You can open a Discover savings account online in about 10 minutes without visiting a branch
Discover offers savings accounts entirely through their website and mobile app. You do not need to go to a physical location or call a phone number to start — the whole process happens on your computer or phone. You will need a valid government ID, your Social Security number, and a way to fund the account (a bank transfer or debit card).
The account opens immediately after you complete the online form and verify your identity. You can begin depositing money and earning interest the same day. Discover does not charge monthly fees for their savings accounts, and there is no minimum balance requirement to open one.
Key Takeaways
- You can open a Discover savings account entirely online using a computer or the Discover mobile app, with no branch visit required.
- You will need a valid government ID, your Social Security number, and either a bank account or debit card to fund your new account.
- The account opens immediately after identity verification, and you can start depositing money the same day.
- Discover charges no monthly maintenance fee and has no minimum balance to open or maintain a savings account.
What you need before you start
Gather these items before you begin the online application. You will need a valid government-issued ID — a driver's license, passport, or state ID card. Discover will ask you to verify information from this ID during the signup process.
You will also need your Social Security number. Discover uses this to run a background check and confirm your identity. Have it ready when you fill out the application.
Finally, you need a way to fund the account. You can link an existing bank account (checking or savings) and transfer money, or you can use a debit card to make an initial deposit. If you use a bank account, you will need your routing number and account number, which you can find on a check or in your bank's app.
The step-by-step process to open your account
Go to Discover's website or open the Discover mobile app. Look for the button that says "Open a Savings Account" or "Sign Up" — it is usually on the homepage. Click it to start the application.
Fill in your personal information: full name, date of birth, address, phone number, and email. Discover will ask for your Social Security number at this stage. Double-check that everything is spelled correctly, because mismatches can delay verification.
Next, Discover will ask you to verify your identity. You may be asked to answer security questions based on your credit history, or to photograph your ID. Follow the prompts on your screen. This step usually takes a few minutes.
Once your identity is verified, you will set up login credentials — a username and password, and sometimes a security question. Write these down or save them in a password manager. You will use them every time you log in.
Finally, link a funding source. Choose whether you want to transfer money from an existing bank account or use a debit card. If you use a bank account, enter your routing number and account number. If you use a debit card, enter the card number and expiration date. Discover may make two small test deposits to your bank account (usually under $1 each) to confirm it is yours — if so, you will need to verify those amounts in your bank account within a few days.
When your account is ready to use
Your Discover savings account is active as soon as you complete the application and pass identity verification. You do not have to wait for anything to arrive in the mail. You can log in immediately and see your account number and routing number.
If you funded the account with a debit card, that money may appear within one business day. If you transferred money from a bank account, it typically takes one to three business days, depending on your bank. Once the money arrives, it begins earning interest at Discover's current rate.
You can make additional transfers or deposits at any time through the Discover website or app. There is no limit on how many deposits you can make, though federal rules once limited withdrawals — those rules have been relaxed, but some banks still maintain withdrawal limits on savings accounts.
What happens if verification fails
If Discover cannot verify your identity during the application, you will see a message on your screen. This usually happens if the information you entered does not match what is on file with credit bureaus or the Social Security Administration.
If this occurs, you have options. You can try the application again with different information — for example, if you recently moved, use your current address. You can also contact Discover's customer service by phone to complete the verification manually. A representative can walk through your information and may be able to open the account without the automated check.
Keep your government ID handy if you call. Discover may ask you to verify details from it over the phone.
Funding your account after it opens
Once your account is open, you can add money in several ways. The most common method is an ACH transfer from another bank account you own. This is free and takes one to three business days. You can set up recurring transfers if you want to deposit the same amount on a regular schedule.
You can also transfer money from another Discover account if you have one. This is instant and free. Some people use this to move money between a Discover checking account and a savings account.
You cannot deposit cash directly into a Discover savings account, because Discover has no physical branches. If you need to deposit cash, you would have to withdraw it from an ATM at another bank, transfer it to a Discover-linked account, and then move it to Discover.
Account features and limits to know
Discover savings accounts earn interest on your balance. The interest rate changes based on market conditions and is set by Discover — you can see the current rate on their website before you open the account. Interest is calculated daily and deposited monthly.
There is no monthly fee, no minimum balance to open the account, and no minimum balance to keep it open. You can have as little as $1 in the account and pay nothing.
Discover FDIC-insures your deposits up to $250,000. This means if Discover fails, the federal government protects your money up to that limit. If you have more than $250,000, only the first $250,000 is protected in a single account type at a single bank.
You can withdraw money at any time through the Discover app or website. Transfers to a linked bank account take one to three business days. Some older rules limited how many withdrawals you could make from a savings account per month, but those federal limits have been removed — Discover may still have their own limits, so check their current terms.
Frequently Asked Questions
Can I open a Discover savings account if I do not have a bank account yet?
You can open the account, but you will need a way to fund it. If you do not have a bank account, you can use a debit card to make your first deposit. After that, you can transfer money using your Discover account details, or continue using a debit card for deposits.
What if I do not pass the identity verification check?
Contact Discover's customer service by phone. A representative can verify your information manually and may be able to open the account without the automated check. Have your government ID ready when you call.
How long does it take for money to show up after I transfer it?
ACH transfers from another bank usually take one to three business days. Transfers from another Discover account are instant. Debit card deposits may appear within one business day. Weekend and holiday transfers may take longer.
Is there a minimum amount I have to deposit to open the account?
No. Discover does not require a minimum deposit to open a savings account. You can open it with $0 and add money whenever you want.
Can I have multiple Discover savings accounts?
Yes. You can open more than one savings account with Discover. Each account has its own number and earns interest separately. This can be useful if you want to save for different goals.