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’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?

Just opened one. What has been everyone’s experience? I opened it due to the higher interest return. Thanks in advance.

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’m curious is Discover savings account good because although this subreddit usually focuses on credit cards, Discover offers a high-yield savings account with a 4.30% APY, which caught my attention since I already have the Discover It credit card. Would anyone here recommend it, or are there better savings account options with a higher APY or better features?

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

If you have one or both of these account how do you like it?

I currently have SoFi which I have been happy with but I am a fan of my discover Credit Card and think I’d like to have a one stop shop.

I'm currently with Capital One, but I've been exploring other options recently. I want to be able to have eBills, which they don't support - for whatever reason. I've also been using my debit card for most purchases, rather than my CC as I'm paying off a good bit of debt from when I lost a significant chunk of hours, so the 1% cashback is nice. So, if you use their checking/savings, what's your experience with it? Good and bad.

I currently have a savings account with Wells Fargo but as most of you guys know, the interest is low… very very low. I’m talking .01% low but discover gives 4.3%. Should I transfer my savings to a savings account in discover? Will there be a fee? Will I be scammed? Am I gonna be penalized by Wells Fargo? And how easily can I transfer money from my checking a Wells Fargo to savings discover account??

Edit: sorry I should’ve mentioned that I’m below the age of 24 and so I do not have monthly charges or annual charges of any accounts. I believe…

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?

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.

Hey y'all, just wanted some advice on whether I should open a savings account with discover. I've been with discover for about 3 months and have a checking + money market account.

What I want to know is if there's really a need to get one since it's basically just a money market. I mainly want to save up any gift money I've received for long-term goals, but if anyone has had experience with having both a mm and savings at the same time. Could I essentially have both, using the mm for short-term goals and savings for long?

Hi all,

Just wanted to know everyone's experiences with the savings account since it looks like I'm going to be jumping off AMEX's HYSA to join Discover.

Anything from user experience, customer service, issues.

I've been lurking around and have been seeing that the funds tend to have a 10-15 day hold. I just wanted to make my first transfer as smooth as possible.

Thank you!

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%.

Hey guys,

I'm new to discover bank and just recently opened an account with them a few weeks ago due to the appealing APY % and credit card options. I deposited only $1,000.00 and was planning on depositing 10% of my paycheck each week to the account.

I've had no issues whatsoever during the transfer, clearing, etc, and recently got my first interest payment (yay!). I thought everything was fine until I stumbled upon this sub. I'm reading horror stories of frozen accounts, 10 hour holds, contacting the AG, etc.

I was under the impression that Discover was a reliable bank to do your banking with but now these posts are seriously giving me doubts. So I was just wondering, should I be proactive and just cease depositing 10% of my paycheck into there or should I just ignore the fear and keep going? I really really reeeally want to open up a secured credit card to build credit with, and nothing bad has happened to me yet regarding my savings account. Thanks for reading!

Also, I would like to know about the interface of both of these, how well you like it, pluses and minuses

Anyone with discover and Amex savings? Discover and Amex checking? What do you thi of them both?

I currently have 3 Amex cards and the hysa at Amex.. I like how well the app works and that both the credit cards and savings are in one app. I don’t have Amex checking. Is discover all in one app? Credit cards, savings, and checking? Ty

I’ve been rethinking how I save money and stumbled across the idea of opening a high-yield savings account. The Discover Savings Account keeps popping up, but it’s tough to figure out if it’s really a solid choice for someone just starting to get serious about saving. The situation is that I don’t have tons of cash lying around, but I want to start building better habits. Online options are cool, but the sheer number of choices makes it overwhelming. If you’ve had any experience with Discover Savings or can recommend better alternatives, let me know.