Discover Bank Money Market Review: Up to 3.45% APY (Nationwide)

Interested in opening an interest bearing account with Discover® Bank? Consider the Discover® Money Market Account. Residents nationwide can now enjoy a generous 3.45% APY Rate for their new Money Market Account through Discover Bank when you open an account with a balance above $100,000. Member FDIC.

Update 6/26/25: Rates have slightly decreased. There is now no minimum deposit required to open an account. Enjoy the feeling of a no-fee Money Market Account. No. Fees. Period. That means you won’t be charged an account fee on our Money Market Account. Earn interest with a high interest rate account while still being able to access your cash via ATM, debit, or checks.

Customers who apply can bank with confidence knowing Discover Bank is one of the most trusted financial institution available in the nation.

Discover Money Market Account Summary

-Get started and open a Discover® Money Market Account in 3 easy steps. • Available nationwide online • Earn high yields with flexible access to your cash. • Earn 3.45% APY balances $100,000 and over • Earn 3.40% APY balances under $100,000 • Save time and deposit checks securely through the Discover mobile app • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs • Move money in and out of your money market account easily and securely with just a few clicks or taps Apply Now at Discover

Discover Money Market Account Information

• Direct Link to Offer
  
• Account Type: Money Market
• Availability: Nationwide (ATM Locator)
• Credit Inquiry: Soft Pull
• Minimum Opening Requirement: $0
• Direct Deposit Requirement: None
• Monthly Fee: No fees
  
• Early Termination Fee: None

Discover Money Market Account Rates

Not only do you get to enjoy a host of features to better your banking experience, but you also get to enjoy one of the nation’s highest APY rate! There are a lot of banks that offers high APY rates.

However, when you think about it, what’s better than one a Money Market Account with a competitive APY rate through one of the most trusted firms?

How To Open An Account

1. Sign up for an account by entering your information. Discover Bank will need your address, phone, email and social security number (or other taxpayer ID).
2. Fund your account. You can send us a check or transfer funds from an existing bank account.
3. Done! Discover Bank will send a confirmation email, then watch for your Welcome Kit on how to start your new account experience!

Eligibility

You must meet the following to be eligible to open a Discover Money Market account:

• Have a valid Social Security number or tax ID number.
• Be 18 years of age or older.

Required information

To open a Discover Money Market account, you will need have the following pieces of information ready to sign up:

• Your name, date of birth, and address
• Phone number
• Your social Security number or tax ID number
• Information on employment

How To Waive Monthly Fee

Discover Money Market Account: No Monthly Service Fees.

Other Notable Discover Accounts To Consider

Discover Online SavingsDiscover Certificate of Deposit (CD)Discover IRA Certificate of Deposit (CD)

Open a Discover® Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code LOP325 by 9/11/2025 • Earn high interest rate of 3.50% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code LOP325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. Apply Now at Discover What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank.

View our Discover Bank Online Savings review.

• Get started and open a Discover® CD in 3 easy steps. • Available nationwide online • Discover offers CDs with some of the highest and most competitive rates! • Select terms as short as 3 months up to 120 months • Rates ranging from 2.00% APY up to 4.00% APY. • Opening a Discover Bank Certificate of Deposit is extremely quick and easy. • Funds on deposit are FDIC-insured up to the maximum allowed by law. Apply Now at Discover

View our Discover CD review.

• Just three steps and you’re on your way to saving with a Discover® IRA CD • Available nationwide online • Select terms as short as 3 months up to 120 months • Rates ranging from 2.00% APY up to 4.00% APY • Step-by-step help available 24/7 by phone • Flexible options: Roth (pay now, save later) & Traditional IRAs (earn now, pay later) • Gather your retirement savings into one place. Apply Now at Discover

View our Discover IRA CD review.

Conclusion

Discover Bank is offering a competitive APY rate for their Money Market Account. If your balance is over $100,000, you will receive the full APY. If not, then you will receive a slightly lower tier rate which isn’t too bad however. With secure account and money protection, Discover Bank is a great online bank. They offer 24/7 phone service and 24/7 access to your account.

You can easily sign up online, so start growing your savings today! However, if you are not currently interested, then be sure to see our complete list of the Best National CD Rates for all your banking needs!

If you are interested in opening a new account, be sure to apply as soon as you can or check out our list of Discover Bank Promotions! In addition, you can also check out other great promotions from banks such as HSBC Bank, Chase Bank, Huntington Bank, TD Bank, or CIT Bank.

(See advertiser website for full details)

Disclaimer: Rates / APY terms above are current as of the date indicated. These quotes are from banks, credit unions and thrifts. Bank, thrift and credit union deposits are insured by the FDIC or NCUA. Contact the bank for the terms and conditions that may apply to you. Rates are subject to change without notice and may not be the same at all branches.