Banking » Guides » How To Open Discover Savings Account
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How To Open Discover Savings Account

Discover lets you open a savings account online quickly. Here's our guide including the details to fill and screenshots for each step
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

Banking » Guides » How To Open Discover Savings Account
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

How To Open Discover Savings Account

Discover lets you open a savings account online quickly. Here's our guide including the details to fill and screenshots for each step
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann’s areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

In this article, we'll guide you through the process of opening a Discover savings account. Discover is a trusted financial institution that offers a wide range of banking services, and their savings accounts are known for their competitive interest rates and convenient features.

1. Start Your Application On Discover Website

To start the process of opening a Discover savings account, you can easily access their website since Discover primarily operates as an online bank, similar to other savings accounts such as SoFi or Amex. The entire account opening process is conducted digitally instead of following traditional methods like visiting a physical branch or making phone calls.

If you're new to Discover and don't have any existing accounts, you'll select “Continue with a new account.”

On the other hand, if you're already a Discover customer and have an existing account with them, you'll choose the option to ” log in to your account.”

discover savings start application
(Screenshot from discover.com)

2. Enter Personal Info

In the next step of the Discover savings account application, you must provide certain personal information. Here's a breakdown of the steps related to the provided data:

  • Full Name: Enter your first  and last name, which is your given name or the name you are commonly known by.

  • SSN or Taxpayer ID: Provide your Social Security Number (SSN) or Taxpayer Identification Number (TIN). This information is necessary for identity verification and tax purposes.

  • Mother's Maiden Name (Last Name): Enter your mother's maiden name, which is her last name before she got married. This information is commonly used as an additional security measure to verify your identity.

Discover add personal info
(Screenshot from discover.com)

3. Enter Your Contact Info

In the next step, you will be required to provide your contact information.

  • Address: Enter the street address of your current residence. Also, add city, state, and ZIP code.

  • Email: Enter a valid email address that you regularly use. This email will be used for communication related to your account, statements, and other important information.

  • Phone Number: Provide a contact number where you can be reached. This could be your mobile or landline number. Discover may use this number to verify your identity or contact you regarding your account.

add contact info on Discover savings application
(Screenshot from discover.com)

4. Answer Questions On Account Use And Income

Now, youll need to answer whether you plan to use the account for international money transfers. You have two options to choose from: “Yes” or “No.” 

The next step asks where the money for deposits into your account will come from. You have three options to select from: “My Income,” “Inheritance,” or “Other.” 

Finally, the application inquires about your annual household income. You will need to select the appropriate range from the provided options: “Under $50,000,” “$50,000 to $99,999,” or “$100,000 or more.” 

income questions discover application
(Screenshot from discover.com)

5. Add Promo Code (Optional) And E-sign Consent

 If you have received an offer code through an email or Discover online promotion, it's time to enter it and get your bonus.

However, if you don't have an offer code or choose not to use it, you can select the option to “Continue Without Code.

Then, Discover is requesting your permission to deliver documents and communications electronically instead of using traditional paper documents. This process is known as E-sign Consent and Disclosure. By agreeing to this, you allow Discover to use electronic records and signatures for your interactions with them.

discover application enter promo code
(Screenshot from discover.com)

6. Certify the IRS W-9 Form

In simple terms, this step requires you to certify the accuracy of the information provided in the IRS W-9 form. The form is used to gather your taxpayer identification number (such as your social security number) and to determine if you are subject to backup withholding, which is when a percentage of your income is withheld for tax purposes.

By certifying this information, you are legally affirming that it is true and accurate to the best of your knowledge, under the risk of penalties for providing false information.

certify the IRS W-9 form discover application
(Screenshot from discover.com)

7. Disclosures And Agreements

Now it's time to review and agree to the disclosures and agreements related to your deposit account. These documents outline important terms and conditions that govern your relationship with Discover Bank. To proceed, you will need to view, save, and print each document for your records.

The first document is the Deposit Account Agreement, which includes the rules and regulations for your Discover Bank deposit accounts. It covers various aspects such as how disputes are handled, your agreement to resolve disputes through arbitration, and the waiver of certain rights like class-action lawsuits and jury trials.

Next, we have the Account Center Banking Agreement. This agreement outlines the terms and conditions for using the Discover Bank Account Center, which is the online platform for managing your account. It may include limitations on fund transfers and other important details.

The Privacy Statement is another document that explains how Discover Bank collects and uses your personal information. It provides insights into the types of information collected, the reasons for sharing it, and your options to limit this sharing.

The Consumer Reporting and Identity Verification Disclosure informs you that Discover Bank may obtain information about you from third parties. This information is used to determine whether to open the account(s) you've requested and to verify your identity. By agreeing, you authorize Discover Bank to access your credit profile for identity confirmation purposes.

Lastly, the Interest Rate and APY Disclosure provides details about the current interest rate and annual percentage yield (APY) for the Online Savings account

discover application disclosure and agreement
(Screenshot from discover.com)

8. Make A Deposit

In the last step, you have the option to make a deposit. It's optional, and you can do it after that as well.

To make a deposit to your Discover savings account, you will need to provide the necessary details. Here's a breakdown of the information required:

  • Deposit Amount: Specify the amount you wish to deposit into your Discover savings account. This could be the initial deposit or an additional contribution.

  • External Routing Number: Enter the routing number of the external bank account from which you will transfer the funds. The routing number is a nine-digit code that identifies the financial institution.

  • External Account Number: Provide the account number of the external bank account you want to transfer the funds from. This is the unique identifier for your account at the external bank.

  • Confirm External Account Number: Re-enter the account number of the external bank account to ensure accuracy and avoid any mistakes.

  • Account Type: Indicate whether the external account is a checking or savings account. This helps Discover process the deposit accurately.

Once you have entered these deposit details, Discover will handle the transfer of funds from the specified external bank account to your Discover savings account

FAQs

Yes. As of December 2023, Discover Savings proudly offers customers a competitive APY of 4.35%. This APY outshines the rates provided by other financial institutions, ensuring that your savings can grow at a competitive pace with Discover.

Discover Online Savings account can be opened with no minimum deposit requirement.

Interest on your Online Savings Account is compounded daily and credited to your account on a monthly basis.

Yes, funds deposited in Discover Bank are FDIC-insured up to the maximum limit allowed by law. For more details, please visit our FDIC information page.

Savings Accounts Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor, which helps consumers make better financial decisions.  Silvermann's areas of expertise include investing, banking, and credit cards. Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more. Aside from being a finance expert, his background includes working as a business and financial analyst. Above all, he is passionate about teaching people how to manage their money and helping millions on their journey to a better financial future.