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Discover Bank Savings Interest Account

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Discover Bank, the banking arm of the credit card company, is advertising one of the highest savings account rate available today. Discover Bank's current savings account rate is 1.34 percent with an annual percentage yield (APY) of 1.35 percent.

Discover Bank's online savings account rate is 5 times the national average savings rate of 0.24 percent for account balances of at least $2,500.  The minimum opening savings account deposit at Discover Bank is $500.

For more information go to: Discover Bank Online Savings Account.

Discover Bank's online savings account has interest compounded daily and credited to your account monthly. Interest compounded daily gives any account a higher annual percentage yield and interest compounded monthly, quarterly or annually.

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

Savings account rates change constantly, visit Discover Bank Online  Savings Account Rates for current online savings account rates.
Author: Brian McKay
August 3rd, 2010