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.
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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® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 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. 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 qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
Discover® Money Market Account vs Online Savings
Here's what you can get with the two account types:
- Discover® Money Market Account: has an APY of 3.50% for balances under $100,000; 3.55% for balances $100,000 and over. Find out more.
- Discover® Online Savings: offers a 3.60% APY on all balances. There is no minimum opening deposit requirement. Find out more.
Interest earned in both accounts is compounded daily and credited monthly.[1][2]
| | |
| Get Deal | Get Deal | |
Money Market Account | Online Savings Account - Earn 3.60% APY | |
|---|---|---|
Money Market Account - | Online Savings Account - Earn 3.60% APY - | |
| Monthly Fee | ||
| APY | 3.50% for balances under $100,000; 3.55% for balances $100,000 and over | |
| Minimum Deposit to Open | ||
| Balance Requirement | ||
| Get Deal | Get Deal |
CIT Bank Platinum Savings - $300 Bonus
- Transfer a one-time deposit of $50,000+ for a Bonus of $300
- 4.10% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- No monthly maintenance fee
- Member FDIC
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.
- 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 3.50% for balances under $100,000; 3.55% for balances $100,000 and over. It has no monthly maintenance fees, excessive withdrawal charges, or fees for insufficient funds.
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.
Money Market Account
- Earn 3.50% APY for balances under $100,000
- Earn 3.55% APY for balances $100,000 and over
Pros
- Up to 3.50% for balances under $100,000; 3.55% 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
Cons
- No physical locations
- $30 outgoing wire transfer fee[3]
- Possible fee for use of non-Discover ATMs
Why Choose Discover® Online Savings
Discover Online Savings offers a 3.60% 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.
Online Savings Account - Earn 3.60% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Pros
- Good 3.60% APY on all balances
- No monthly maintenance fees
- No initial deposit or balance requirement
- Interest compounded daily
Cons
- No physical locations
- No debit card and ATM access
- $30 outgoing wire transfer fee
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]
- CIT Bank Platinum Savings:
$300 Bonus - Western Alliance Bank:
High Yield Savings Account - 4.25% APY - UFB Portfolio Savings:
Earn up to 4.01% APY - Mission Valley Bank:
High Yield Savings Account - 4.27% APY - First Community Bank:
High-Yield Savings Account - 4.26% APY - DR Bank:
High-Yield Savings Account - 4.25% APY - Paprika Capital Bank:
High-Yield Savings Account - 4.22% APY - Dayspring Bank:
High-Yield Savings Account - 4.17% APY - The State Exchange Bank:
High Yield Savings Account - 3.90% APY - RBMAX:
High-Yield Savings Account - 3.66% APY
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.
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!
References
- ^ Discover. Online Savings Interest, Retrieved 9/26/23
- ^ Discover. Interest/APY, Retrieved 9/26/23
- ^ Discover. What fees and service charges are associated with my Money Market Account?, Retrieved 9/26/23
- ^ Federal Reserve Board. Regulation D Reserve Requirements, Retrieved 9/14/2023
- ^ Federal Reserve Board. Federal Reserve Board announces interim final rule to delete the six-per-month limit, Retrieved 9/14/2023
Online Savings Account - Earn 3.60% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY325 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. 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 qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. See advertiser website for full details.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- Chase Mobile® app - Manage accounts, pay bills, send money to friends with Zelle® and deposit checks from almost anywhere.
- 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*
- Help keep your money protected with features like Zero Liability Protection, fraud monitoring and card lock.
- Chase Total Checking includes FDIC insurance up to the maximum amount allowed by law.
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
Wells Fargo Everyday Checking Account - $325 Bonus
- Get a $325 new checking customer bonus when you open an Everyday Checking account and receive $1,000 or more in qualifying direct deposits.
- Wells Fargo Bank, N.A.
Member FDIC
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 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 05/31/2025.
- 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.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
Write to Darlene Santos at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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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