Discover Savings Account Interest Rates for September 2024
Written by
Caitlyn Moorhead
Edited by
Emily Gadd
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Most have heard of Discover® credit cards, but did you know that Discover also offers online banking? You can find checking accounts, certificates of deposit and a high-yield savings account at Discover® Bank, Member FDIC. Whether you want to write a check, get a handle on your debit card purchases or simply let your savings grow with interest, you might want to consider Discover.
What Is the Discover Savings Interest Rate?
The Discover® Online Savings account offers an annual percentage yield of , which is above the national average. The interest is compounded daily and paid monthly.
| Account | APY |
|---|---|
| Online Savings Account |
Discover Savings Account Overview
Discover Bank offers one savings account. The Discover Online Savings account has:
- No monthly maintenance fees
- No insufficient funds fees
- No minimum balance requirements
Since it also has no minimum deposit requirement, you can open an account with as much or as little as you want.
Is the Discover Savings Account Right for You?
The Discover Online Savings account is best for you if you want to earn a rate of interest that is higher than the national average of 0.46. It also offers the option of having your checking account and credit card account linked at the same bank. This convenience is worth it for many, as it makes it a one-stop banking shop. The only drawback could be if you prefer to do your banking in person, as Discover deposit accounts are online only.
Pros and Cons of Discover Savings Accounts
Here are some pros and cons to consider before you open a Discover Online Savings account.
Pros
- APY is higher than the national average
- No monthly fees
Cons
- No physical branches
- Not conducive for cash deposits
Discover Bank: Other Savings Options
In addition to Discover’s Online Savings account, it also offers a variety of CDs. These come in a wide range of term lengths and APYs. Below is a breakdown of Discover Bank’s rates for CD accounts.
| Term Length | APY |
|---|---|
| 3-month CD | |
| 6-month CD | |
| 9-month CD | |
| 12-month CD | |
| 18-month CD | |
| 2-year CD | |
| 30-month CD | |
| 3-year CD | |
| 4-year CD | |
| 5-year CD | |
| 7-year CD | |
| 10-year CD |
Final Take To GO
The bottom line is that if you are looking for a quality online savings account with a high APY, Discover has you covered. If you have been searching for a solid place to store and grow your money, this account offers a great jumping-off point for your savings journey.
Thanks!
FAQ
- Which bank gives 7% interest on a savings account?
- Discover Bank offers competitive rates on its accounts, but it does not offer 7%. This rate is not an option found at any credit unions, traditional banks or online banks located in the United States.
- What are the interest rates at Discover Bank?
- The current interest rate for Discover Bank's Online Savings account is 4.10% APY.
- What are Discover's CD rates right now?
- Discover offers 12 CD options, which range in term length from three months to 10 years and vary in interest rates from 2.00% to 4.10% APY.
- What are the pros and cons of Discover Bank?
- Some pros for Discover Bank are that there are no minimum deposits on checking or savings accounts, no monthly fees and no insufficient funds fees. The APY for the Online Savings account is competitive and higher than the national average.
- For cons, you would have to factor in the relatively high minimum of $2,500 to open a CD and the lack of branch availability or in-person banking opportunities.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Sept. 4, 2024.
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.
