Updated October 15, 2023

Discover Bank Money Market vs Savings

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Discover 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 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 4.20% for balances under $100,000; 4.25% 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 4.20% for balances under $100,000; 4.25% 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 4.35% 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 4.35% 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 4.35% APY

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

Discover Online Savings - $200 Cash Bonus

Expires in 5 days

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY923 when applying. 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. 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 interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Member FDIC

Chase Total Checking® - $200 Bonus

Expires 1/24/2024
  • New Chase checking customers enjoy a $200 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 Business Advantage Checking Account - $200 Bonus Offer

Expires 6/30/2024
Earn a cash bonus in three steps:
  1. Open a new eligible business checking account by June 30, 2024
  2. Make Qualifying Deposits* of $5,000 or more in new money within 30 days of opening the new eligible business checking account
  3. Maintain an average balance of $5,000 for the next 60 days (day 31-90) during the maintenance period**
*Qualifying Deposits are deposits of new money, which is money not currently or previously held in any account at Bank of America or Merrill
**The maintenance period begins thirty-one (31) days after account opening and ends ninety (90) calendar days after account opening.
Member FDIC

Citi Priority - Earn up to $2,000 Cash Bonus

Expires 1/9/2024
  • Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
  • New to Relationship customers can choose their Relationship Tier.
  • Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
  • Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
  • If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
  • Bonus will be paid within 30 days after you successfully complete all required activities.
  • Restrictions apply.

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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About Discover Bank

Discover Bank offers some of the highest interest rates for its savings account.

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