What you need to open a Discover savings account
You can open a Discover High Yield Savings Account online in about 10 minutes. You will need a valid government ID, your Social Security number, and a way to fund the account—either a bank transfer from another bank or a debit card. Discover does not require a minimum deposit to open the account, though you will need to add money before you can earn interest.
The entire process happens on Discover's website or mobile app. You do not need to visit a branch or call anyone to complete the setup. Discover will verify your identity electronically during signup, which usually takes a few minutes.
Key Takeaways
- You can open an account online with just your ID, Social Security number, and a funding source—no minimum deposit required.
- The signup process takes about 10 minutes and happens entirely on Discover's website or app.
- You will need to verify your identity electronically, which Discover does during the initial signup.
- After opening, you can fund the account by transferring money from another bank or using a debit card.
- Your account becomes active and ready to earn interest as soon as you deposit money.
Step-by-step signup process
Start by going to Discover's website and clicking the button to open a savings account. You will be asked to enter your email address and create a password. Discover will send a verification code to that email—enter it to confirm you own the address.
Next, you provide your full name, date of birth, and Social Security number. Discover runs this information through identity verification systems to confirm you are who you say you are. This usually completes in seconds, though occasionally it may take a few minutes.
You will then enter your address and answer questions about your employment and income. These questions help Discover comply with banking regulations; your answers do not determine whether you can open the account. After that, you set up how you want to fund the account and review the account terms before submitting.
How to fund your new account
Once your account is open, you have two main ways to add money. The first is an external transfer—you provide the routing and account number from another bank, and Discover pulls money from that account. This usually takes one to two business days to complete.
The second is a debit card transfer—you enter a debit card number and Discover charges it immediately. This money appears in your Discover account right away, though the charge may take a day or two to show on your debit card statement.
You can also receive direct deposits to your Discover account if your employer or a government agency (like Social Security) sends you money. To set that up, you provide your Discover routing number and account number to your employer or the paying agency.
What happens after you open the account
Your account is active as soon as you complete signup, even if you have not funded it yet. Once you deposit money, it begins earning interest at Discover's current rate. The interest rate changes over time based on market conditions, and Discover publishes the current rate on its website.
Interest is calculated daily on your balance and paid monthly into your account. You can withdraw money anytime without penalty—there is no lock-in period or withdrawal limit. Transfers to another bank typically take one to two business days.
You can manage your account entirely online through the website or mobile app. You can view your balance, check interest earned, set up automatic transfers, and change your password or contact information without calling anyone.
Identity verification and security checks
During signup, Discover verifies your identity using the information you provide—your name, date of birth, address, and Social Security number. This verification is automatic and happens in real time. If something does not match Discover's records, you may be asked to provide additional information or upload a photo of your ID.
Occasionally, Discover may ask you to confirm your identity by phone if the electronic verification cannot complete. If this happens, a representative will call the phone number you provided during signup. You can also call Discover yourself to complete verification if you prefer.
After your account is open, Discover monitors it for unusual activity as part of its fraud prevention system. If you make a large deposit or transfer, Discover may contact you to confirm it is legitimate.
Fees and account costs
Discover does not charge a monthly maintenance fee, overdraft fee, or minimum balance fee. There is no cost to open the account or to keep it open. You will not be charged for transfers to other banks, though your other bank may charge you a fee on their end.
If you close the account, Discover does not charge a closure fee. You can close it anytime by contacting Discover or through the app.
Frequently Asked Questions
How long does it take to open a Discover savings account?
The entire process usually takes 10 to 15 minutes. Identity verification happens automatically during signup in most cases. If Discover needs additional information, it may contact you by phone or email, which can add a few hours or a day to the process.
Can I open an account if I do not have a Social Security number?
Discover requires a Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. This is a federal banking requirement, not a Discover policy. If you have an ITIN, you can use that instead.
What if my identity verification fails?
If the automatic verification does not work, Discover will ask you to provide additional information or upload a photo of your ID. You can also call Discover to complete verification by phone. In rare cases, you may not be able to open an account if Discover cannot verify your identity.
Can I open an account for someone else?
No. Each person must open their own account using their own name and Social Security number. You cannot open an account on behalf of another adult. Parents can open custodial accounts for minors, but that is a different account type.
Do I need to have money in the account right away?
No. You can open the account with zero dollars. However, you will not earn any interest until you deposit money. Your account remains open and active whether it has a balance or not.