Opening a Discover Savings Account Online

Discover lets you open a savings account entirely online without visiting a branch — you do not need to be an existing Discover customer. The process takes about 10 to 15 minutes and requires a computer or smartphone with internet access.

Start by going to Discover's website and selecting "Open a Savings Account" or a similar button on their homepage. You will need to provide your Social Security number, date of birth, and current address. Discover will ask for a government-issued ID — a driver's license, passport, or state ID card — to verify your identity. Have this ready before you begin.

Next, you choose how much money to deposit to start the account. Discover does not require a minimum opening deposit, so you can open the account with as little as $1 if you want to. You will link a bank account to transfer that initial deposit — this is usually a checking account at another bank. Discover will send two small test deposits to that account within a few business days, and you will need to confirm the amounts to prove you own the account.

Key Takeaways

  • You can open a Discover savings account online in about 10 to 15 minutes using a government ID and Social Security number.
  • Discover does not require a minimum deposit to open, though you will need to link an outside bank account to fund it.
  • Your account becomes active once your identity is verified, usually within one business day.
  • You can transfer money between Discover and your other bank accounts online, and Discover pays interest on your balance.
  • Discover has no monthly fees and no limits on how many times you withdraw money each month.

What Documents and Information You Will Need

Before you start, gather these items: a valid government-issued photo ID (driver's license, passport, or state ID), your Social Security number, your current address, and the routing and account number of a bank account you already own at another institution. The outside account is where Discover will send your initial deposit and where you can transfer money later.

If you have moved recently, make sure the address on your ID matches your current address, or have a recent utility bill or lease ready to show your new address. Discover may ask for this during verification. If your ID is expired, you can still use it as long as it has a photo and your current address is on file elsewhere.

How Your Account Becomes Active

Once you submit your information online, Discover verifies your identity — this usually takes one business day, though it can take up to three. You will receive an email when verification is complete. At that point, your account is open and you can log in to the Discover website or mobile app.

If you linked a bank account for your initial deposit, Discover will send two small test deposits (usually under $1 each) to that account within a few business days. You will need to log into Discover and confirm the exact amounts of these deposits to prove you own the account. Once you confirm, the test deposits are yours to keep, and your account is fully set up.

Moving Money In and Out of Your Account

You can transfer money between your Discover savings account and any outside bank account you have linked. Log into your Discover account online or through the mobile app, select "Transfer," and choose the account and amount. Most transfers between Discover and another bank take one to two business days.

You can also deposit checks by taking a photo of the front and back with the Discover mobile app — this is called mobile deposit. The check must be made out to you, and Discover will hold the funds for a few business days while they process it. You cannot deposit cash directly into a Discover savings account because Discover has no physical branches.

There is no limit on how many times you can withdraw or transfer money out each month. This is different from some older savings account rules, which used to restrict withdrawals. Discover changed this policy, so you can move money as often as you need to.

Interest and Fees

Discover pays interest on the money in your savings account. The interest rate changes over time based on what the Federal Reserve does with interest rates — when rates go up, Discover's rates usually go up too. You can check the current rate on Discover's website before you open the account.

Interest is calculated daily and added to your account monthly. This means if you have $1,000 in your account for a full month, Discover calculates what you earned each day and deposits the total at the end of the month. The longer your money sits in the account, the more interest you earn.

Discover charges no monthly maintenance fee, no overdraft fees, and no fees for transfers or withdrawals. There are no hidden charges. If you close the account, Discover does not charge a fee for that either.

Logging In and Using the Mobile App

Once your account is open, you can log in at Discover's website using your username and password, or read the Discover mobile app on your phone. The app and website show your balance, recent transactions, interest earned, and let you transfer money or deposit checks.

You can set up alerts in the app to notify you when your balance drops below a certain amount, when a transfer completes, or when interest is deposited. You can also change your password, update your address, and manage linked bank accounts through the app or website.

What Happens If You Forget Your Password or Have Problems Logging In

If you forget your password, go to Discover's login page and select "Forgot Password." Discover will send a reset link to the email address on file. Click the link and create a new password. If you do not receive the email, check your spam folder or contact Discover's customer service.

If you cannot log in for another reason, Discover has customer service available by phone, email, and online chat. You can find contact information on their website. Have your account number or the phone number and address on file ready when you call.

Frequently Asked Questions

Do I need to have a job or credit history to open a Discover savings account?

No. Discover does not check your credit or require employment. They verify your identity using your Social Security number and government ID. You can open an account even if you have no credit history or have had credit problems in the past.

Can I open an account if I do not have a bank account at another bank?

You will need at least one outside bank account to link during the opening process, because that is how Discover sends your initial deposit. If you do not have a bank account anywhere, you would need to open one first — at a credit union, community bank, or another online bank — before you can open a Discover savings account.

How long does it take to transfer money from Discover to my other bank?

Most transfers take one to two business days. Transfers sent on a weekend or holiday may take longer because banks do not process them on those days. You can check the expected arrival date when you request the transfer.

What if I want to close my Discover savings account?

Log into your account online or call Discover customer service and request to close it. Discover will ask where you want any remaining balance sent — to another bank account you own. There is no fee to close the account, and the process usually takes a few business days.

Is my money safe in a Discover savings account?

Yes. Discover Bank is insured by the FDIC (Federal Deposit Insurance Corporation), which means deposits up to $250,000 per account holder are protected if the bank fails. This is the same protection you get at any bank. Your money is safe even if Discover goes out of business.