How to Deposit Money into a Discover Savings Account

A Discover Savings Account offers a secure and convenient way to save money while earning competitive interest rates. Knowing how to deposit money into your account is essential for managing your finances effectively. In this article, we will walk you through the various methods you can use to deposit funds into your Discover Savings Account. Each method is explained in simple terms so you can choose the one that suits you best.

1. Using an Online Transfer

One of the easiest ways to deposit money into your Discover Savings Account is by transferring funds from another bank account.

Steps to Follow:

1. Log In to Your Account: Start by logging in to your Discover online banking account or mobile app using your username and password.
2. Select Transfer Funds: Look for the “Transfer Funds” option, usually available on the main dashboard.
3. Add External Bank Account: If you haven’t linked another bank account yet, you’ll need to add it by providing the account number and routing number of your other bank.
4. Verify the External Account: Discover may ask you to verify the linked account by confirming small test deposits.
5. Initiate the Transfer: Choose the external account as the source, your Discover Savings Account as the destination, and specify the amount to transfer. Confirm the transaction.

Processing Time: Transfers typically take 1–3 business days to process, depending on your other bank’s policies.

2. Setting Up Direct Deposit

Direct deposit is an excellent option if you want your paycheck or other recurring payments to go directly into your Discover Savings Account.

Steps to Set Up:

1. Obtain Your Account Information: Find your Discover account number and routing number. These can be accessed through your online account or by contacting Discover customer service.
2. Provide Details to Your Employer: Share your account number and routing number with your employer’s payroll department or the institution that will send you payments.
3. Confirm Setup: Your employer or the sender may require you to fill out a direct deposit form.

Benefits: Direct deposit automatically credits your funds to your account, saving you time and ensuring timely deposits.

3. Depositing a Check Using the Discover Mobile App

Discover offers a convenient mobile check deposit feature for account holders.

Steps to Deposit a Check:

1. Open the Discover Mobile App: Download the app if you haven’t already and log in.
2. Navigate to Mobile Deposit: Tap on “Deposit a Check” or a similar option.
3. Endorse the Check: Sign the back of the check and write “For Mobile Deposit Only to Discover Bank.”
4. Capture Images of the Check: Use your phone’s camera to take clear photos of the front and back of the check.
5. Submit the Deposit: Enter the check amount and confirm the deposit.

Processing Time: Funds are usually available within 1–2 business days, though larger checks may take longer.

4. Transferring Money from Another Discover Account

If you have more than one Discover account, such as a checking or money market account, transferring funds between them is quick and straightforward.

Steps to Transfer:

1. Log In to Discover Online Banking: Access your account through the website or app.
2. Select Internal Transfer: Choose the “Transfer Funds” option and select your other Discover account as the source.
3. Enter the Amount: Specify the amount to transfer and confirm the details.

Processing Time: Internal transfers are typically instant, allowing you to access funds immediately.

5. Wiring Funds to Your Discover Savings Account

You can wire money directly to your Discover Savings Account for large deposits or urgent transactions.

Steps to Wire Money:

1. Obtain Wire Transfer Details: Contact Discover to get the necessary wire transfer information, including their wire transfer routing number.
2. Visit Your Bank: Go to your other bank and request a wire transfer to your Discover account.
3. Provide Accurate Information: Include your Discover account number and any additional details required by your bank.

Processing Time: Wire transfers are processed within the same business day, but they may incur fees depending on your other bank’s policies.

6. Mailing a Check

If you prefer traditional methods, you can deposit funds by mailing a check to Discover.

Steps to Mail a Check:

1. Write the Check: Make it payable to yourself or Discover Bank and ensure the amount is correct.
2. Include Deposit Instructions: Attach a note with your name, account number, and the purpose of the deposit.
3. Mail to Discover: Send the check to the address provided on the Discover Bank website or your account statement.

Processing Time: Allow a few business days for the check to arrive and be processed.

7. Using a Cash Deposit Option

Although Discover Bank doesn’t accept cash deposits directly, you can deposit cash into a linked external bank account and then transfer it to your Discover Savings Account.

Alternative Steps:

1. Deposit Cash at Your Local Bank: Visit a nearby branch of your other bank to deposit the cash.
2. Transfer the Funds: Use the online transfer method to move the money from your external account to your Discover account.

8. Automating Regular Deposits

To build your savings consistently, you can set up automatic transfers from your external bank account to your Discover Savings Account.

How to Set Up:

1. Log In to Your Account: Access your Discover account online or via the app.
2. Choose Automatic Transfers: Select “Recurring Transfer” or a similar option.
3. Set the Frequency: Decide how often you want to transfer money (e.g., weekly, bi-weekly, monthly).
4. Enter the Amount: Specify the amount to transfer and confirm the schedule.

Benefits: Automated deposits help you save regularly without having to remember to make manual transfers.

Final Thoughts

Depositing money into your Discover Savings Account is simple and can be done in several ways, depending on your preferences and circumstances. Whether you choose online transfers, mobile check deposits, direct deposits, or wiring funds, Discover offers flexibility and convenience for managing your savings. By understanding the available options, you can ensure your savings account grows steadily and securely.