Discover Bank has no minimum balance requirement on checking, savings, or money market accounts. The Online Savings Account earns up to 4.20% APY on any balance — including $1. Discover CDs require $2,500 to open. No account charges a monthly fee regardless of balance.
Discover Minimum Balance by Account
| Account | Min to Open | Ongoing Minimum | Monthly Fee | APY |
|---|---|---|---|---|
| Cashback Debit (checking) | $0 | $0 | $0 | N/A + 1% cashback |
| Online Savings Account | $0 | $0 | $0 | ~4.20% |
| Money Market Account | $0 | $0 | $0 | ~3.60% |
| CDs | $2,500 | N/A (term) | $0 | 2.00%–4.50% |
No Monthly Fee — No Minimum Needed
Because Discover charges no monthly fee, there’s no minimum balance threshold to maintain. Compare to traditional banks:
| Bank | Monthly Fee | Balance to Waive |
|---|---|---|
| Discover | $0 | N/A |
| Chase Total Checking | $12 | $1,500 |
| Bank of America Advantage | $12 | $1,500 |
| Wells Fargo Everyday | $10 | $500 |
| Citibank Basic | $12 | $1,500 |
On a $300 average balance, Discover saves $120–$144/year versus a traditional bank that can’t be waived.
Online Savings: 4.20% APY on Any Balance
Discover’s Online Savings Account earns a flat APY regardless of balance — no tiered minimum to unlock the top rate:
| Balance | Discover Savings APY |
|---|---|
| $1 | ~4.20% |
| $1,000 | ~4.20% |
| $100,000 | ~4.20% |
On a $10,000 balance at 4.20% APY: ~$420/year in interest On the same $10,000 at Chase Savings (0.01%): ~$1/year
CDs: $2,500 Minimum, Competitive Rates
Discover CDs require a $2,500 opening deposit — higher than Ally ($0) or Marcus ($500) but offering competitive rates:
| CD Term | Discover APY |
|---|---|
| 3 months | ~2.00% |
| 6 months | ~3.60% |
| 12 months | ~4.10% |
| 18 months | ~3.90% |
| 24 months | ~3.70% |
| 60 months | ~3.00% |
Early withdrawal penalties apply: for terms over 12 months, the penalty is 18 months of simple interest.
Related Guides
- Discover Bank fees 2026 — $0 monthly, 1% cashback, full schedule
- Discover Bank ATM limits 2026 — $510/day, 60,000+ free ATMs
- Discover customer service 2026 — 1-800-347-7000, 24/7
- Discover vs Ally 2026 — savings rates, ATM access, fees compared
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