Online Savings Accounts

Online Savings Accounts FAQ

How do I open a Discover Online Savings Account?

Accounts can be opened online at DiscoverBank.com by clicking on "Open an Account" and then completing the 4-step online form. Because this is an online savings account, it cannot be opened by phone or mail.

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What is the minimum deposit to open a Discover Online Savings Account?

The minimum initial deposit amount must be at least $500 to open an account.

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Do I have to maintain a minimum balance?

No. There is no minimum balance requirement.

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How do I access my account information online?

Log into DiscoverBank.com to access and manage your account online.

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How do I make deposits to my Discover Online Savings Account?

There are several ways to make a deposit into your Discover Online Savings Account:

  • Phone or online electronic funds transfer
  • Wire transfer
  • Write a check that includes your account number, made payable to you or Discover Bank, and mail to:
Discover Bank
PO Box 30417
Salt Lake City, UT 84130

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When can I access my initial deposit funds?

Initial deposit funds will be available within ten business days after the funds are received. In order to manage, view, or transfer your funds online, you must first register at DiscoverBank.com.

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How can I access funds or withdraw money from my Discover Online Savings Account?

There are several ways to access your Discover Online Savings Account funds:

  • ACH Funds Transfer from your Discover Bank Online Savings Account to another Discover Bank or non-Discover Bank account
  • Wire Transfer

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What are the transaction limits for a Discover Online Savings Account?

Under federal regulation, you may make up to six preauthorized withdrawals from your Discover Online Savings Account per statement cycle. For further information on permitted withdrawals, see Section 17(b) of your account agreement.

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What is APY and how is it used?

"APY" stands for "annual percentage yield." The annual percentage yield is the amount of interest earned in one year. APY is shown as a percentage rate, and it is determined by factoring the interest rate with the frequency of compounding. Interest on Discover Online Savings Accounts is compounded daily and credited monthly. The more frequently compounding takes place, the more interest earned on the account.

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How and when is interest on my Discover Online Savings Account calculated?

Interest is compounded on a daily basis and credited to your account on a monthly basis.

Interest begins to accrue on the business day of your deposit if the deposit occurred at or before 2PM EST. After 2PM EST, you will start to earn interest on the next business day.

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Can I withdraw interest from my Discover Online Savings Account every month and still receive the quoted APY?

No. APY takes into account the effect of compounding; therefore, in order to receive the quoted APY, funds must remain on deposit for a full 365-day year.

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What is an AutoSavers Plan?

AutoSavers is a program that helps you build your savings and reach your goals by automatically transferring money on a recurring basis into your Discover Bank account from any non-Discover bank account.

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What fees are associated with my Discover Online Savings Account?

Fees are assessed for special services and for early withdrawal, as outlined below.

Fee Schedule for Online Savings Accounts
1. The fee is $15 for residents of West Virginia.
Incoming Domestic Wire Free
Incoming International Wire Free
Foreign Check Conversion At cost
Excessive Withdrawal (per item) $15
Outgoing Domestic Wire $20
Outgoing International Wire $40
Copy of Statement, Check, Deposit Item $5
Priority Mail $20
Stop Payment (per request) $15
Returned Deposit Item $15
Withdrawal by Official Bank Check (per check) $5
Account Closure (within 90 days of opening) $20
Collection Item $10
Returned Item1 $35

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Who should I contact if I have questions about my account?

To get answers to your account or product questions, either:

  • Check the online Frequently Asked Questions for each Discover Bank savings product.
  • Call a Banking Specialist any day, anytime, at 1-800-347-7000.

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