Some banks require you to have a certain balance to get the best interest rates and some may only apply interest to a portion of your balance.
While you may be able to find a slightly higher rate elsewhere, Discover’s rate is competitive with the best online savings accounts and well above the current national average savings interest rate of 0.46% as of November 20, 2023. This interest rate is promoted by the bank as over five times the national savings average. The Discover Bank Online Savings Account pays 4.35% APY.
