What you need to open a Discover savings account
You can open a Discover savings account entirely online in about 10 minutes. You will need a valid government-issued ID (a driver's license, passport, or state ID card), your Social Security number, and a way to fund the account — either a bank transfer from another account or a debit card.
Discover does not require a minimum deposit to open the account, though you will need to add money at some point to start earning interest. The account itself costs nothing to maintain — there are no monthly fees, no minimum balance requirements, and no fees for transfers or withdrawals.
You do not need to visit a physical location. Discover is an online-only bank, which is why the process is faster than opening an account at a traditional bank branch.
Key Takeaways
- You can open a Discover savings account online using a valid ID, Social Security number, and a way to fund the account.
- The entire process takes about 10 minutes and requires no minimum deposit or monthly fees.
- You will receive a confirmation email when ready, and your account is usually ready to use the same day.
- Money you deposit earns interest at a rate Discover sets and changes periodically, which you can check on their website anytime.
- You can transfer money in from another bank account or deposit funds using a debit card.
Step-by-step: opening your account online
Start at Discover's website and look for the button to open a new savings account. You will be asked to enter your email address and create a password — this becomes your login for future visits.
Next, you will enter personal information: your full name, date of birth, address, and phone number. Then provide your Social Security number. Discover uses this to verify your identity and check for fraud.
You will be asked to confirm your identity by answering security questions based on your credit history, or by uploading a photo of your ID. This step usually takes less than a minute. Once Discover confirms your identity, your account is created and you can log in when ready.
The final step is funding your account. You can link a bank account and transfer money in, or use a debit card to deposit funds. Transfers from another bank account usually arrive within one to two business days. Debit card deposits are often available the same day.
How to fund your new account
The easiest way to add money is a bank transfer from an account you already have at another bank. Log into your Discover account, select "Transfer Money," and choose "From Another Bank." Discover will ask for your other bank's routing number and your account number — you can find both on a check, or by logging into that bank's website.
If you do not have another bank account yet, you can use a debit card instead. Select "Add Money" and enter your debit card details. The deposit usually shows up the same day, though it can take up to one business day.
You can also have your employer deposit your paycheck directly into your Discover account. Ask your employer's payroll department for Discover's routing number and provide your Discover account number. This is called direct deposit, and it is one of the fastest ways to get money into your account.
Understanding the interest rate and how it changes
A savings account is a place to keep money safe while it earns interest — a small amount of money Discover pays you for letting them use your deposits. The interest rate (the percentage you earn) changes over time and varies depending on what the broader economy is doing.
Discover publishes its current savings account rate on its website. You can check this rate anytime by logging in or visiting their homepage. The rate you earn is the same whether you have $100 or $10,000 in the account.
Interest is added to your account monthly. If you have $1,000 in your account and the rate is 4% per year, you earn roughly $3.33 that month (the exact amount depends on how many days are in the month). That interest stays in your account and earns interest the next month too.
What happens after your account is open
Once your account is active, you can log in anytime to check your balance, transfer money, or view your interest earnings. Discover will send you a confirmation email with your account number and login details — save this email or write down your account number somewhere safe.
You do not receive a physical debit card or checkbook with a Discover savings account. If you need to withdraw money, you can transfer it back to another bank account, or Discover can mail you a check. Transfers to another bank usually take one to two business days.
Discover will send you monthly statements showing your balance, deposits, withdrawals, and interest earned. You can view these statements online anytime by logging into your account.
Moving money in and out of your account
You can transfer money out of your Discover savings account to another bank account you own. Log in, select "Transfer Money," choose "To Another Bank," and enter the routing number and account number of the bank where you want the money to go. The transfer usually takes one to two business days.
You can also request a check from Discover. Log in and select "Request a Check," then enter the amount and the address where you want it mailed. This takes longer — usually five to seven business days — because the check has to be printed and delivered by mail.
There is no limit to how many transfers or withdrawals you can make per month, and there are no fees for doing so. This is different from some savings accounts at traditional banks, which used to limit withdrawals.
Security and protecting your account
Your Discover account is protected by encryption, which scrambles your information so only you and Discover can read it. When you log in, use a strong password — one that mixes uppercase and lowercase letters, numbers, and symbols, and is at least 12 characters long.
Do not share your password with anyone, and do not use the same password for your Discover account that you use for other websites. If you think someone has accessed your account, log in and change your password when ready, then contact Discover's customer service.
Discover also offers two-factor authentication, which adds an extra security step when you log in. You can turn this on in your account settings. With two-factor authentication enabled, you will need to enter a code sent to your phone or email each time you log in from a new device.
Frequently Asked Questions
How long does it take to open a Discover savings account?
The entire process takes about 10 minutes. Your account is usually ready to use the same day you open it, though if you fund it with a bank transfer, the money itself may take one to two business days to arrive.
Do I need a minimum deposit to open the account?
No. Discover does not require a minimum deposit to open a savings account. You can open the account with zero dollars and add money whenever you are ready.
Can I use my Discover savings account like a checking account?
No. A Discover savings account is designed for storing money and earning interest, not for frequent spending. You cannot get a debit card or write checks. If you need those features, Discover also offers checking accounts.
What happens if I close my account?
You can close your Discover savings account anytime by logging in and requesting closure, or by calling customer service. Discover will mail you any remaining balance as a check, or transfer it to another bank account if you provide the details.
Is my money safe if Discover goes out of business?
Yes. Discover Bank is insured by the FDIC (Federal Deposit Insurance Corporation), which means deposits up to $250,000 per account are protected by the federal government. Your money is safe even if the bank fails.