Updated February 6, 2024

Discover Bank Money Market vs Savings

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Discover® Bank boasts solid rates for both their money market and savings accounts. Find out which one is more suited for you.

A Discover® Money Market account makes your cash more accessible through ATMs. While a Discover® Savings Account lets you focus on saving since you get no debit card.

Although both accounts offer competitive APY rates, there is a better option depending on your goals.

You can open the right account after reading this review. Read on.

Discover® Money Market Account vs Online Savings

Here's what you can get with the two account types:

Interest earned in both accounts is compounded daily and credited monthly.[1][2]

Is Discover safe?
Yes, Discover is safe. They are a member of the FDIC (Certificate #5649) which means deposits are insured up to $250,000 per depositor, per ownership category.

Which Account Is Best for You?

Both Discover Money Market and Discover Online Savings will help you boost your funds through good rates. But here's how you can make a choice:

  • Choose Discover Money Market: if you want easy access to your funds. It comes with a debit card for withdrawing money at ATMs across the U.S.

    It's also a suitable option if you have $2,500 ready for the minimum deposit.

  • Choose Discover® Online Savings: if you're focused on earning a high APY. No need to worry about initial deposits or maintaining a certain balance.

Why Choose Discover Money Market

Discover Money Market has an APY of 4.00% for balances under $100,000; 4.05% for balances $100,000 and over. It has no monthly maintenance fees, excessive withdrawal charges, or fees for insufficient funds.

Note that a minimum opening deposit of $2,500 is required. But if you already have a large amount of money, you can easily meet the initial deposit requirement with this account.

You also get a complimentary debit card with access to 60,000+ ATMs nationwide. This makes it easy to cash out. But you can also transact remotely through their online banking platform.

Learn more about Discover Money Market accounts.


  • Up to 4.00% for balances under $100,000; 4.05% for balances $100,000 and over
  • $0 monthly maintenance fees
  • No minimum balance required
  • No excessive withdrawal fees
  • Interest compounded daily
  • Complimentary debit card
  • Access to 60,000+ ATMs
  • Check-writing abilities


  • No physical locations
  • $2,500 minimum opening deposit
  • $30 outgoing wire transfer fee[3]
  • Possible fee for use of non-Discover ATMs

Why Choose Discover® Online Savings

Discover Online Savings offers a 4.25% APY on all balances. It has no opening deposit, no balance requirement, and no maintenance fees. You also won't get charged for excessive withdrawals and insufficient funds.

It's a great choice for people who don't need regular access to their money. It doesn't come with a debit card, so you can prioritize saving rather than spending.

Learn more about Discover® Online Savings accounts.


  • Good 4.25% APY on all balances
  • No monthly maintenance fees
  • No initial deposit or balance requirement
  • Interest compounded daily


  • No physical locations
  • No debit card and ATM access
  • $30 outgoing wire transfer fee

How many transfers/withdrawals am I allowed to do?
There is a limit of 6 withdrawals or transfers per month for both money market and savings accounts.[4] However, this is currently not being enforced due to changes in federal law.[5]

Compare Savings Account Offers

Bottom Line

Discover's Money Market and Online Savings accounts are both great options for you to increase your funds.

If you prefer having easy access to your money, opening a Discover Money Market account is your best bet. Just be ready to make an initial deposit of $2,500.

Meanwhile, if you want to earn a high APY without any deposit or balance requirements, choose a Discover Online Savings account. It's a good place to make your money work hard!


  1. ^ Discover. Online Savings Interest, Retrieved 9/26/23
  2. ^ Discover. Interest/APY, Retrieved 9/26/23
  3. ^ Discover. What fees and service charges are associated with my Money Market Account?, Retrieved 9/26/23
  4. ^ Federal Reserve Board. Regulation D Reserve Requirements, Retrieved 9/14/2023
  5. ^ Federal Reserve Board. Federal Reserve Board announces interim final rule to delete the six-per-month limit, Retrieved 9/14/2023
Discover Bank
Member FDIC

Online Savings Account - Earn 4.25% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

Free Business Checking - Up to 2.0% APY

  • 2.0% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
  • $0 minimum opening deposit
  • $0 monthly service fee
Banking services provided by Coastal Community Bank, Member FDIC

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Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.


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About Discover Bank

Discover® Bank offers some of the highest interest rates for its savings account. In addition, Discover offers cashback checking. There are no fees for checking and savings accounts.

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About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

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