The three ways to fund a Discover savings account
You can move money into a Discover savings account through a bank transfer from another account you own, an ACH transfer initiated by your employer or another third party, or a wire transfer. Most people use the first method—linking an external bank account and transferring funds online through Discover's website or mobile app. The process takes one to three business days, and you can do it any time without calling anyone.
If you're opening a new Discover account, you don't have to fund it when ready. You can set up the account first, then add money whenever you're ready. Discover does not require a minimum opening deposit.
Key Takeaways
- The fastest way to fund your account is to link an external bank account and initiate a transfer through Discover's website or app, which takes one to three business days.
- You'll need your external bank's routing number and your account number to set up the link; Discover will verify the account with two small test deposits.
- ACH transfers from your employer or another source work the same way as transfers you initiate yourself, but the timeline depends on the sender's processing speed.
- Wire transfers are faster (usually same-day or next-day) but carry a fee, typically $15 to $25, and require you to provide Discover's wire instructions.
- Discover does not accept cash deposits, checks by mail, or in-person deposits at branches, because Discover operates as an online-only bank.
Linking an external bank account and transferring funds
To transfer money from another bank, log into your Discover account online or through the mobile app and select the option to add an external account or initiate a transfer. You'll enter your other bank's routing number and your account number at that bank. Discover will then send two small deposits (usually under $1 each) to that account within one to two business days as verification.
Once those deposits arrive, you'll log back into Discover and confirm the two amounts. This confirms that you own the external account and prevents fraud. After verification, you can transfer money in either direction—from your external bank to Discover, or from Discover to your external bank—whenever you want. Each transfer takes one to three business days to complete.
You can link multiple external accounts if you receive money from different sources or want to spread your deposits across several banks. There is no limit to how many accounts you can link or how many transfers you can make.
Setting up direct deposit from your employer
If your employer offers direct deposit, you can have your paycheck sent straight to your Discover savings account. To set this up, you'll need your Discover account number and Discover's routing number (which is the same for all Discover customers). Your employer's payroll department will ask for these details and may ask whether the account is checking or savings—make sure to specify savings.
Direct deposit is processed on your employer's schedule, not Discover's. If your employer deposits on Fridays, your money will arrive on Friday (or the next business day if Friday is a holiday). Once your employer has your information on file, the deposits happen automatically with each paycheck. You don't have to do anything after the initial setup.
Wire transfers for faster funding
A wire transfer moves money the same day or next business day, which is much faster than an ACH transfer. However, wire transfers cost money—Discover typically charges $15 to $25 per incoming wire, depending on whether the wire originates from within the United States or internationally. You'll need to request Discover's wire instructions, which include a specific account number for wire transfers (different from your regular account number) and the bank's routing number.
To send a wire, contact your current bank and ask them to wire funds to Discover. Provide them with Discover's wire instructions and specify the amount. Your bank may charge a fee on their end as well. Once the wire is sent, it typically arrives within hours or by the next business day. Wire transfers are final and cannot be reversed, so double-check the amount and Discover's account information before authorizing the transfer.
What Discover does not accept
Discover is an online-only bank, so you cannot deposit cash, checks, or money orders in person. You also cannot mail checks to Discover for deposit. If you have a check you need to deposit, you'll have to deposit it at your current bank first, then transfer the funds to Discover using one of the methods above.
Discover also does not accept third-party checks (checks made out to someone other than you) or checks with "two-party" payees. If you receive a check made out to multiple people, you'll need to work with the other payees to deposit it at a bank that accepts it, then transfer your portion to Discover afterward.
Timing and what to expect
ACH transfers (the most common method) take one to three business days. This means if you initiate a transfer on a Monday, it may not arrive until Wednesday or Thursday. Weekends and bank holidays don't count as business days, so a transfer initiated on Friday may not arrive until Tuesday. Discover's website will show you an estimated arrival date when you initiate the transfer.
Wire transfers are faster but cost money. Direct deposit timing depends entirely on your employer's payroll schedule. Once you've set up an external account link, you can transfer money as often as you want with no penalty or limit on the number of transfers.
Frequently Asked Questions
Can I deposit cash into my Discover savings account?
No. Discover is an online-only bank and does not have physical branches or ATMs where you can deposit cash. If you have cash, you'll need to deposit it at another bank first, then transfer the funds to Discover electronically.
How long does it take money to show up after I transfer it?
ACH transfers (the standard method) take one to three business days. Wire transfers are faster, usually arriving the same day or next business day, but Discover charges a fee. Direct deposit timing depends on your employer's payroll schedule.
Do I need a minimum deposit to open a Discover savings account?
No. Discover does not require a minimum opening deposit. You can open the account and fund it later, or open it and never deposit anything if you change your mind.
What information do I need to link an external bank account?
You'll need your external bank's routing number and your account number at that bank. Discover will verify the account by sending two small test deposits, which you'll confirm by logging back in.
Can I have my paycheck deposited directly to Discover?
Yes. Ask your employer's payroll department for a direct deposit form and provide them with your Discover account number and Discover's routing number. Make sure to specify that it's a savings account, not checking.