High yield savings account Discover is among the best in its online class. The emphasis on the fee reduction and user-friendliness are some factors that are considered important for online bank accounts.
Discover Bank offers one of the better savings accounts in the market. Let’s take a look at this account to see if it’s worth signing up for.
Discover Bank was originally known as Greenwood Trust Company, and it first opened its doors in Greenwood, Delaware in 1911. They were renamed Discover Bank in 2000.
Up until just recently they only offered a money market account type, but since then they’ve expanded their offerings to include a full online savings account, along with several other account type options.
Since doing so – and since their rate is near the top of current offerings, they’ve quickly become one of the industry leaders in the high yield savings account sphere.
Features of A Discover Bank High Yield Savings Account
Discover Bank’s High Yield Savings Account has a good number of features. Here are a few of them:
- Low opening deposit ($0) plus no minimum balance
- Set up automatic transfers from any checking or savings account
- Fast and free online money transfers
- 24/7 live customer service
- FDIC-insured to $250,000 per depositor
- Has no monthly maintenance fee (and no minimum balance requirement)
- No fee for official bank check or for expedited delivery
- No early account termination fee. Accounts can be closed via a secured message.
- $15 fee per transaction if you exceed the 6 qualifying transaction limit
- Wire transfers:
- No fee for incoming transfers
- $30 for outgoing wire transfers
- Insufficient funds fee $30 per item (limit of one per day)
Interest is calculated daily. The current interest rate is 1.50% APY. This is competitive when it comes to basic saving account rates, but is still lower than the current top rate of 1.75% APY and significantly less than 5% APY’s being offered by rewards checking accounts.
Here is the rating history:
- February 24th – current: 1.5% APY
- January 2018 – February 24th: 1.4% APY
- October 30th, 2009: 1.85%
- Discover Bank CD Rates updates: Check Comparison
- Chase Bank Reviews, Rates & Fees 2021 Updates
- Vio Bank Review 2021 Updates: Best Online Savings Account?
How to Access Your Money
Although Discover doesn’t have any physical bank branches, accessing your money is simple with several options for making deposits and withdrawals.
You can deposit money to your Discover Savings account in any of these ways:
- Mobile deposit
- Online transfer
- Wire transfer
- Direct deposit
- Mailing in a check
These are your options for withdrawing money from your Discover Savings account:
- Outgoing wire transfer
- Official bank checks
- Online transfers to external banks
- Transfer to other Discover accounts
If you transfer funds electronically to other Discover accounts, such as a Discover checking account, you can quickly and easily access the cash at any ATM.
Easy Access to Your Account
One of the most common concerns that people have about online bank accounts is how they can access their account.
Discover Bank also offers a mobile application and website that has been designed to make it easy to access and manage your money.
Managing your money is easy. You can use the website or app to set up recurring transfers, move money between accounts, view your balance, and also check your account activity.
Discover Bank’s online savings account accepts deposits in a variety of ways. The easiest is to deposit a check using the mobile app on your phone.
You can also transfer money to the account from another account at Discover or a different bank. Discover Bank also accepts direct deposits. Finally, you can physically mail a check to Discover Bank to make a deposit.
Withdrawing money is more difficult. You will need to transfer the funds to another account before you can withdraw it from an ATM. Wire transfers will incur a fee. You can also request an official bank check through the mail, which you can then cash.
Award-Winning Customer Service
Discover’s credit card division became well known for its excellent customer service and Discover Bank is no different. You can also call Discover any time for help or technical support with your account.
If you’d rather not make a phone call, Discover offers a secure messaging system and live chats with customer support representatives. You can also send physical mail to Discover Bank if you’d rather seek help that way.
What Could be Improved
No ATM card: One limiting aspect of the account applies to withdrawals. Discover’s savings account doesn’t provide an ATM or convenience card for withdrawals.
However, Discover’s cash-back debit account can be open in tandem with a savings account and it allows you to transfer funds between accounts for easy ATM and debit transactions. Plus, the account earns 1% cashback on up to $3,000 of debt purchases each month.
The fact that Discover offers a trifecta of no to low fees, a competitively high yield, and one of the better mobile apps on the market, makes this a solid pick, even more so if you’re already a Discover customer.
If this article is useful then so will your friends, why not share it on your social media platforms.