What you need to open a Discover savings account
You can open a Discover savings account online in about 10 minutes using a computer or phone. 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 account to transfer money from, or a debit card.
Discover does not have physical branches, so everything happens on their website or through their mobile app. This means you cannot walk into a location and open an account in person, but it also means you can do it at any time of day or night.
You do not need to have an existing relationship with Discover or any other bank. If this is your first savings account, you can still open one as long as you have the documents listed above.
Key Takeaways
- You will need a valid government ID, your Social Security number, and either a bank account or debit card to fund your new account.
- The entire process happens online through Discover's website or app, and takes about 10 minutes from start to finish.
- Your account becomes active when ready after approval, though transfers from another bank may take one to three business days to show up.
- Discover savings accounts earn interest on your balance, and the rate changes based on what the Federal Reserve does with interest rates.
- You can deposit money by transferring it from another bank account, using a debit card, or having your paycheck sent directly to your Discover account.
Step-by-step: opening your account online
Go to Discover's website and click 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 the account.
Next, you will enter your personal information: your full name, date of birth, address, and phone number. Then you will provide your Social Security number. Discover uses this information to check your identity and to report your account to the credit bureaus.
You will then 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 one dollar. However, you will need to actually transfer or deposit that money before the account is fully set up.
Finally, you will choose how to fund the account. If you have another bank account, you can link it and transfer money from there. If you do not have another account yet, you can use a debit card to make an initial deposit. After you confirm all the information, your account opens right away.
How long it takes for money to arrive
If you transfer money from another bank account, it usually takes one to three business days for the money to show up in your Discover account. This is called an ACH transfer, and it is the standard way banks move money between accounts. Business days are Monday through Friday, not counting holidays.
If you use a debit card to deposit money, it shows up in your account when ready — you can see it right away in the app or on the website.
Once the money arrives, it starts earning interest. Discover pays interest on savings accounts every month, and the amount of interest depends on the current interest rate, which changes over time.
Understanding Discover's interest rates and fees
A savings account is a place to keep money safe while it earns interest — a small amount of money that the bank pays you for letting them use your deposit. Discover is known for paying higher interest rates than many other banks, but the exact rate changes based on decisions made by the Federal Reserve, which is the central bank of the United States.
Discover does not charge monthly maintenance fees or minimum balance fees on their savings accounts. This means you will not lose money just for having the account open, even if your balance is very small.
There is one limit to know about: federal law allows you to make up to six transfers or withdrawals from a savings account per month. If you go over six, Discover may charge a fee or restrict your account. This rule exists to keep savings accounts separate from checking accounts, which have no limit.
Moving money in and out of your account
Once your account is open, you can add money in several ways. You can transfer it from another bank account using online banking. You can have your employer send your paycheck directly to your Discover account — this is called direct deposit. You can also transfer money from a debit card, though this usually costs a small fee.
To take money out, you can transfer it back to another bank account you own. This takes one to three business days. You cannot withdraw cash directly from a Discover account because there are no ATMs or branches — you have to move the money to another account first, then withdraw it from there.
If you need cash quickly, you can transfer money to a checking account at another bank and use that bank's ATM the same day.
What happens after your account opens
After your account is approved and funded, you can log in to the Discover website or app anytime to check your balance, see how much interest you have earned, and make transfers. Discover will send you a confirmation email with your account number and details.
You do not need to do anything else to keep the account active. As long as you do not close it, it will stay open even if you do not use it for months. However, if your account sits empty for a very long time, Discover may close it without warning, so it is a good idea to keep at least a small balance.
If you have questions after you open the account, you can contact Discover through their website, by phone, or through the app. They have customer service available seven days a week.
Frequently Asked Questions
Do I need a checking account to open a Discover savings account?
No. You can open a Discover savings account even if you have never had a bank account before. You can fund it with a debit card if you do not have another bank account to transfer from. However, to move money out later, you will eventually need another account somewhere.
What if I do not have a Social Security number?
Discover requires a Social Security number or an Individual Taxpayer Identification Number (ITIN) to open an account. If you do not have either, you will not be able to open an account with Discover. Some banks have different rules, so you may want to call Discover directly to ask about your specific situation.
Can I open an account for someone else, like a child?
Discover offers savings accounts for adults only. If you want to open an account for a minor, you would need to be the account owner and the child would be an authorized user. Contact Discover directly to learn how this works and what documents you need.
What if my process is denied?
Discover may deny an process if there is a problem with your identity verification or if you have a history of unpaid bank fees at other institutions. If your process is denied, Discover will tell you why. You can contact them to ask questions or try again later if your situation has changed.
Is my money safe in a Discover savings account?
Yes. Discover Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means deposits up to $250,000 per account owner are protected by the federal government. If the bank fails, your money is may provide up to that limit.