Momentum is a checking account from Discover Bank with no monthly fees and no minimum balance
Momentum Checking is a deposit account offered by Discover Bank, a federally chartered bank. It functions as a standard checking account—you deposit money, write checks, use a debit card, and set up direct deposits or transfers. The account has no monthly maintenance fee, no minimum opening deposit, and no minimum balance requirement to keep the account open.
Discover Bank is an online-only bank, which means there are no physical branches. All account management happens through their website, mobile app, or by phone. This structure allows Discover to keep costs low and pass savings to customers through fee waivers and interest rates.
The account comes with a debit card, online bill pay, and the ability to link external bank accounts for transfers. You can deposit checks through mobile deposit (photographing the check with your phone) or by mailing them to Discover's processing center.
Key Takeaways
- Momentum Checking charges no monthly fee, has no minimum balance, and requires no minimum opening deposit.
- The account earns a small amount of interest on your balance, though the rate changes based on market conditions and your account activity.
- Discover Bank is online-only, so you cannot visit a physical branch, but you can deposit checks by phone camera or mail.
- ATM access is limited to Discover's network and MoneyPass partner ATMs; out-of-network withdrawals may charge fees.
- Direct deposit, bill pay, and transfers between linked accounts are all included at no extra cost.
Interest rate and how it changes
Momentum Checking earns interest on your balance. The rate Discover offers varies—it is not fixed. Banks adjust rates based on Federal Reserve decisions, market conditions, and their own business needs. You can find the current rate on Discover's website, but it may be different from the rate when you opened the account.
Interest is calculated daily and deposited monthly. The more money you keep in the account, the more interest you earn, though the amount is typically small compared to savings accounts or money market accounts. If you maintain a very low balance or make frequent large withdrawals, the interest benefit shrinks.
Some checking accounts offer higher interest rates if you meet conditions like receiving direct deposits or making a certain number of debit card transactions per month. Discover's Momentum account does not have these requirements—you earn the stated rate on whatever balance sits in the account.
ATM access and withdrawal fees
Discover operates its own ATM network, and Momentum customers can withdraw cash from Discover ATMs at no charge. Discover also partners with MoneyPass, a network of ATMs at retailers, convenience stores, and other locations. MoneyPass withdrawals are also free for Momentum account holders.
If you use an ATM that is not part of Discover's network or MoneyPass, Discover does not charge you a fee—but the ATM operator may charge you a surcharge. That fee comes from the ATM owner, not from Discover, and you will see it on your statement as a third-party charge. The amount varies by location and ATM operator.
Because Discover is online-only, you cannot walk into a branch to withdraw cash. If you need cash and do not have access to a Discover or MoneyPass ATM, you can request a withdrawal through bill pay or transfer the money to another bank account and withdraw from there.
How to deposit checks and cash
Discover offers mobile check deposit through its app. You photograph the front and back of a check, enter the amount, and submit it. The check is usually processed within one business day. There is no limit on how many checks you can deposit this way, but Discover may set a daily or monthly dollar limit depending on your account history.
You can also mail checks to Discover's processing address. Discover provides the mailing address in the app and on its website. Mail deposits take longer—typically five to ten business days from the time Discover receives the envelope.
Depositing cash is more difficult with an online-only bank. Discover does not accept cash deposits directly. If you need to deposit cash, you can transfer money from another bank account you own, or deposit cash at a partner bank and transfer it to Discover. Some customers open a second account at a local bank just to deposit cash, then move the money to Discover.
Fees and what they cover
Momentum Checking has no monthly maintenance fee, no minimum balance fee, and no overdraft fee (though Discover may decline transactions that would overdraw the account). There is no fee to open the account, close it, or transfer money between linked accounts.
Bill pay is free. Incoming wire transfers are free. Outgoing domestic wire transfers typically cost money—check Discover's current wire transfer fee on their website, as it may change. International wire transfers also carry a fee.
If you use an out-of-network ATM and the operator charges a surcharge, that fee appears on your statement but is not charged by Discover. Overdraft protection, if you add it, may have its own terms. Cashier's checks and other specialty services may carry fees; ask Discover directly about services you plan to use.
Direct deposit and payroll setup
Momentum Checking supports direct deposit. You provide your employer or benefits administrator with your Discover account number and routing number, and they deposit your paycheck or benefits directly into the account. Direct deposit is free and usually posts within one business day of processing.
Your routing number for Discover Bank is the same regardless of which Discover account you hold. You can find it on your debit card, in the app, on statements, or by calling Discover customer service. Your account number is unique to your Momentum account.
Setting up direct deposit does not require a minimum deposit amount or ongoing balance. Once it is set up, money arrives automatically on the scheduled pay date.
Who this account works well for
Momentum Checking is useful if you want a no-fee checking account and do not need physical branch access. It works well for people who are comfortable banking online and by phone, who have reliable access to ATMs (either Discover or MoneyPass), and who do not need to deposit cash frequently.
The account also suits people who want to earn a small amount of interest on their checking balance without moving money to a separate savings account. Because there is no minimum balance, it works for people with variable income or those who keep only a small emergency fund in checking.
If you need to deposit cash regularly, live in an area with few Discover or MoneyPass ATMs, or prefer to handle banking in person, a traditional bank with branches may be a better fit. Some people use Momentum as a secondary account for online purchases or bill pay while keeping their primary account at a bank with branches.
How Momentum compares to other online checking accounts
Other online banks offer checking accounts with similar features: no monthly fee, no minimum balance, and interest on the balance. Charles Schwab Bank offers checking with no fees and ATM fee reimbursement (Schwab refunds out-of-network ATM charges). Ally Bank offers no-fee checking with interest. Capital One 360 offers a checking account with no fees and no minimum balance.
The main differences are in interest rates (which change over time), ATM networks, customer service availability, and features like bill pay or mobile deposit. Some online banks offer higher interest rates but require a minimum balance or direct deposit. Others charge monthly fees but offer more features or better ATM access.
The best account for you depends on your priorities: whether you value ATM access, interest rate, ease of use, or customer service. Comparing the current rates and ATM networks on each bank's website will show you which account fits your situation.
Frequently Asked Questions
Can I overdraft my Momentum Checking account?
Discover does not offer overdraft protection on Momentum Checking by default. If a transaction would overdraw your account, Discover typically declines it. You can add overdraft protection if you link another account, which allows Discover to transfer money from that account to cover the shortfall. Ask Discover about the terms and any fees before setting this up.
How do I close my Momentum account?
You can close the account through the Discover app or website, or by calling customer service. Discover will ask you to confirm the closure and may ask why you are leaving. Make sure you have withdrawn or transferred all your money before closing, and that any pending transactions have cleared.
Is my money safe in Momentum Checking?
Yes. Discover Bank is a federally chartered bank and a member of the Federal Deposit Insurance Corporation (FDIC). Your deposits are insured up to $250,000 per depositor, per bank. This means if Discover fails, the FDIC will cover your balance up to that limit.
Can I get a cashier's check from Discover?
Yes, Discover can issue cashier's checks, though there is typically a fee. You request one through the app or by calling customer service. Discover will mail it to you or allow you to pick it up at a partner location if available in your area. Ask about the current fee and delivery time.
What happens if I do not use my Momentum account for a long time?
Discover does not close inactive accounts automatically. However, if your account shows no activity for an extended period, Discover may contact you to confirm the account is still in use. Keeping the account open costs you nothing, so you can leave it dormant without penalty.