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?

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?

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?

Planning on opening their HYSA with the bonus promotion this week - for those who opened a HYSA with them, why did you choose discover?

I’m leaning towards discover HYSA due to that I want experience ‘investing’ with having a competitive APY savings and I’m familiar with discover having one of their cards.

Cap One is still at 3.5 percent, interestingly.

I have a credit card with Discover and I was thinking about opening a high yield savings account with Discover. The 3.3 percent interest rate looks pretty solid. I have a few questions though.

1. I have read about account freezes when security issues pop up, which makes me nervous. Is this still common?

2. Speaking of security issues, I have a Discover credit card which I use at grocery stores, gas stations, etc. A couple of times I've gotten credit cards stolen due to skimming devices on gas pumps, etc. Usually when this happens, the thief is able to use my credit card account to purchase items until the fraud is caught, then the account is frozen and the money is credited back to me. Question: if my Discover credit card were to get stolen, would the thief have access to the funds in my Discover high yield savings account? I know these are two different accounts, but I am just trying to play it safe.

3. I see that Discover offers companion checking accounts too, but I have read they are not currently offering checking accounts. Is that still true, or are they offering checking accounts again? Also, I have heard that you can add cash to your Discover checking account at Walmart. Is this true?

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

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'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?

Do people generally have good experiences with Discover’s HYSA? I’m moving the bulk of my emergency fund out of my credit union account into a HYSA and I was thinking of using Discover. But I keep seeing posts about people’s accounts getting randomly frozen? That kind of freaks me out. Is that common?

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!

I currently have 9,000 saved up I am almost 23. I am not sure about apple cause it is so new what would you guys do I am new to this. thank you in advance I also currently have Amex Blue cash everyday and I do own cards with Discover as well as Apple.

Hi everyone. I opened a Discover HYSA last week and have transferred $1000 to it so far. I'm a university student, and I've seen a lot on social media about opening a HYSA. Since I already have the Discover IT card, I went with the HYSA offered by Discover.

It says I have an APY of 4.25% and an Interest Rate of 4.16%. Is this bad? I'm not entirely sure what this means. I didn't realize HYSAs have interest rates so high.

When I looked at the website, all that it said was 4.25% APY, Daily/Monthly Interest Compounded/Paid, $0 monthly fee, $0 insufficient funds fee, and $0 minimum opening deposit. It seemed good enough to me, but now I can't help but regret opening it a little bit.

I have just learned about hysa. I have been looking around for ones I’d be interested in. I have around $45,000 I could safely place into the account. These two have the same APY (4.25%), no minimum account balance, no monthly fees, both member FDIC. I already have a discover credit card and my app all set up. However, one difference I have found is that Amex allows unlimited deposits/withdrawals but discover looks like they charge $30 per wire transfer. Although, I wouldn’t plan on taking money out of it unless of an emergency. Any thoughts?

I currently have Ally. Should I switch to Discover HYSA and if so, why?

I do think Discover is current 4.15% yield whereas Ally is only 4%, however, I have a Money Market account with Ally also and I frequently transfer money into that which is paying 4.15%.

I see people are pretty happy in general in this sub. Looking for the benefits other than the slight interest rate difference which would make it worthwhile to switch.

hello everyone, I was thinking about a high-yield savings account. I have around $25,000 that I would like to deposit.

I heard that some people had issues with getting their account frozen so I want to know if anybody else has experienced this with discover?

Also, would it be possible to deposit the 25,000 directly without any issues since it is a larger amount. I would like to just deposit all of it at once to hit the sign up bonus. Sorry if this is a noob question, it’s all very new to me.

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?

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

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.