I currently have credit card with Discover that I need to pay off. I recently got a new job that will allow me to easily do this. My plan is to pay the credit card off and get a High Yield Savings account but my question is if I go with Discover, do you need to have the checking account as well to get the better rate? I want to keep my money at my current bank. I looked at SoFi and that only gives you the right rate when you open a checking account as well as the savings. Thanks!

I am looking to transfer $150k from local credit union into Discover HYSA but for some reason I am nervous about transferring a large sum of money all at once. Am I paranoid for thinking it'll get lost in the process or be questioned about where I got the money from? Has anyone dumped a massive amount of money all at once before? Did you have any issues? Is it better to break it up in chunks?

In this example, will interests start to accumulate on June 12 (funds "received"), on June 26 (funds "available"), or somewhere in the middle (e.g. when the funds leave my other account)?

Hey everyone,

Since Capital One has bought Discover and may happened around May 18th. I was wondering what could happen to my hysa with Discover? I do also have a secured credit card with them as well.

Pretty sure I’m not the only one who has this type of question. Could anyone explain?

Have any of you had an experience with Discover’s high yield savings account? I’m considering switching from my Citi savings account that offers nearly nothing on returns. Looking for your opinions and suggestions!

https://www.discover.com/online-banking/savings-account/

Edit: added link

I already have a credit card through discover, but am planning on opening a HYSA either towards the end of this month or beginning of next year. My current savings account is through Fifth Third which doesn’t have a HYSA available to me. I have about 45k I plan on moving to the high yield, but when I asked fifth third about how to move the money, they say that there are daily/monthly limits on the amount that I can move….and it’s not a lot. They told me it’s like 2k monthly for a period before I can go up to 10k/month. Is there a way around this so I can go ahead and put all 45k in the new account? Do I need to move 45k into my checking and then write a check to myself?

Asking for feedback and opinions/advice.

I am constantly getting emails telling me that I can earn 5x more if I use their services for savings.

Does anyone use Discover as a bank for their savings and if so, what do you think?

Thanks!!

I went to check on my Discover bank account and the interest rate on the savings account has dropped again. It is now 4.25%.

I have been with discover since November do you guys know if it is worth it to transfer my money to so fi?

I'm planning to open a HYSA for the first time, I have 5k amount for now and I won't be using them for a while, I don't want to open an CD currently because I want to add monthly amount to the money + I might need to take from the money if emergency happened. However I might open CD later in the long term. Any recommendations or thoughts which one would be better?

Hey all - I'm planning on utilizing a Discover HYSA to stash our emergency fund, but I'm wondering what the liquidity is of this account? I can't seem to find transfer times on Discovers website.

How long do bank transfers take to complete? I bank with a credit union, if that matters.

I saw somewhere that we can get checks with a Discover HYSA? Is that correct?

I just want to make sure that, in the event of an actual emergency - like, need $5K *immediately* - which is rare, that I'll have hands-on to my cash.

Thank you!

Cap One is still at 3.5 percent, interestingly.

Hey guys,

I’ve been a Discover customer for about 3 years now and started with a high yield savings account and then a credit card. The credit card experience has been good but I’ve barely contributed to my savings and here is why.

Around the time (2022) that I joined discover there were a ton of posts on here about the Savings account locking them out of due to suspicions of fraud whenever they’d try to transfer their funds via Zelle, etc., or withdraw. The posts were EXTREMELY frequent around that time and some even went as far as to say they involved the BBB or went to court over the withholding of their funds. They would all have the same story of how Discover either couldn’t or refused to resolve their issue so they had to go that route.

This made me not contribute to my HYSA for about 2+ years (only carefully withdrawing small amounts here and there). But now I want to know if I should get back into depositing even though I would feel better with a brick and mortar. The APY % is really good in comparison to many brick and mortar savings accounts and I feel like I’m passing up a great savings opportunity due to fear and anxiety.

Has it gotten better? Should I just start using it again or just close it and look for a HYSA with high APY% at a brick and mortar? Or even look for a more responsible online bank with a great HYSA.

Looking at opening a high yield savings account and the % looks very good on discover but what’s the catch? At like SoFi you need to add $5k every month to get 4% but I don’t see anything like that at discover

Did anyone get any notification that their HYSA dipped from 3.6% APY to 3.5%? Seems like Discover did this quietly, which I do not appreciate. Will be moving my funds to my other HYSA purely because I know that account will let me know of interest changes as they happen, instead of surprising me when I log into the app like Discover.

Hi everyone! I use discover for my credit card and was thinking about switching my checking and creating a High Yield Savings account with them. Any thoughts or advice on switching? I wanted to have multiple savings accounts to save for different things, does discover make this easy to do?

I know this subreddit is mainly focused on credit cards, but I posted this here since it's from discover. I myself have the discover it credit card, and I realized they have a HYSA with 4.30% APY.

Could anyone recommend it? Or are there better alternatives?

I’ve been looking for places to open up a HYSA and Discover seemed like the best fit out all the banks I researched. I strictly want to use Discover for my HYSA. I plan keeping my checking account with my current bank for the time being.

For the people in a similar boat (or anyone wanting to chime in) : What is your experience like? Any issues or complains? Is there any hassle moving money between banks / accounts?