Discover Checking Account Minimum Balance
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Discover® Cashback Debit doesn't have a minimum balance. But what's the catch? Read on for all the details.
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Minimum balance requirements can be frustrating if you're budgeting every dollar.
Fortunately, you won't have to worry about maintaining a minimum balance with a Discover® checking account. This means less fees to think about as well.
Sounds too good to be true right? Read to find out more about Discover's no-minimum balance checking account!
Online Checking Account - Earn Cash Back
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: 60,000+ Allpoint or MoneyPass ATMs
- Perks: 1% cashback on up to $3,000 in purchases each month. See website for details
No, not all checking accounts have minimum balances. However, banks and credit unions are required to disclose their minimum balance requirements[1], so be sure you're aware of what they are.
What is Discover® Cashback Debit?
The Discover Cashback Debit is a free checking account that you can open online. You can also earn a 1% cashback on up to $3,000 in monthly purchases, making your daily spending a bit more rewarding.
Discover® Cashback Checking – Up to $30/Month Cashback
Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.
Discover® Cashback Debit Minimum Balance
Discover® Cashback Debit does not have a minimum balance requirement. This means you can zero out your account without worrying about any minimum balance fees or being charged for insufficient funds.
But, if your account is new, you need to make an initial deposit within 45 days of opening the account. If you don't, your Cashback Debit account will be closed, and you'll need to start a new application.[2]
A no-minimum checking account does not have any minimum balance requirements which typically means fewer fees to worry about. A lot of online banks like Discover® Bank offer no-minimum balance accounts, making it accessible.
Discover® Checking Account Fees
Aside from having no minimum balance requirements, the Discover® Checking account also has zero fees and charges for the following:
- $0 monthly fees
- $0 charges for insufficient funds
- $0 for official bank checks
- $0 for debit card replacements
- $0 for check reorders
Now that we've covered the minimum balance requirements and fees, let's dive into the steps for opening your very own Discover Cashback Debit account.
How to Open a Discover® Cashback Debit Account?
You can easily open an account from the comfort of your own home. Here's how to do it through their website:
- Go to the Discover Cashback Debit page and select Open a Checking Account.
- Fill out the application form with the necessary information.
- Fund your account.
How to Fund Your Account
Funding your Discover Cashback Debit account is quite simple. You can choose to do any of the following:
- Make an online transfer from another Discover account or an external bank account.
- Set up a direct deposit to your account.
- Deposit a check remotely with Discover's Mobile Check Deposit Service.
- Use the Add Cash feature by visiting any Walmart branch.
- Mail a check to the following address: Discover Bank, PO Box 30417, Salt Lake City, UT 84130
Discover's Add Cash feature that allows users to add funds to their accounts without any charge. Simply bring your contactless debit card to any Walmart location and request to add cash to your account at the cashier. The transaction should reflect on your account on the same day. Note that there is a $20 minimum required to Add Cash[3].
How to Withdraw from Your Account
There are many ways to withdraw money from your Discover Cashback Debit account. Here's a list:
- Online transfer to another Discover account or external bank account
- Withdraw from Discover's 60,000+ no-fee ATM network. Use their ATM Locator to find one.
- Wire transfer ($30 service charge per outgoing wire transfer).[4]
- Get cash at checkout with participating retailers.
- Write yourself a check.
- Request for an official bank check.
Be sure to plan your ATM withdrawals because there is a daily limit of $2,000. You can also use your Discover Cashback Debit to pay for your bills and purchases.
Within the first 30 days of opening your account, the point-of-sale (POS) purchase limit is $2,500 per day. After 30 days, the daily limit is $5,000.[5]
Is Discover® Cashback Debit Worth It?
If you want a checking account with no minimum balance, then Discover® Cashback Debit is a good option.
Since it's a free checking account, you have virtually no other charges to worry about. It also gives you more flexibility with your money since you don't have to keep a portion of it in the account.
Additionally, while you can't earn interest with this account, you can get some good rewards with a 1% cashback on up to $3,000 in monthly purchases.
On the other hand, if you're looking for a good APY, then you might want to look at high-yield checking accounts instead.
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
Free Rewards Checking
- Earn up to 5.00% APY*
- Unlimited reimbursement for any and all ATM fees**
- Over 30,000 ATMs & over 5,000 shared branches
- No monthly maintenance fees
- No minimum balance
Fifth Third Momentum® Checking - $200 Bonus
Open an eligible Fifth Third checking account. Make direct deposits totaling $500 or more within 90 days of account opening to qualify for bonus. The cash bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements.
Bottom Line
Discover Cashback Debit doesn't have a minimum balance, which allows you to be more flexible with your money. It also gives you fewer fees to worry about.
But, before you commit to it, take your time to think about whether it would be a good fit for you. There may be other options that could better suit your spending and finance needs.
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Online Checking Account - Earn Cash Back
- 1% cash back on up to $3,000 in debit card purchases each month. See website for details
- No fees
- Early Pay - Get your paycheck up to two days early with no charge
- No credit impact - You can apply without affecting your credit score.
- Access to over 60,000 no-fee ATMs in the U.S.
Rewards Checking - Up to 3.30% APY
- Use the promo code AXOS300 when you apply for a Rewards Checking account by June 30th, 2024. Then have qualifying direct deposits to earn up to a $300 bonus!†
- Build your own APY with up to 3.30% APY*
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- No initial deposit requirement
- Unlimited domestic ATM fee reimbursements
- Online debit card management
- Simple, 3-step process for direct deposit
High Interest Checking - Up to 1.10% APY
- Earn up to 1.10% APY
- $100 minimum opening deposit
- APY is based on the account balance and making at least 10 qualifying debit card point-of-sale transactions of $10.00 or more per statement cycle.
Free Rewards Checking
- Earn up to 5.00% APY*
- Unlimited reimbursement for any and all ATM fees**
- Over 30,000 ATMs & over 5,000 shared branches
- No monthly maintenance fees
- No minimum balance
Key Smart Checking® - $200 Bonus
- Open a Key Smart Checking® account online by July 19, 2024.
- Make the minimum opening deposit of $10, plus one direct deposit of at least $500 within the first 60 days of account opening.
- Your $200 cash bonus will be deposited into your account within 90 days of meeting requirements. Account must not be closed or restricted during the time of promotional period.
High Yield Checking - Up to 7% APY
- Earn 7% APY on average daily balances up to $10,000 and .50% on balances above $10,000.
- No minimum balance required but does require a minimum funded amount of $25.
- No monthly account fee
Rewards Checking Plus - Up to 2% Cash Back
- Up to 2% cash back on purchases.
- No monthly fees
- Get paid up to 2 days early.
- Maximize your rewards with direct deposit.
Fifth Third Momentum® Checking - $200 Bonus
Open an eligible Fifth Third checking account. Make direct deposits totaling $500 or more within 90 days of account opening to qualify for bonus. The cash bonus will be deposited into your new checking account within 10 business days of completing qualifying activity requirements.
References
- ^ Consumer Financial Protection Bureau. § 1030.4 Account disclosures, Retrieved 09/12/2023
- ^ Discover Bank. About Your Account: How long do I have to fund my Cashback Debit Account?, Retrieved 11/02/2023
- ^ Discover Bank. Add Cash: How much can I add to my account with Add Cash?, Retrieved 11/02/2023
- ^ Discover Bank. The Basics: Is there a service charge for sending a wire transfer?, Retrieved 11/02/2023
- ^ Discover Bank. Deposit Account Agreement: Section 13(d): Debit Card Limits, Retrieved 11/02/2023
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