Discover Money Market Accounts also offer easy access via checks, online banking, or with a debit card at over 60,000 ATMS, through the Allpoint® and MoneyPass® networks1. You can open your Discover Money Market account with as little as $2,500, and your savings are FDIC insured up to the maximum amount allowed by law.
Money market accounts can offer a high interest rate and easy access to your savings. “Money market accounts are a great option for those who consistently have extra cash on hand in their personal checking accounts.”
One of the big draws of Discover Bank's online savings account is that there are no monthly fees and no minimum balance. You can open an account with whatever amount of money you'd like. ... The account is a truly safe place to keep your money since you can be confident that Discover won't be taking your savings with fees.
Discover Bank offers competitive online banking products with decent rates. With no-fee bank accounts and a massive ATM network, Discover is worth a look. Plus, credit cards from Discover have no annual fees, and you can choose cards that provide cash back, help you build credit, or earn travel rewards.
Money market accounts are insured by the Federal Deposit Insurance Corp. (at banks) and the National Credit Union Administration (at credit unions), so you won't lose your deposits even if the financial institution goes out of business.
You can withdraw money from your Money Market Account in the following ways:
How does Discover Bank compare?
| Discover Bank Online Savings Member FDIC | Marcus by Goldman Sachs Online Savings Account Member FDIC |
|---|---|
| Learn More | Learn More |
| APY 0.40% With $0 minimum balance | APY 0.50% With $0 minimum balance |
| Bonus N/A | Bonus N/A |
Here are your deposit options:
Yes, Discover Bank is FDIC insured (FDIC# 5649).
How much interest can you earn on $1,000? If you're able to put away a bigger chunk of money, you'll earn more interest. Save $1,000 for a year at 0.01% APY, and you'll end up with $1,000.10. If you put the same $1,000 in a high-yield savings account, you could earn about $5 after a year.
Is your money stuck in an online savings account? No. Just like a traditional savings account, your money is accessible to you when you need it. With just a few clicks, you can move money in and out of your savings and into another account.
Savings Account Disadvantages
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