Opening a Discover Savings Account Online
You open a Discover savings account entirely online through Discover's website or mobile app — there are no branches to visit. The process takes about 10 minutes and requires a valid government ID, your Social Security number, and an initial deposit method (a bank account or debit card). Discover will verify your identity in real time, and your account becomes active the same day in most cases.
Start at discover.com and click "Open an Account" or use the Discover mobile app. You'll enter your personal information, choose your account type (Discover savings accounts come in a few varieties, depending on your goals), and link a funding source. Discover will ask security questions to confirm your identity, then show you your account number and routing number immediately. You can begin transferring money right away.
If you already have a Discover credit card or other Discover product, you can log into your existing account and add a savings account from there. This is faster because Discover already has your information on file.
Key Takeaways
- You can open a Discover savings account online in about 10 minutes using a government ID, Social Security number, and a bank account or debit card to fund it.
- Your account becomes active the same day, and you receive your account and routing numbers immediately so you can start moving money.
- You access your account through discover.com or the Discover mobile app using a username and password you create during signup.
- Discover offers different savings account types with different interest rates, so compare them before you choose which one to open.
- You can fund your account with transfers from another bank, direct deposit from your employer, or a debit card.
What You Need Before You Start
Gather these items before you begin: a valid government-issued ID (driver's license, passport, or state ID), your Social Security number, and access to a bank account or debit card to make your first deposit. Discover requires an initial deposit to open the account, though the minimum amount varies by account type — some have no minimum, while others require $25 or more.
You'll also need an email address and a phone number. Discover uses these to send you account confirmations, statements, and security alerts. Make sure the email and phone number you provide are ones you check regularly, because Discover may contact you if there's unusual activity on your account.
Logging In After Your Account Opens
Once your account is active, you log in at discover.com or through the Discover mobile app using the username and password you created during signup. If you forget your password, click "Forgot username or password?" on the login page and Discover will send you a reset link to your email.
The first time you log in, Discover may ask you to set up two-factor authentication — a security step where you receive a code by text or email each time you log in from a new device. This protects your account if someone gets your password. You can choose whether to use text message, email, or an authenticator app for these codes.
Moving Money In and Out of Your Account
You can transfer money into your Discover savings account from another bank using an ACH transfer, which typically takes one to three business days. To set this up, log into your Discover account, go to "Transfers," and select "Transfer from another bank." Discover will ask for the routing number and account number of the bank you're transferring from. You'll need to verify that you own the other account — Discover does this by making two small deposits (usually under $1 each) and asking you to confirm the amounts.
You can also fund your account with direct deposit from your employer. Ask your employer's payroll department for Discover's routing number and your Discover account number, and they can deposit your paycheck directly. This is the fastest way to get money into your account because it happens automatically on payday.
To move money out, you can transfer it back to another bank account using the same ACH process, or you can request a check. Transfers out take one to three business days. Discover does not issue a debit card for savings accounts, so you cannot withdraw cash at an ATM — you must transfer the money to a checking account first if you need cash.
Interest Rates and Account Features
Discover savings accounts earn interest, and the rate changes based on market conditions and the type of account you choose. Discover publishes its current rates on its website, and you can see the rate for each account type before you open one. The interest is calculated daily and deposited into your account monthly.
Different Discover savings accounts have different features. Some have no monthly fees and no minimum balance. Others may have higher interest rates if you maintain a certain balance or meet other conditions. Compare the rates and features of each type before you open your account, because switching between them later is possible but requires closing one and opening another.
Protecting Your Account and Reporting Problems
Discover protects your account with encryption and fraud monitoring. If you notice a transaction you didn't make, log into your account and report it immediately through the "Contact Us" section or by calling the number on the back of any Discover card or statement. Discover will investigate unauthorized transactions and typically refunds fraudulent charges within one to two business days.
If you lose access to your account — for example, if you forget your password and can't access your email — call Discover's customer service number. They can verify your identity and help you regain access. Keep your contact information current in your account settings so Discover can reach you if there's a problem.
Frequently Asked Questions
Can I open a Discover savings account if I don't have a bank account?
You need a way to fund your initial deposit, so you'll need either a bank account or a debit card. If you have neither, you may need to open a checking account elsewhere first, or ask someone you trust to help you transfer money. Some employers can also deposit directly to a Discover account without a prior transfer.
How long does it take to open an account?
The entire process takes about 10 minutes online. Your account is usually active the same day, and you can start transferring money immediately. However, transfers from another bank take one to three business days to complete.
What happens if I close my Discover savings account?
You can close your account anytime by logging in and requesting closure, or by calling Discover. You'll need to transfer or withdraw any remaining balance first. Discover will close the account within a few business days and send you a final statement.
Can I have more than one Discover savings account?
Yes, you can open multiple Discover savings accounts if you want to keep money separate for different goals. Each account has its own number and earns interest independently. You manage all of them from the same login.
Is my money safe in a Discover savings account?
Discover Bank is FDIC-insured, which means deposits up to $250,000 per account are protected by the federal government if the bank fails. This protection applies to each account separately, so if you have multiple Discover savings accounts, each one is covered up to $250,000.