Discover Bank Savings Account 1.15% APY

Discover Bank may be relatively new to the online banking business, but it started quite well with very competitive rates for its Online Savings Account, Money Market Account and CDs.

Currently Discover Savings Account has an interest rate of 1.15% APY. The yield may not seem to be very impressive at first, but if you compare it with what other popular online banks offer, you will see that the rate is actually pretty good. It has been quite some time since the Fed kept its benchmark rate at near zero. As a result, most banks have kept cutting their savings account rates. Right now if you look around, you will see that most savings account interest rates are slightly above the 1.00% level, such as Ally Bank (1.09%), FNBO Direct (1.10%), ING Direct (1.10%) and HSBC Advance (1.10%), etc.

Here’s some more information about the high-yield savings account from Discover Bank:

  • $500 minimum initial deposit to open an account, but no minimum balance required;
  • No monthly fee;
  • Up to six preauthorized withdrawals per month;
  • ACH fund transfer between Discover Bank and external bank accounts;
  • FDIC insured since January 1, 1934 (certificate number 5649);
  • Discover Bank routing number 031100649;
  • Bankrate.com Safe and Sound Star ratings: 3 Stars
  • Customer service number 1-800-347-7000;
  • AutoSavers Plan automatic fund transfer.

In addition to the savings account, Discover Bank also a series of CD products, with terms from 3 months (0.60% APY), 12 months (1.30% APY) to 5 years (2.45% APY) and 10 years (3.00% APY). The current yield of the Money Market Account is 1.10% APY for balance between $10,000 and $24,999. For balance of $2,500, which is the minimum deposit required to open a Money Market Account, the yield 1.00% APY.

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