How to Put Money in a Discover Savings Account: A Comprehensive Guide

Opening a savings account is one of the best ways to keep your money safe while earning interest. Discover, one of the leading online banks in the United States, offers a high-yield savings account that can help you grow your savings over time. If you’ve already opened a Discover savings account and now need help understanding how to deposit money into it, this guide will walk you through all the available methods. Whether you’re a first-time user or someone looking to make a deposit for the first time, this article will provide you with everything you need to know.

Discover offers an online savings account that’s known for its competitive interest rates, low fees, and easy-to-use online banking tools. Unlike traditional brick-and-mortar banks, Discover’s savings accounts are managed entirely online, which allows the bank to offer better interest rates and fewer fees. You can use a Discover savings account for personal savings goals, an emergency fund, or any other purpose you have in mind.

Once you have opened your Discover savings account, the next step is depositing money into it. Fortunately, Discover offers several easy ways to fund your account, and in this guide, we’ll cover all of them.

Methods to Deposit Money into Your Discover Savings Account

Discover provides several methods for funding your savings account. Each method has its own set of benefits, and you can choose the one that’s most convenient for you. Here’s a look at the available deposit options:

A. Direct Deposit

Direct deposit is one of the easiest ways to put money into your Discover savings account. It’s especially convenient for regular deposits, such as salary payments, government benefits, or retirement funds.

B. Mobile Check Deposit

You can deposit physical checks into your Discover savings account using the Discover mobile app. This method is quick and allows you to deposit checks from anywhere.

C. Bank Transfer (ACH Transfer)

ACH (Automated Clearing House) transfers are a popular method for transferring money between accounts at different banks. You can link an external bank account to your Discover account and transfer money easily.

D. Wire Transfer

Wire transfers are another option for sending money into your Discover savings account. While they are typically faster than ACH transfers, they often come with a fee, especially for outgoing wires.

E. Depositing via Mail (Check Deposit)

If you have a physical check, you can also deposit it by mailing it to Discover. While this method is slower compared to others, it’s an option if you prefer not to use mobile or online banking.

Step-by-Step Guide for Each Deposit Method

A. How to Set Up Direct Deposit

Direct deposit is one of the easiest and most efficient ways to deposit money into your Discover savings account. Here’s how to set it up:

1. Obtain Your Routing and Account Number:
   • Log into your Discover account online or through the mobile app.
   • Go to the “Account Details” section to find your routing and account number. These are essential for setting up direct deposit.
2. Notify Your Employer or Payer:
   • Provide your Discover routing and account number to your employer or the entity sending you payments (such as Social Security, pension, etc.).
   • Fill out a direct deposit form, if required by the payer, and return it.
3. Wait for Processing:
   • Once your employer or the payer sets up direct deposit, it may take one or two pay cycles to begin.
   • Future deposits will be automatically sent to your Discover savings account.

B. How to Deposit via Mobile Check Deposit

Mobile check deposit is an easy and secure way to deposit checks into your Discover account using the Discover mobile app. Follow these steps:

1. Download the Discover Mobile App:
   • If you haven’t already, download the Discover mobile banking app from the App Store (for iOS devices) or Google Play (for Android devices).
2. Log Into Your Account:
   • Open the app and log in with your Discover credentials.
3. Select “Deposit”:
   • Once logged in, navigate to the “Deposits” section and select “Deposit a Check.”
4. Take Photos of Your Check:
   • Follow the on-screen prompts to take pictures of the front and back of your check. Be sure to endorse the back of the check before you take a photo.
5. Confirm Deposit Details:
   • Enter the check amount and confirm that the photos are clear.
6. Submit the Deposit:
   • Review the details and submit your deposit. You’ll receive a confirmation once the deposit is submitted.
7. Wait for Processing:
   • The deposit will be processed within one to two business days. You’ll be notified when the funds are available in your account.

C. How to Transfer Money Using Bank Transfer (ACH Transfer)

1. Log Into Your Discover Account:
   • Sign in to your Discover online account or mobile app.
2. Link an External Bank Account:
   • Go to the “Transfers” section and add the external bank account you want to transfer money from. You’ll need the routing and account number of the external bank account.
3. Initiate a Transfer:
   • Select the account you wish to transfer from and enter the amount you want to deposit into your Discover savings account.
4. Confirm and Submit:
   • Review the transfer details and submit the transfer. ACH transfers typically take 1–3 business days to complete.

D. How to Send a Wire Transfer

To deposit money into your Discover savings account via wire transfer, follow these steps:

1. Obtain Discover’s Wire Transfer Information:
   • Contact Discover customer service or check the Discover website to get the specific wire transfer instructions, including their routing number for wire transfers.
2. Initiate the Wire Transfer:
   • Visit your bank or use your bank’s online banking platform to initiate the wire transfer. Provide the required information for the transfer.
3. Wait for Confirmation:
   • Wire transfers are usually processed quickly (within the same day or the next business day). However, keep in mind that some fees may apply.

E. How to Deposit a Check via Mail

If you prefer mailing a check, here’s how to deposit it into your Discover savings account:

1. Prepare the Check:
   • Make sure the check is endorsed on the back with your signature.
2. Mail the Check to Discover:
   • Send the check to Discover’s designated address for check deposits. Make sure to include any necessary deposit forms if required.
3. Wait for Processing:
   • It may take a few days for the check to reach Discover and for the deposit to be processed.

Important Things to Know About Deposits

A. Minimum Deposit Requirements

Discover’s savings account doesn’t require a minimum deposit to open the account, but some deposit methods may have minimum deposit amounts. Always check the specific requirements for each method.

B. Deposit Limits

Mobile check deposits and transfers from external accounts may have daily or monthly deposit limits. Be sure to check your account for any limits that may apply.

C. How Long It Takes for Deposits to Appear

• Direct Deposits: Typically show up the same day or next business day.
• Mobile Check Deposits: May take 1–2 business days to clear.
• Bank Transfers (ACH): Usually take 1–3 business days.
• Wire Transfers: Are often processed within the same day.

Managing Deposits and Tracking Your Account

After making deposits, you can easily manage your savings account and track your balance using Discover’s online banking or mobile app. You’ll receive notifications when deposits are processed and can view your transaction history at any time.

Conclusion

Depositing money into your Discover savings account is simple and flexible. Whether you prefer direct deposit, mobile check deposits, or transfers from other accounts, Discover makes it easy to fund your account. By choosing the right method for your needs, you can efficiently grow your savings and take full advantage of Discover’s high-interest rates.