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?

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?

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

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 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?

Both banks are offering savings accounts with no minimum balance, no minimum deposit, no fees and both offer high APY (discover 3.5%, synchrony 3.8%).

I've compared these two banks along with American Express and Capital One who also tout 3.5% APY for their savings account with no minimums and no fees but have heard bad things about Capital One's customer service, and nothing about AmEx.

I've seen high praise for Discover's customer service, which makes me lean toward them, but I like the 3.8% APY from synchrony. However it's stated (on Synchrony's site) that it may change without notice after I open the account.

I ONLY want a savings account that I can send money from an external bank. Has anyone had any personal experience with either of these banks positive or negative?

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

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!

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…

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!!

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.

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 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 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!

Yes im still young. I’m 21 years old. Still living with my parents. Pay 3 bills/car insurance($500 month for everything) have my own car payed off, and in total I have around $10.5k right now. Credit is around 730 with a credit history of 3 years. No debt yet. Just wanted to give some basic info if it helps with anything. Thanks!

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?

How long does it take to withdraw money from discover’s hysa if I were to withdraw and put some money in my checking account which is with another bank? Also their hysa sounds good online but I’m wondering if anyone has any other thoughts about it