Updated February 7, 2024

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.

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!

What's your biggest concern with a no minimum balance checking account?

Do all checking accounts have a minimum balance?
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 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]

What is a no-minimum balance checking account?
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:

  1. Go to the Discover Cashback Debit page and select Open a Checking Account.
  2. Fill out the application form with the necessary information.
  3. Fund your account.

Make sure to prepare the required documents beforehand. They usually ask for your legal name, residential address, date of birth, Social Security or Tax Identification number, and a valid government ID (driver's license, state ID, etc).

What feature is most important to you in a checking 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

What is Discover Add Cash?
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.

Discover Cashback Debit Card Transaction Limits
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.

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.


  1. ^ Consumer Financial Protection Bureau. § 1030.4 Account disclosures, Retrieved 09/12/2023
  2. ^ Discover Bank. About Your Account: How long do I have to fund my Cashback Debit Account?, Retrieved 11/02/2023
  3. ^ Discover Bank. Add Cash: How much can I add to my account with Add Cash?, Retrieved 11/02/2023
  4. ^ Discover Bank. The Basics: Is there a service charge for sending a wire transfer?, Retrieved 11/02/2023
  5. ^ Discover Bank. Deposit Account Agreement: Section 13(d): Debit Card Limits, Retrieved 11/02/2023

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Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 9/12/2024
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