Discover Savings Accounts Have No Monthly Maintenance Fees
Discover does not charge a monthly maintenance fee on its savings accounts. There is no fee simply for holding the account open, and no minimum balance requirement to avoid charges. This applies to both the Discover Online Savings Account and the Discover Money Market Account.
However, "no monthly fee" does not mean the account is completely free. Discover charges fees in specific situations — when you exceed withdrawal limits, when you request a wire transfer, or when you close the account within a certain timeframe. Understanding which actions trigger fees matters because they can reduce your balance or prevent you from moving money when you need to.
Key Takeaways
- Discover savings accounts charge no monthly maintenance fee and have no minimum balance requirement.
- Excess withdrawal fees apply if you make more than six transfers or withdrawals per month, at $10 per transaction over the limit.
- Outgoing wire transfers cost $15 each, but incoming wire transfers are free.
- Closing an account within 90 days of opening may result in a $25 early closure fee.
Excess Withdrawal Fees and the Six-Transaction Limit
Federal banking rules historically limited savings account withdrawals to six per month. Discover enforces this limit and charges $10 for each withdrawal or transfer beyond six in a calendar month. This includes transfers to external accounts, transfers to other Discover accounts you own, and ATM withdrawals using a Discover debit card.
The six-transaction limit resets on the first day of each calendar month. If you make seven transactions in January, you pay one $10 fee. In February, your count starts at zero again. Transfers initiated online or by phone count toward the limit, as do automatic recurring transfers you have set up.
Deposits and incoming transfers do not count against the limit — you can receive money as many times as you want without penalty. The restriction applies only to money leaving the account.
Wire Transfer Fees and How They Work
Discover charges $15 for each outgoing domestic wire transfer you request. This fee is separate from the excess withdrawal fee and applies whether you send $100 or $10,000. International wire transfers are not available through Discover savings accounts.
Incoming wire transfers are free. If someone sends you money via wire to your Discover savings account, you pay nothing. The sender's bank may charge them a fee, but Discover does not charge you to receive the funds.
Wire transfers typically settle within one business day, faster than ACH transfers. If you need to move money quickly and do not mind paying the fee, a wire is the fastest option. If cost matters more than speed, an ACH transfer to an external account is free and usually takes two to three business days.
Early Account Closure Fees
Discover charges a $25 fee if you close a savings account within 90 days of opening it. This fee applies whether you close the account online, by phone, or in person. After 90 days, you can close the account at any time without penalty.
The 90-day window is measured from the date the account was opened, not from the date of your first deposit. If you open an account on January 15 and close it on April 10, you are past the 90-day mark and will not be charged. If you close it on April 14, you will owe the $25 fee.
How Discover's Fees Compare to Other Online Banks
Most online savings accounts, including those from Marcus, Ally, and American Express, also charge no monthly maintenance fee. The excess withdrawal fee of $10 per transaction is standard across the industry. Wire transfer fees of $15 for outgoing transfers are typical, though some banks charge $20 or $25.
Early closure fees vary more widely. Some banks charge nothing if you close within 90 days, while others charge $25 or $50. Discover's $25 fee falls in the middle range. If you are uncertain whether you will keep the account open, this fee is worth considering before you open it.
No online bank charges a fee for incoming transfers or deposits. The competitive advantage among these banks comes from interest rates, not fee structure — rates change frequently and vary based on market conditions, so comparing current rates matters more than comparing fees.
What Triggers Fees and What Does Not
| Action | Fee |
|---|---|
| Monthly account maintenance | None |
| Deposits or incoming transfers | None |
| Incoming wire transfer | None |
| 7th or later withdrawal/transfer per month | $10 each |
| Outgoing wire transfer | $15 |
| Account closure within 90 days | $25 |
| Overdraft | None (savings accounts do not overdraft) |
How to Avoid Fees on a Discover Savings Account
The easiest fee to avoid is the monthly maintenance fee — there is nothing you need to do. The account is free to hold as long as you want.
To avoid excess withdrawal fees, keep your monthly transfers and withdrawals to six or fewer. If you regularly need to move money out of savings, consider whether a money market account or checking account would suit your needs better. Discover also offers a checking account with no monthly fee and no withdrawal limits.
To avoid the wire transfer fee, use ACH transfers instead. ACH transfers are free and work for most situations where you need to move money to another bank. Wire transfers are useful only when you need the money to arrive the same day, which is rare for most people.
To avoid the early closure fee, keep the account open for at least 90 days before closing it. If you are testing whether Discover works for you, give yourself three months before deciding to close.
Frequently Asked Questions
Can I get the $25 early closure fee waived?
Discover's policy states the fee applies automatically if you close within 90 days. You can contact customer service to ask, but waivers are not may provide. The fee is designed to discourage account churning, so Discover is unlikely to remove it. If you think you might close the account soon, factor the $25 into your decision.
Do transfers between my own Discover accounts count toward the six-transaction limit?
Yes. Transfers between your own Discover savings account and another Discover account you own count as one transaction toward the limit. If you move money from savings to checking six times in a month, you have used your limit, and a seventh transfer costs $10.
What if I exceed the six-transaction limit by accident?
The $10 fee is charged automatically for each transaction over six. You cannot undo it after the fact, but you can contact Discover customer service to ask about a one-time courtesy waiver if this is your first time exceeding the limit. There is no may provide they will remove the fee, but it is worth asking.
Are there fees for using an ATM with my Discover debit card?
Discover does not charge ATM fees at its own ATMs or at most other ATM networks. However, the ATM operator may charge you a fee. ATM withdrawals do count toward your six-transaction limit, so frequent ATM use can trigger excess withdrawal fees even if the ATM itself is free.
What happens if my account balance goes negative?
Savings accounts cannot go negative. If you attempt a transaction that would overdraw the account, Discover will decline it. You will not be charged an overdraft fee because the transaction simply will not go through.