|Discover Bank is more than just a credit card issuer, it can also be a savings vehicle. If youíre looking for a savings strategy that grows your personal wealth and achieves your financial goals faster, Discover Bankís online savings account product was designed specifically for you.
Whether youíre preparing for retirement or saving money for your childís education, Discover Bank provides three savings account options that get depositors moving forward in the right direction.
Discover Bank Online Savings Account
How much do you currently earn with your savings account? Whatever the percentage, it likely doesnít compare with the rate you could be earning through a Discover Bank savings account.
Online savings accounts make sense, because they typically feature better savings account interest rates than a traditional savings product. The national average for savings accounts is about 0.06% APY, yet many financial institutions pay their customers far less, making it hard to reach any savings goal when youíre earning pennies in interest.
Itís a different story at Discover Bank. Those who open a Discover Bank online savings account can earn a rate of 0.85% APY on all balances. You can open an account with only $500, and there is no minimum balance requirement or monthly service fee required.
While this is undoubtedly a competitive savings account, Discover Bank continues to do more for their customers with an assortment of deposit products.
Discover Bank High-Yield Certificate of Deposit
As part of your savings strategy, you might prefer more than one type of savings account. Discover Bank offers a variety of high-yield certificate of deposit (CD) products with varying terms that cater to the needs of even the most earnest savers.
If you select a CD term between three months and 10 years, you can take advantage of impressive rates ranging between 0.35% APY and 1.90% APY, depending on the term. Certificates of deposit, however, do require a minimum deposit of $2,500 since they are meant to be long-term savings vehicles.
Do you want the best of both worlds? Discover Bank has you covered with its money market account.
Discover Bank Money Market Account
With competitive rates and easy access to funds, the Discover Bank money market account is the right fit for those who want the compromise of competitive interest earnings without the term commitment.
Opening a money market account today earns a rate between 0.70% APY and 0.80% APY on balances under $100,000. The account only requires a minimum deposit of $2,500, and as a bonus, you can enjoy free ATM withdrawals at more than 60,000 AllPoint and MoneyPass ATMs across the country. Furthermore, Discover Bank gives you the convenience of managing your account from a mobile device so that you can keep a pulse on your finances on the go.
Get Started with Discover Bank
High savings account rates are what set Discover Bank apart from the competition. But in addition to impressive rates that exceed market averages, youíre guaranteed one of the best banking experiences available.
Getting started is easy and only takes about 10 minutes to open an account. Visit Discover Bankís website and complete an application. Fund your new account by electronically transferring money from an existing bank account to make the transition seamless.
All savings accounts with Discover Bank are FDIC-insured up to the maximum allowed by law ($250,000), so thereís no fear of losing your savings and interest earnings.