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Youll earnAPY for balances over $100,000 andAPY on smaller amounts.
But you cant visit a physical location and must maintain a large balance to earn the highest rate.
Pros
Cons
Discover Money Market Interest Rates Overview
Discover offers one money market account.
It is FDIC-insured, and opening it requires no minimum deposit.
Here are the current Discover Money Market rates.
Discover rewards savers with high balances by offering an extra 0.05% APY for accounts over $100,000.
Mostbanksare offering higher-than-normal interest rates for savings accounts due to high inflation levels.
When inflation increases, rates for savings accounts increase.
The reverse is also trueAPY rates decrease as inflation decreases.
Discover Money Market Account Features
Discovers Money Market account doesnt have fees.
You dont need to deposit a minimum amount to pop fire up account.
Plus, theres no balance requirement.
Discover also makes it easy to access your money.
Discovers Money Market account interest rates are much higher than the national average of 0.64%.
Even though rates are excellent, you might still find higher rates atother banks.
For example, Ally Bank offersAPY and Virtual Bank offersAPY for money market accounts.
But it depends on what youre looking for in an account.
Some accounts with higher APY rates have fees or come from credit unions with strict eligibility requirements.
You might also consider ahigh-yield savings account, which offers some of the same benefits as a money market.
The primary difference is that you cant write checks or withdraw money using a debit card.
The process is straightforward and completely digital.
Heres how to open an account.
Representatives are available 24 hours a day, seven days a week.
Discovers Money Market account is an excellent option for savers comfortable with an online-only bank.
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