Discover’s savings account pays a solid 1.50% interest rate. Available nationwide, the Discover Online Savings Account that offers to kick-start your savings with 0.45% APY – one of the highest rates online!. Most people know about the Discover Card, first introduced in 1985 by Sears. Discover pays a competitive rate on your savings account balance, and it doesn't require an initial deposit to open the account. In this Discover Bank Online Savings Account review, we'll compare rates, fees, and services to other national and online banks. I've had Discover Card since 1980 and use it ... maintaining interest rates far above the average 160x higher than the savings account I used to have. Compared with the best online savings accounts in our listing, Discover Bank’s Online Savings Account offers a pretty decent rate, but not the best. Online Discover Bank Savings Account. As with its checking account, Discover Bank’s Online Savings Account does not have a minimum opening deposit amount. This is in the upper tier of interest rates and comparable to many other online banks. See our Discover review for more on Discover's account offerings. See below for detailed … Discover Online Savings Account Review. You’ll earn 1.60% APY on your … In fact, most of the time, Discover Bank is on our list of the best high yield savings accounts and our list of the best money market accounts. Cons. The Marcus Savings by Goldman Sachs Online Savings Account is a good option for many. Like all of the banks in the rates list, the Discover savings account is insured up to $250,000, so your money is safe if Discover goes bust. Read our review of this online bank. You also won’t find a monthly maintenance fee or a required minimum balance for your account. Discover Bank Online Savings Account Review. To open this account, you’ll need an initial deposit of at least $2,500. This is truly the most convenient and easiest online savings account to have! High Savings Rates to Reach Money Goals Faster. Bottom Line. Discover Bank Online Savings Account Review. The Discover Online Savings Account in review. Image Source: Discover Savings Account Review. Just like with the Online Savings account, the limitations of the Discover money market account are primarily structural. In addition to a good interest rate for the current low-rate environment, the Discover money market account offers access to over 60,000 fee-free ATMs and mobile app banking, including mobile check deposit. It isn't a savings account for people without any cash on hand because it requires a 2500 initial deposit. Discover Savings Account Review: Opening. Read more about the 10 best savings accounts of 2018. Interested in opening a savings account at Discover® Bank? When compared with its brick-and-mortar rivals, Chase and Bank of America, Discover’s online savings account has a relatively high rate at 0.50% APY. The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. In conclusion, Discover’s Online Savings Account offers a competitive APY at 0.50% – and right now has the added bonus of cashback – … Like the checking account, Discover Savings Account doesn't require any minimum to open or maintain the account. Discover’s savings account offers a competitive interest rate, ... Read our full Discover Bank review. Discover savings accounts are limited to only six such actions per every 30-day billing cycle. The online savings account is Discover's best deposit account, offering their highest interest rate and a robust online interface that allows you to easily link other bank accounts. Here's what you need to know in our Discover Bank review. The account has no fees, no minimum balance requirements, and no hassle! Here's how we make money Discover is a company that has been around for decades. Discover Bank Online Savings Account is offered by Discover Bank, a bank founded in 1985 and based in Greenwood, DE. Save $1000s per year by using Discover Bank as your primary banking provider. Opening an account is fast and simple with the customer service and security of the Discover … Discover stays ahead of other companies with their lack of fees and high APY (annual percentage yield). Throughout the industry, many checking account options come with required account minimums, monthly maintenance fees and little to no ability to earn cash through the use of the card. Phone: You can call Discover at the following phone numbers 24/7: Online Banking: 1-800-290-9885 Outside the U.S.: 1-302-323-7810 Hearing impaired:1-800-347-7454 General Correspondence Discover Bank PO Box 30416 Salt Lake City, UT 84130. This is a federally-imposed limitation. Discover AAII Savings Account Review 2017.11 Update: The bonus is expired. It’s hard to beat Discover Online Savings Account’s 0.45% APY without a large minimum balance requirement or other restrictions. by Jim Wang. Find the latest Discover Savings bonus, offer codes, promo codes, and promotion here!Member FDIC. You’ll need at least $2,500 to open up this account. Details Interest at Discover is compounded daily and credited monthly. As with any savings account, you'll be limited to 6 withdrawals per month. • … Find updated Discover Savings bonuses, coupons, promotions, and offers here.. Yes, your Discover Bank checking accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). You'll be surprised how many checking accounts, savings accounts, credit cards, and personal loans you'll find at this innovative bank! Opening an account is easy with either bank - Discover Bank and Ally Bank allow you to open an account with a $0 minimum deposit and no monthly balance or hidden fees to worry about. I’m here today to share what I know about this bank, in particular, their online savings account (and as a bonus, their IRA CD). With a little research, you can find better interest rates out there at other institutions that also don’t charge fees or have minimum balance requirements. While most people know Discover Bank, Member FDIC from the company’s credit card offerings, it may come as a surprise that the company offers a benefit-rich checking account. But probably in a few days a new offer code will appear. The Discover Online Savings Account is a competitive online-only high-yield savings account, paying 0.45% APY with no minimum balance required. Discover Bank offers several different banking, loan, and credit card products. Discover Bank review for 2019. Discover savings interest rates and fees are hard to overlook when comparing them to the signature savings accounts from America’s largest bank. Available to residents nationwide, apply for your first Discover Online Savings account to earn 0.45% APY. But if some of its missing features give you pause, you may want to consider some other choices. ContentsApplication LinkBenefitsBonus RequirementsHow to Avoid the Monthly Maintenance FeeSummaryRelated Bank AccountsHistorical Offers ChartApplication Link Application Link Discover AAII Savings, offer code: AAIIBONUS Benefits New account opening bonus of $150/$200! Discover Bank Savings Account Discover Savings. A debit card is available in addition to free checks. Certainly this is a great way to earn some extra money from interest on your cash balances for opening an online savings account. Chase and Bank of America have a 0.01% and 0.03% APY, respectively as of June 27, 2018. They also have a very compelling checking account, and great CDs. My Discover savings account is very stable and gets me interest above the national average. In order to open a new Discover Bank online savings account, you need to make an initial deposit of $500, but one of the major benefits we will highlight in out Discover savings account review is that after you have made your initial deposit, there are no monthly account minimums or maintenance fees. For a detailed comparison of these products, please see my Discover Bank Review. Some links below are from our sponsors. Updated January 24, 2021. 2020.5 Update: There is a new offer code for the $150/$200 offer. Original review: Oct. 18, 2020. The company has 24/7 live customer support, and their app works on the iPhone, Blackberry devices and Android phones. In addition to its online savings account, Discover Bank offers a money market account. Chase savings offers only 0.01% to its customers and comes with a $5 monthly service fee if you don’t meet at least one of its requirements, like maintaining a $300 minimum daily balance or having a $25 recurring monthly transfer into your account. If you need to withdraw money from your Discover savings account, you have a few options: internal Discover transfers, external transfers to another … Discover, yes the same Discover that runs Discover Cards, has it’s own bank.. For a while now I’ve known about this bank, but just didn’t take the time to give it a full review. drearystorms Account Holder I have a savings, two checkings, and a credit card with Discover and have been a customer since 2018- the only negatives I have ever run into have been the fact that you couldn't use Zelle with them (something that has more recently become available with them), and the difficulty in moving cash into an account. Discover® Bank is an online bank that offers excellent rates for savers with low fees. Read about other banks' bonus offers in our roundup of this month's best bonuses and promotions . However this wasn't a problem for me. In this review, we’ll cover why you might want an online savings account, Discover’s products, rates, and fees.. Discover savings accounts can be opened online or over the phone. The Discover Money Market Account is a great way to grow your savings, but there are a few things you should watch out for: High opening deposit requirement. However, when compared to the big banks like Chase, Citi and Bank of America, Discover’s savings account pays far better. The 1.98% interest is somewhat low but it does add to my savings. Discover’s savings account was named one of our best savings accounts for 2021, and it’s easy to see why. Discover Savings Account Review 2020.6 Update: It seems the offer is expired. 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