Question 1

How do I open a Discover Online Savings Account?

Accepted Answer

Click here for more information on how to open a savings account online. Additionally, you can call our U.S.-based Banking Specialists 24/7 at 1-800-347-7000 to open an account over the phone.

Question 2

What is the minimum deposit amount to open my Online Savings Account?

Accepted Answer

There is no minimum deposit to open a Discover Online Savings Account.

Question 3

Am I required to maintain a minimum balance in my Online Savings Account?

Accepted Answer

There is no minimum balance requirement for an Online Savings Account.

Question 4

How can I access and manage my Online Savings Account?

Accepted Answer

You can access and manage your account online. Click here to login to your account. You can also access and manage your account via our mobile app available for Android^TM and iPhone^®. If you do not have an Android or iPhone smartphone, you can still access your account on your phone from Discover.com/online-banking. Please remember your mobile device must be set up to access the Internet in order to use Mobile Discover.com/online-banking.

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Question 5

What fees and service charges are associated with my Online Savings Account?

Accepted Answer

We do not charge any account-related fees. However, there is a $30 service charge for each outgoing wire transfer from your Discover bank account.

Question 6

Is the Online Savings Account FDIC-insured?

Accepted Answer

Funds in Discover deposit accounts are FDIC-insured up to the maximum amount allowed by law. For more information, visit our FDIC information page.

Question 7

Does my savings account provide the option to enroll in overdraft protection?

Accepted Answer

Yes, your savings account is eligible for enrollment in our overdraft protection service. Click here for more information about overdraft protection.

Question 8

How do I make deposits to my Online Savings Account?

Accepted Answer

Here are your deposit options:

Deposit a check with Discover's Mobile Check Deposit using your mobile device.
Complete an online transfer from an eligible Discover bank Account.
Complete an online transfer from an external bank account
Set up Direct Deposit
Mail a check made payable to you with a deposit slip or your account number on the memo line to:

Discover
PO Box 30417
Salt Lake City, UT 84130

*Please note that Travelers Checks will not be accepted for deposit.

Question 9

How do I withdraw money from my Online Savings Account?

Accepted Answer

You can withdraw money from your Savings Account in the following ways:

Online transfer to another Discover bank account or to an external bank account
Domestic Wire Transfer (a service charge applies)
International Wire Transfer
Request an Official Bank Check

Question 10

What is Direct Deposit?

Accepted Answer

Direct Deposit is a secure and convenient way to have all or a portion of your paycheck or other recurring electronic deposits automatically deposited into your bank account. Funds you may choose to Direct Deposit include employment checks, federal payments, government refunds, stimulus checks, retirement account payments, and more.

Question 11

Can I set up Direct Deposit with Discover?

Accepted Answer

Yes! Discover has worked with Pinwheel to make it easy for you to automatically enroll your Discover checking, savings and money market account in Direct Deposit.

Alternatively, you can use our Direct Deposit Form, or you may be able to set it up through your employer or other types of payors by filling out an electronic or paper form with them. You will need your Discover account and routing numbers to get started, which can be found by logging in on the Discover app or online. Please note that our routing number for direct deposit is 031100649.

Question 12

Why set up Direct Deposit with Discover?

Accepted Answer

By choosing Direct Deposit with Discover, you can take advantage of features like Early Pay to get your funds up to two days early*. Early Pay is a free feature and is automatically available when you enroll in Direct Deposit. You’ll also enjoy paperless transactions that save time and paper. You can always update your Direct Deposit settings if you’ve switched jobs, changed banks, just want to set aside money for a rainy day, or have other changes, such as to the amount of your deposit.

*Early Pay is automatically available to checking, savings (excluding IRA savings) and money market customers who receive qualifying ACH direct deposits. At our discretion, and dependent on the timing of our receipt of the direct deposit instructions, we may make funds from these qualifying direct deposits available to you up to 2 days early. See our Deposit Account Agreement for more information.

Question 13

Can I choose how much of my paycheck is directly deposited?

Accepted Answer

It depends. If you are setting up Direct Deposit with Discover through our automatic set up, you can select from the following options:

Full paycheck
Partial paycheck – amount, percent, or remainder (the remainder of your paycheck will be deposited after existing allocations are made)

If you are setting up Direct Deposit using our Direct Deposit Form or your payor’s electronic or paper form, your options may be different.

Question 14

Can I divide my Direct Deposit across multiple accounts?

Accepted Answer

It depends on the payor. Please note that if you are setting up Direct Deposit with Discover through our automatic set up, you will need to submit a request for each account.

Question 15

How long does it take for my Direct Deposit to appear in my account?

Accepted Answer

Please allow up to two pay cycles for your funds to begin appearing in your Discover deposit account.

Question 16

Are there any fees to set up Direct Deposit?

Accepted Answer

There are no fees to set up and maintain Direct Deposit.

Question 17

What is Early Pay?

Accepted Answer

Early Pay is a free service from Discover that gives you access to funds from qualifying Automated Clearing House (ACH) direct deposits up to two days early and Tax Refunds ACH deposits from IRS up to five days early. Keep in mind that early access depends on when the payment initiator (or “Payor”), typically a business or government entity, sends us information that your deposit is on the way.

Question 18

What types of accounts are eligible for Early Pay?

Accepted Answer

Checking, savings (excluding IRA savings), and money market accounts are eligible. CDs, IRA savings, and IRA CDs are not eligible.

Question 19

What ACH deposits qualify for Early Pay?

Accepted Answer

ACH deposits typically qualify for Early Pay if they meet the criteria below:

Transaction information is sent early
- Early access depends on when the Payor sends us information that your deposit is on the way
The direct deposit is initiated by a business, government entity, or other organization and is sent to your checking, savings (excluding IRA savings), or money market account
Deposit amount is $10,000.00 or less per transaction

Question 20

How early will my direct deposit funds be available to me?

Accepted Answer

It depends and could vary from deposit to deposit. We will typically make your funds from qualifying direct deposits available as soon as we receive information from the Payor that your deposit is on the way—this may be up to two days early!

Question 21

Will funds from my qualifying direct deposit always be available early?

Accepted Answer

No. Our ability to give you early access to your funds is dependent on when we receive information from the Payor that your direct deposit is on the way. We may receive that information 1 day early, 2 days early, or not early at all.

Question 22

How do I enroll in Early Pay?

Accepted Answer

Simply set up direct deposit (typically with an employer or benefits provider such as Social Security) and we’ll do the rest. If you are already receiving a qualifying ACH direct deposit to your checking, savings (excluding IRA savings), or money market account, there is nothing you need to do.

Question 23

Is there a fee for using Early Pay?

Accepted Answer

No. There is no fee for this service.

Question 24

Can I be informed when my direct deposit posts early with Early Pay?

Accepted Answer

Yes! You are automatically enrolled in the Early Pay email alert and can unsubscribe at any time. You can also enroll in Early Pay text or push notifications. Keep in mind, enrollment for push notifications is available in the mobile app.

Question 25

When will I start earning interest on new deposits?

Accepted Answer

If we receive your deposit before your Account is opened, interest will begin to accrue on the deposit on the Business Day your Account is opened. Once an Account is opened, interest begins to accrue on a deposit on the Business Day we receive your deposit.

Question 26

How is interest on my Online Savings Account calculated?

Accepted Answer

Interest is compounded daily and credited to your account monthly.

Question 27

Will the Annual Percentage Yield (APY) on my Online Savings Account change?

Accepted Answer

Savings Accounts are variable rate Accounts. The interest rate and Annual Percentage Yield may change at any time.

At any APY, here are a few ideas to help your savings grow:

Deposit part of your paycheck into your account.
Set up repeating transfers from your checking account to your savings account.
Lock a portion of your savings into a CD with guaranteed rates. Visit Discover.com/online-banking/cd/ to explore a variety of terms, from 3 months to 10 years.

Savings Account FAQ

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