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.

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…

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 am trying to decide between Discover and Amex savings.

Note that for my long term savings I use treasuries which are currently yielding 5%+. For this, I am looking for a primary transaction account I can essentially use for direct deposit and all my credit card payments + rent. In total I’d probably have 10 or 12 payments per month.

Luckily, both Discover and Amex have eliminated enforcement of regulation D, which essentially means they both allow unlimited ACH transactions out of savings. The APYs also seem similar.

Curious if anyone has experience with both and if they have a preference. Almost all of my credit cards are Amex, so using them for my transaction account may also be a win. Less apps. However, that could also be a negative as keeping payment accounts and card accounts separate is likely good practice in the event of an issue.

Appreciate any help!

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!!

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

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?

I want to signup for Discover HYSA. There is a signup bonus, but it seems unclear if I need to keep my deposit for a period of time to get the bonus. Has anyone done this offer? How'd it go?

link - https://www.discover.com/online-banking/savings-lng-04/?TPR=090

Has anyone gotten this offer for $150 if you deposit $15,000 within 45 days and $400 if you deposit $45,000? I’m contemplating the offer but only if I can time it so that I can deposit $15,000 cash I have on hand in another HYS account and then have our direct deposits hit over the next 45 days to get us close to the $45,000 and figure out if I can find some more cash. My only question is - can I deposit and withdraw or does there have to be $45,000 total sitting in there at one time?

What I'm referring to is like how Ally has buckets, or SoFi has vaults.

I want to be able to create a "Emergency Fund" that I can toss 10% of my deposits into automatically instead of it all going into one huge pool.

Would love to see more automatic saving features to.

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 I was planning on closing my discover checking and savings account because I am not using it anymore and it is not due to capital one merging. I know capital one merged with discover my concern is if I close my discover accounts will that mess up capital one trust with me when getting into their cc products ? Because I was planning to open a capital one venture x cc and I heard if you try to close a bank account from capital one they can close your cc or not approve you at all? I need you guys thoughts thank you Currently I am banking with capital one now and I have savor one and quicksilver cc with them

Hello, 

I am in my thirties and am finally trying to get a handle on learning proper ways to save by using certain banks etc, very new to these things and would love some advice. I was just about to open a savings account with Discover but have been reading online about peoples concerns of capital one buying. Now I feel stuck and don’t know if it is worth doing this now vs using something totally different.

BACKGROUND

• I have been with Chase over a decade with all my funds in a checking account and have been realizing I’m not earning money with them hardly at all. 

• I have a discover credit and love that they give me cash back. They do have a savings account option I just found out about.

GOALS

• Maybe keep Chase with small amount of funds so I can get cash at a local branch whenever needed and so I can transfer money into my discover savings account, since I am not close to a Walmart.  

• Move majority of savings into a discover savings account so I can earn money vs having basically nothing happen with Chase.

CONCERNS

With capital one buying, I see most people only complaining about customer service, not sure if I should care more about this as utmost priority, but I am mainly concerned of:

1. Capital one changing or removing Cash Back Percentages completely.

2. Capital one removing Minimum Savings Account Balance of $0 currently with discover.

3. Hassle of transferring most of my funds into a discover savings account, then less than a year from now having to shut it all down due to Capital one changing things and then starting over with someone else.

What are your thoughts and if you have any suggestions of other alternatives? I don’t mind online banks, I just want whatever plan that will make me the most money in the long run vs using only Chase. Located in CA.

Cap One is still at 3.5 percent, interestingly.