Customer Service

Money Market Accounts FAQ

What is the minimum balance to open a Discover Bank Money Market Account?

You need to make an initial deposit of at least $2,500 to open an account. A minimum average daily balance of $2,500 must be maintained in order to avoid fees.

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How can I access funds from my Discover Bank Money Market Account?

There are several ways to access your Discover Bank Money Market Account funds:

  • With your Discover Bank Debit Card at any ATM displaying the Discover Network Acceptance Mark or the PULSE® logo
  • Use your Discover Bank Debit Card to pay for purchases wherever Discover Card is accepted
  • Write checks from your account
  • Transferring funds from your Discover Bank Money Market Account to other Discover Bank or non-Discover Bank accounts
  • Linking your Discover Card to your Discover Bank Money Market Account for ATM withdrawals
  • Wire transfer
  • Official bank check at $5 fee
  • Bill pay
  • Person-to-person transfer

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When will I receive my Discover Bank Money Market Account statement?

Discover Bank Money Market Account statements are mailed on the 20th of each month. You should receive a statement within 7-10 business days from this date.

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When is interest credited to my Discover Bank Money Market Account?

Interest is compounded daily and credited monthly.

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What is the AutoSavers Plan?

This program helps you accelerate your savings by automatically transferring money from your savings or checking account monthly, weekly, or bi-weekly and depositing it into your Discover Bank Money Market Account.

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What is APY and how is it used?

"APY" stands for "annual percentage yield." The annual percentage yield represents the amount of interest earned in one year expressed as a percentage rate on an account based on the interest rate and the frequency of the compounding. Interest on Discover Money Market Accounts are compounded daily and credited monthly. The more often compounding takes place, the more interest is earned on the account.

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Can I withdraw interest from my Discover Bank Money Market Account every month and still receive the quoted APY?

No. APY takes into account the effect of compounding; therefore, in order to receive the quoted APY, funds must remain on deposit for a full 365-day year.

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When can I access my initial deposit funds?
Initial deposit funds will be available within ten business days after the funds are received. In order to manage, view, or transfer your funds online, you must first register at DiscoverBank.com.

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What are the transaction limitations for a Discover Bank Money Market Account?

You may make up to six preauthorized withdrawals from your Money Market Account per statement cycle, including automatic or telephone transfers.

For further information on permitted withdrawals, see Section 17(b) of your Account Agreement.

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Is there overdraft protection on Discover Bank Money Market Accounts?

No. Transactions that exceed the available balance in your account may be declined.

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How is interest on my Discover Bank Money Market Account calculated?

We use the "average daily balance" method to calculate interest on your account. Using this method, we apply a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Interest begins to accrue on the business day of your deposit if the deposit occurred at or before 2PM ET. After 2PM ET, you will start to earn interest on the next business day.

It is compounded on a daily basis and credited to your account on a monthly basis.

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What fees are associated with my Discover Bank Money Market Account?

Fees are assessed for certain special services, outlined below, and for accounts with an average daily balance below the minimum of $2,500.

Fee Schedule for Discover Bank Money Market Accounts
1. The fee is $15 for residents of West Virginia.
Incoming Domestic WireFree
Incoming International WireFree
Foreign Check ConversionAt cost
Excessive Withdrawal (per item)$15
Outgoing Domestic Wire$20
Outgoing International Wire$40
Check Reorder (initial order free)$5
Copy of Statement, Check, Deposit Item$5
Priority Mail$20
Stop Payment (per request)$15
Minimum Balance (average daily balance below $2,500)$10
Returned Deposit Item$15
Emergency Counter Check (per item)$5
Withdrawal by Official Bank Check (per check)$5
Account Closure (within 90 days of opening)$20
Collection Item$10
Debit Replacement Card$5
Returned Item$351

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Which of my Discover Bank Accounts can I access with my Discover Bank Debit Card?

You can access your Discover Bank Money Market Accounts.

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From which ATM locations can I access my funds?

You can access your money at any ATM displaying the Discover Network Acceptance Mark or the Pulse logo. Use our ATM locator to find the ATM closest to you.

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How do I activate my Discover Bank Debit Card?

Call 1-877-347-4055

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Is there a limit to the amount of money I can withdraw with my Discover Bank Debit Card?

Yes. On a daily basis, you are limited to withdrawing either $500.00 or your account balance, whichever is less. Withdrawals count towards the transaction limits for Money Market Accounts outlined above.

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Is there overdraft protection on the Discover Bank Debit Card?

No. Transactions that exceed the available balance in your account may be declined.

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Can I transfer funds between accounts via the Discover Bank Debit Card?

No. This is not an allowable option.

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Can I shop online with my Discover Bank Debit Card?

Yes. You can use your Discover Bank Debit Card to pay for purchases wherever Discover Card is accepted.

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Where can I use my Discover Bank Debit Card?

You can use your Discover Bank Debit Card to pay for purchases wherever Discover Card is accepted. You can use it to access funds at any ATM displaying the Discover Network Acceptance Mark or the Pulse Logo. Use our ATM locator to find the ATM closest to you.

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How do I set a Personal Identification Number (PIN) for my Discover Bank Debit Card?

Your initial PIN will be generated by our system and sent to you by mail after your new Discover Bank Debit Card is ordered. Once you receive your system-generated PIN, you can change it by following the instructions that will be provided to you.

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