savings account is FDIC-insured up to the maximum amount allowed by law, which is $250,000 per depositor, per deposit ownership category.

discover bank online savings

Image Source: Discover Bank Online Savings Account

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How Can a Discover Bank Online Savings Account Help You?

One of the main frustrations people experience when opening a savings account is the amount of time it takes for interest to be paid. Invariably, Discover savings account reviews make mention of this product’s stand-out feature: you start earning interest the same business day that your deposit is received.

This is, after all, the main driving force behind anyone investing in a savings account, rather than just hiding their spare cash under the mattress: making your money work for you, without having to do anything at all.


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Conclusion

After thoroughly investigating the features and benefits that the Discover Bank online savings account offers, it is clear that this product is one of the best options available on the market for your savings.

One particularly important factor mentioned in this Discover savings account review is the outstanding level of customer service they provide, as well as the security measures taken to keep your information safe at all times.

Their website is easy to navigate, and the online banking platform is incredibly user-friendly, meaning you don’t have to be a tech expert to figure out how to use it. Their mobile app is also well presented and makes managing your money easy, no matter where you are in the world.

Many people are still convinced that they would be better off opening a savings account with their existing bank’s physical branch; however, we disagree. There is no other savings account on the market that can beat their competitive yield rate, and Discover Bank make it easy for you to open an account and get started.

In light of everything we have outlined in the Discover Savings account review above, it comes as no surprise that Discover Bank was rated fourth among 100 Global Banks for Quality and Excellence in Banking according to Businesswire, and it is the Only U.S.-based bank to receive a top rating from Lafferty Group.

“Discover is committed to providing a rewarding, easy and secure online banking experience that helps our customers save more so they can achieve a brighter financial future,” said Brian Hughes, senior vice president of deposit products at Discover in a recent interview with Businesswire.com.

With a business philosophy like that, we are convinced that the positive Discover savings account reviews will continue to increase over time, and with Discover’s excellent example and attention to detail, more people will turn to online banking platforms to minimize financial hassle and maximize their returns.

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