Discover Bank Savings Account Rate

Discover Bank, the banking arm of Discover credit card company, is offering one of the best savings account rates available right now. The bank’s current online savings account rate is 1.34 percent with an annual percentage yield (APY) of 1.35 percent.

The bank’s savings account rate is 4 times the national average savings rate of 0.33 percent for account balances of at least $2,500.  The minimum opening deposit for the online savings account at Discover Bank is $500.

The savings interest earned on the account is compounded on a daily basis and credited to your account monthly. Discover Bank’s online savings account is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.

You’ll need to fulfill the following requirements and provide the appropriate information when filling out an online savings account application:

• You must be at least 18 years old
• Have a valid Social Security Number
• Have a valid US Address
• Provide an electronic signature

Visit discoverbank.com for current savings account rates.