Discover Bank has no minimum balance requirement on checking, savings, or money market accounts. There is no monthly fee and no low-balance penalty on any of these accounts. Discover CDs are the only product requiring a minimum deposit, set at $2,500 regardless of term. All accounts are FDIC-insured.
Discover Account Minimums at a Glance
| Account | Minimum to Open | Ongoing Minimum | Monthly Fee |
|---|---|---|---|
| Cashback Debit | $0 | $0 | $0 |
| Online Savings | $0 | $0 | $0 |
| Money Market Account | $0 | $0 | $0 |
| CDs (all terms) | $2,500 | $0 after opening | $0 |
No Monthly Fee, No Minimum Required
Because Discover charges no monthly fee on its deposit accounts, there is no minimum balance to maintain. This applies consistently across checking, savings, and money market accounts. A customer who deposits $50, spends $48, and leaves $2 in the account for a month pays nothing and loses nothing beyond the $2 balance.
This makes Discover straightforward for customers who are building savings from a low starting point or who want to avoid the discipline of keeping a minimum balance in a checking account.
Cashback Debit Checking
Discover Cashback Debit has no minimum balance and no monthly fee. The account earns 1 percent cash back on up to $3,000 in debit card purchases per month, for a maximum of $30 per month or $360 per year. No minimum balance is required to earn cash back. The account provides access to over 60,000 fee-free ATMs through the Allpoint and MoneyPass networks and does not charge foreign transaction fees on international purchases.
Online Savings Account
Discover Online Savings pays a competitive APY with no minimum balance requirement and no monthly fee. The same rate applies to all balances, with no tiered structure that pays higher rates to customers with larger deposits. For current rates, see the Discover savings account guide.
Money Market Account
The Discover Money Market Account has no minimum balance requirement and no monthly fee. It includes check writing and a debit card, providing access to funds without the balance constraints of money market accounts at traditional banks, which often require $1,000 to $2,500 to open.
Discover CDs
Discover CDs are the exception to the no-minimum pattern. All CD terms require a $2,500 minimum opening deposit. Terms range from 3 months to 10 years. Once opened, no ongoing minimum balance is required, but withdrawing funds before the term ends triggers an early withdrawal penalty. For current CD rates, see the Discover CD rates guide.
For a complete overview of Discover accounts and features, see the Discover Bank complete guide.
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy