Discover Bank Money Market Account: Earn 2.00% APY Rate [Nationwide]

Simply open a new Discover Bank Money Market Account and start earning the listed APY Rate! See account rates table.

Discover Bank Money Market Account Guide

How To Avoid The Monthly Fee

There are no monthly fees involved with this Discover Bank Money Market Account.

Discover Bank Routing Number – ABA & Transit

The Discover Bank routing number is 031100649. It is used for electronic transfers made by ACH (including Direct Deposit) and for domestic wire transfers (from another financial institution within the U.S.).

Need A Savings Account?

-Available nationwide - paired with phenomenal customer service -Get 2.10% APY on your funds with no minimum requirements & no monthly fees! -No hidden fees. No minimum balance to open. -It's your money. Use it when and how you want. -Deposit checks on the go or grow your savings with automatic transfers. -Move money in and out of your savings account easily and securely. -View your savings account balance and activity online or with mobile app. -Get started and open a Discover Savings Account in 3 easy steps. Apply Now at Discover

Why Discover?

So why choose Discover? We think you’ll like it. They keep it simple and straightforward. No gimmicks, gotchas, or hidden fees. Most features have no fee, and if they do, Discover will let you know. Discover has it all! Everything you expect from your bank, and some pleasant surprises.

	All Your Account Needs: From saving to everyday banking, Discover will have an account to satisfy your financial needs and goals.
	Mobile Banking: Get online instead of waiting inline. Pay your bills, transfer money, check your balances and deposit checks quickly and conveniently with our mobile app.
	Peace of Mind: Security is their top priority. They keep your money and personal information safe with Proactive Fraud Monitoring, $0 Liability Protection, Bill Pay Protection and more. Visit our Security Center for more info.
	More for Your Money: From competitive rates to cash back on everyday banking, we make sure you’re always rewarded.
	Personalized Customer Service: Great service starts with listening to customers. They pride themselves on giving straightforward answers and going the extra mile every time. Their U.S.-based Banking Specialists are here to help. Contact anytime at 1-800-347-7000.

Discover is SECURE. Your money and your data are safe with Discover. Your money is FDIC-insured up to the maximum allowed by law, plus they have $0 Liability Protection so you are never responsible for unauthorized debit card, online, or mobile banking transactions.

In addition, Discover is mobile. Wherever you roam, they’re right there with you.

	Mobile Deposit: In a hurry? Save time and deposit checks on the go with your mobile device.
	Fast Login: Forgot your password? Simply log in to your account using your fingerprint or a 4-digit passcode.
	Quick View: In a time crunch? Quickly view your account activity without the hassle of logging in.
	ATM Locator: Need cash fast? With over 60,000 no-fee ATMs in the U.S., we’re always nearby.

They’re helpful. Loyalty goes both ways, so Discover goes out of their way to win yours. They’re here to help. Their U.S.-based Banking specialists are available 24 hours a day, 7 days a week. It’s the same level of service that keeps Discover Card ranked the highest in customer loyalty.

View your Discover Online Savings Account with mobile banking any time. Any place.

• Transfer Money
  • Move money in and out of your savings account easily and securely with just a few clicks or taps.
• View Activity
  • View your savings account balance and activity online or with their mobile app.
• Deposit Money
  • Deposit checks on the go or grow your savings with automatic transfers.

Discover Mobile Hub

Make the most of your account, wherever you go. Their mobile app puts everything you need right at your fingertips. Text APP to DISCOV (347268) to download on your phone whether it be an Apple or Android device.

	Account Management for all the Devices in Your Life: From your mobile phone to your tablet to your smart watch, Discover Mobile has you covered. Download the app to your mobile devices and and you’ll be able to manage your account, view transactions and manage spending from anywhere.
	Freeze ItSM takes the worry out of a misplaced card. Just Freeze ItSM from our mobile app to prevent new purchases, cash advances and balance transfers. Then, unfreeze your account when you find your card.
	You earn rewards everywhere—now redeem them from anywhere. Check your Cashback Bonus balance and redeem your rewards right from your phone. Plus, shop Discover Deals for online and in-store offers at your favorite merchants.
	Great features on the latest wearable tech. With Discover Mobile on your Apple Watch® or Android WearTM, you’re always in touch with your balance, account reminders and Cashback Bonus notifications.

Discover Mobile App Download

Get Discover Mobile. Text APP to DISCOV (347268) to download on your phone. Message and data rates may apply. You can also download the mobile app via iOS or Android:

• Download via the App Store
  • iPhone App
  • iPad App
• Download via Google Play
  • Mobile App
  • Text App

Frequently Asked Questions (FAQs)

Here’s what other people like you wanted to know about the Discover Bank Money Market Account.

Opening An Account

• Q: How do I open a Discover Money Market Account?
  • A: Visit the Discover Bank Money Market Account and click “Open an Account” at the top right of the screen or “Get Started” throughout the offer page.
• Q: What is the minimum deposit amount to open my account?
  • A: The minimum opening deposit is $2,500.
• Q: How can I fund my account or make deposits?
  • A: Complete an online transfer from an eligible Discover Bank account
  • Complete an online transfer from an external bank account to your Money Market account
  • Set up Direct Deposit
  • Deposit a check with Discover’s Mobile Check Deposit using your mobile device
  • Mail a check that is made payable to you with a deposit slip or your account number on the memo line to:
    • Discover Bank
      PO Box 30417
      Salt Lake City, UT 84130
  • Travelers Checks are not accepted for deposit

About Your Account

• Q: What is the minimum deposit amount to open my account?
  • A: The minimum opening deposit is $2,500.
• Q: Am I required to maintain a minimum balance?
  • A: A minimum average daily balance of $2,500 is required for a Money Market account. If your average daily balance in a statement cycle (beginning with the third statement cycle) is below $2,500, there is a $10 minimum balance fee.
• Q: What fees are associated with my Money Market Account?
  • A: See the Money Market Account Guide for more information
• Q: How can I access and manage my account?
  • A: You can access and manage your account online. Click here to login to your account. You can also access and manage your account via our mobile app available for Android^TM and iPhone^®. If you do not have an Android or iPhone smartphone, you can still access your account on your phone from DiscoverBank.com. Please remember your mobile device must be set up to access the Internet in order to use Mobile DiscoverBank.com.
  • Not registered for the Account Center? Register Now
• Q: How many withdrawals or transfers am I allowed?
  • A: Federal law limits the number of certain types of withdrawals and transfers from a Money Market Account to a combined total of six per calendar month per account. There is no limit on the number of withdrawals by ATM or by Official Check mailed to you. If you exceed these transaction limitations during any calendar month we may assess an Excessive Withdrawal Fee or refuse to pay each transaction in excess of the limitations. If you exceed these limits on more than an occasional basis, we reserve the right to close your account.
• Q: What types of transactions count towards the 6 withdrawals or transfers allowed per calendar month?
  • A: Below are the transaction types that count towards the 6 withdrawals and transfer limit:
    • Checks written from your Money Market Account
    • Debit Card purchases
    • ACH Transfers
    • Wire Transfers (a fee applies)
    • Online Transfers
    • Online Bill Payments
    • Transfers to repay loans at Discover Bank
  • Please note that withdrawals by ATM and Official Bank Checks that are mailed to you do not count towards the limit.
• Q: Is the Money Market account FDIC-insured?
  • A: Funds on deposit at Discover Bank are FDIC-insured up to the maximum allowed by law. For more information, visit the FDIC information page.
• Q: When will I receive my debit card and checks?
  • A: If you request a debit card and checks, you should receive them within ten days after your account is opened. Additionally, you will receive a Personal Identification Number (for your debit card), in a separate mailing, a few days after receiving your card. Once you receive your PIN, you can change it online in the Account Center or over the phone through our automated system at 1-800-347-7000 .
• Q: How can I reorder checks or deposit tickets?
  • A: You may reorder additional checks or deposit tickets online via the Account Center. You can also contact Discover at 1-800-347-7000 and a Banking Specialist can assist you with your order
• Q: How do I initiate a Stop Payment on a check?
  • A: To request a stop payment on a check, contact us at 1-800-347-7000 with the check’s date, amount, number, and payee name (if available).
• Q: Does my money market account provide the option to enroll in overdraft protection?
  • A: Yes, your money market account is eligible for enrollment in our overdraft protection service. Click here for more information about overdraft protection.

Debit Card Overview

• Q: Are all ATMs accessible 24/7?
  • A: No, ATM accessibility varies by location. Not all ATMs are available 24/7 and some may have restricted access.
• Q: How do I activate my debit card?
  • A: You can activate your debit card online at the Account Center or by calling 1-877-347-4055.
• Q: How do I change my Personal Identification Number (PIN) for my debit card?
  • A: Your 4-digit PIN will be mailed to you separately from your debit card. Once you receive your PIN, you can change it online in the Account Center or by using our automated system at 1-800-347-7000 .
• Q: How can I locate an ATM near me?
  • A: Use our ATM Locator or our Mobile App to find nearby ATMs, including no-fee Allpoint^® and MoneyPass^® ATMs.
• Q: What happens if my debit card is lost or stolen?
  • A: If your debit card is lost or stolen, please call us immediately at 1-800-347-7000 and a Banking Specialist will help cancel your old card and order a new card.
• Q: Is there a fee for using my debit card at an ATM?
  • A: There are 60,000 no-fee ATMs through the Allpoint® and MoneyPass® networks. However, owners of a non-MoneyPass/Allpoint ATM may charge a fee. Discover will not charge you a fee for using your debit card at any ATM.
• Q: What happens if I am charged an ATM fee at an Allpoint® or MoneyPass® location?
  • A: If you are at an Allpoint or MoneyPass ATM and it indicates you are being charged a fee, accept the fee and proceed with your transaction. Then notify Discover Bank by sending a message through our Secure Message Center or calling us at 1-800-347-7000. Please provide the following information and we will credit your account for the fee:
    • Date and time of the transaction
    • ATM Location
    • Last four digits of your debit card
    • Amount of the fee you were charged
• Q: Where can I use my debit card to make purchases?
  • A: Your Discover debit card is accepted at participating merchants in the United States, Canada, Mexico and the Caribbean wherever you see the Discover®, PULSE® or Diners Club International® logos.
  • Note: Federal law limits the number of certain types of withdrawals and transfers from a Money Market Account to a combined total of six per calendar month per account. There is no limit on the number of withdrawals by ATM or by Official Check mailed to you. If you exceed these transaction limitations during any calendar month we may assess an Excessive Withdrawal Fee or refuse to pay each transaction in excess of the limitations. If you exceed these limits on more than an occasional basis, we reserve the right to close your account.
• Q: Where can I get additional cash over a purchase?
  • A: Cash over is available at participating retailers nationwide.
  • Note: Federal law limits the number of certain types of withdrawals and transfers from a Money Market Account to a combined total of six per calendar month per account. There is no limit on the number of withdrawals by ATM or by Official Check mailed to you. If you exceed these transaction limitations during any calendar month we may assess an Excessive Withdrawal Fee or refuse to pay each transaction in excess of the limitations. If you exceed these limits on more than an occasional basis, we reserve the right to close your account.
• Q: Can I use my debit card outside of the United States?
  • A: You can use your Discover debit card to withdraw cash at ATMs and make purchases at participating merchants in Canada, Mexico and the Caribbean wherever you see the Discover, PULSE®, or Diners Club International® symbols.
  • Note: Federal law limits the number of certain types of withdrawals and transfers from a Money Market Account to a combined total of six per calendar month per account. There is no limit on the number of withdrawals by ATM or by Official Check mailed to you. If you exceed these transaction limitations during any calendar month we may assess an Excessive Withdrawal Fee or refuse to pay each transaction in excess of the limitations. If you exceed these limits on more than an occasional basis, we reserve the right to close your account.
• Q: Is there a daily limit to the amount of money I can withdraw from an ATM with my debit card?
  • A: Yes. The Discover ATM withdrawal limit is $510 per day. Some ATMs may have lower withdrawal limits, but you may complete multiple transactions until you meet the Discover withdrawal limit of $510 per day.

Debit Card with Chip Technology

• Q: What is chip technology?
  • A: Also known as EMV or smart chip technology, it provides added security at chip-enabled store terminals and ATMs. Many countries have already adopted chip technology. And now, U.S. merchants and card issuers are starting to adopt it, too.
• Q: How do I use a chip card?
  • A: You can use chip cards in one of two ways. If you are at a merchant location that does not have chip-enabled terminals, you can swipe using the magnetic stripe on the back of your card as usual.
  • At merchant locations that already accept chip cards, you’ll be prompted to insert your card into the chip-enabled terminal. Be sure to leave the card in the terminal until the transaction is completed.
• Q: When do I swipe? When do I insert?
  • A: When in doubt, swipe your chip debit card. If the terminal is chip enabled, it will recognize that your debit card has a chip and will prompt you to insert it instead.
• Q: Where can I use my Discover debit card with chip technology?
  • A: Your Discover debit card is accepted everywhere you use it today. When retailers update their terminals to accept chips, just insert your card instead of swiping the magnetic stripe.
• Q: Do chip payments require signatures? Or PINs?
  • A: Your new Discover debit card with chip technology can be used with a signature or PIN depending on the terminal. At chip-enabled terminals, you will be prompted to provide your signature or PIN. In some situations, you may not need to provide either one.
• Q: I currently have a regular Discover debit card. When will I receive a chip card?
  • A: You will receive a chip debit card when your current debit card expires, if your card is lost or stolen, or if you experience fraud on your account.
• Q: If we have a joint account, will we both get new chip cards?
  • A: Each owner who has a debit card will receive a new chip debit card when their current card expires. If your debit card is lost or stolen, only the person with the lost or stolen card will receive a new chip debit card. If you request a new chip card early, only the requester will receive a new card.
• Q: If I am a new customer and just signed up for an account, will I get both types of cards?
  • A: No. New customers will only receive a chip debit card.
• Q: If I request a chip card, will my debit card information change?
  • A: Yes. Your debit card number, security code, expiration date and PIN will change. Because of this, we recommend updating all places where you have previously linked your debit card, including any automatic bill payments. Please note, that if you have a joint account and only one person on the account requests a chip card, then only that person will receive a new chip debit card.
• Q: How does the chip work?
  • A: When you insert your chip debit card at a chip-enabled terminal, the embedded microchip generates unique, dynamic data for each transaction. This makes it difficult for fraudsters to duplicate your account information, which in turn, can reduce the risk of fraudulent transactions on your account.
• Q: What are the benefits?
  • A: Chip technology provides an additional layer of card security. Chip cards make it difficult for hackers to copy and use your debit card information when used at chip-enabled terminals. Other benefits include:
    • Ease of Use: It’s still a debit card, so just use it like before. Once merchants adopt this technology, the terminals will prompt you to insert your card.
    • Added Security: The chip helps protect against fraud because it creates unique transaction data when the card is used at chip-enabled terminals in stores and at ATMs
    • Fraud Protection: As always, you’re never responsible for unauthorized transactions on your Discover debit card.
• Q: Are chip payments contactless or a type of Near Field Communication (NFC) payment?
  • A: No. Your Discover debit card with chip technology requires contact with the terminal’s chip reader. Waving your card in front of the terminal will not work.
• Q: Can I keep my old card and have a chip card, too?
  • A: No. Your Discover debit card with chip technology replaces your other card. Once you activate your chip card, which also has a magnetic stripe, your old debit card will be deactivated.

Deposits & Withdrawals

• Q: How can I make deposits to my account?
  • A: Complete an online transfer from an eligible Discover Bank account
  • Complete an online transfer from an external bank account to your Money Market account
  • Set up Direct Deposit
  • Deposit a check with Discover’s Mobile Check Deposit using your mobile device
  • Mail a check that includes your account number, made payable to you or Discover Bank to:
    • Discover Bank
      PO Box 30417
      Salt Lake City, UT 84130
  • Travelers Checks are not accepted for deposit
• Q: How can I withdraw money?
  • A: You can withdraw money from your Money Market Account in the following ways:
    • Online transfer to an external bank account or another Discover Bank account
    • Online bill pay
    • Write a check
    • Request an official Bank Check
    • From over 60,000 ATMS through the Allpoint® and MoneyPass®networks
    • From any ATM nationwide where you see the Discover®, Pulse®or Diners Club® International® logos(fees may apply)
    • Cash over at participating retailers
    • Domestic Wire Transfer (a fee applies)
    • International Wire Transfer (a fee applies)
    • Note: Federal law limits the number of certain types of withdrawals and transfers from a Money Market Account to a combined total of six per calendar month per account. There is no limit on the number of withdrawals by ATM or by Official Check mailed to you. If you exceed these transaction limitations during any calendar month we may assess an Excessive Withdrawal Fee or refuse to pay each transaction in excess of the limitations. If you exceed these limits on more than an occasional basis, we reserve the right to close your account.

Interest/APY

• Q: When will I start earning interest on new deposits?
  • A: You will start to earn interest on the business day we receive your deposit.
• Q: How is interest on my Discover account calculated?
  • A: Interest is compounded daily and credited to your account monthly.

Online Bill Pay

• Q: What is Online Bill Pay?
  • A: Online Bill Pay is a free online service you can use to pay most companies and individuals via your Discover Money Market Account.
• Q: How do I sign up to pay my bills online?
  • A: You will need to log in to your account to enroll in Online Bill Pay. Your account must have a positive available balance on the day you enroll. Once enrolled, select “Make a Bill Payment” from the Payments drop down.
• Q: Are there any fees associated with Online Bill Pay?
  • A: No. Discover Bank’s Online Bill Pay service is offered at no charge.
  • Note: There is a maximum limit of six (6) withdrawals and transfers per calendar month from money market accounts. If you exceed the maximum withdrawals or transfers we may assess an excessive withdrawal fee or refuse to pay each transaction in excess of the limits. If you exceed the transaction limitations on more than an occasional basis, we reserve the right to close your account or change your account to a checking account.
• Q: Who can I pay?
  • A: You can use Online Bill Pay for your utilities, credit card payments, insurance premiums or other companies. You can also pay individuals, such as landlords, contractors, relatives, etc.
  • Note: Payments to governmental agencies, including but not limited to, the Internal Revenue Service, all state and local tax authorities, collection agencies, as well as recipients of court-ordered payments like child support or alimony are highly discouraged and are not covered by our Bill Pay Protection policy in our Online Security Guarantee.
  • *Federal law limits the number of certain types of withdrawals and transfers from a Money Market Account to a combined total of six per calendar month per account. There is no limit on the number of withdrawals by ATM or by Official Check mailed to you. If you exceed these transaction limitations during any calendar month we may assess an Excessive Withdrawal Fee or refuse to pay each transaction in excess of the limitations. If you exceed these limits on more than an occasional basis, we reserve the right to close your account.
• Q: Are there any bills I cannot pay using the Online Bill Pay service?
  • A: Yes, bill payments to individuals or organizations outside of the United States are not eligible for the Online Bill Pay service. In addition, payments that violate any law, statute, ordinance or regulation, and any payments related to illegal gambling, illegal gaming and/or any other illegal activity are prohibited through the service.
• Q: How will my bill payment be sent?
  • A: Your bill payments may be processed using one of several methods: electronic payment, single check, or laser draft check. Both the single and laser draft checks result in a physical check being mailed to the payee. Discover Bank guarantees that your bill payment will reach your Payee by the “Deliver By” date. Single checks are only valid for 90 days.
• Q: What is an “electronic payment?”
  • A: An “electronic payment” means funds are withdrawn immediately from your account and sent electronically (via the Automated Clearing House (ACH)) to the payee.
• Q: What happens if a future bill payment is scheduled for a weekend or holiday?
  • A: One-time bill payments cannot be scheduled for delivery on a weekend or holiday. However, if a repeating bill payment is scheduled for a weekend or holiday, the payment will be initiated to the payee on the preceding business day.
• Q: What is an eBill?
  • A: The term eBill stands for “electronic bill” and is an electronic version of your paper bill delivered to you automatically through the Account Center. Once enrolled for eBills, you will have the ability to view and pay bills online anytime.
• Q: How can I enroll to have my bills sent electronically?
  • A: To sign up to have your bills sent electronically, you will need to log into your account and select the “eBills” option from the drop down menu under the Payments tab. Once on the bill payment page, select “Manage eBills” and choose the appropriate payee from the Request/Cancel eBills drop down menu.
• Q: Can I have all my bills sent to me electronically?
  • A: Each payee determines whether or not they will support eBills. For questions about a particular payee’s policy, please contact the payee directly.
• Q: How do I unenroll from an eBill?
  • A: To unenroll from an eBill, you will need to log into your account and select the “eBills” option in the drop down menu under the Payments tab. Once on the bill payment page, select “Manage eBills” and select the payee from the Request/Cancel eBills drop down menu.

Author’s Verdict

Going with Discover is never a bad idea. If you’re looking for a reliable bank and superior customer service, Discover has my recommendation. I personally use Discover for a wide range of products such as their credit cards, interest bearing accounts, etc and they really put their consumers first! Let us know about your thoughts and experience with this account! Be sure to check back on BankDealGuy for more bank promotions and/or for more bank rates!