Discover Bank Savings Review and Account Rates

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Discover Bank is currently offering very competitive savings rates and money market rates that are higher than Bankrate's national average rates and the FDIC's national average rates. Discover Bank savings account rates are higher than the bank's money market account rates right now. Discover Banks savings rates are currently at 0.80 percent with an APY of 0.80 percent, higher than Bankrate's national average savings rate of 0.55 percent for account balances of $10,000.

Discover Bank's savings rate is more than eight times the FDIC national average rate of 0.09 percent. The FDIC's national average jumbo savings rate is also at 0.09 percent making Discover's savings account an even better deal considering the is only a $500 opening deposit and no minimum balance to maintain to earn 0.80 percent. The best savings rates on our list are higher than Discover Bank's savings rate and just above 1.00 percent.



Just over a year ago Discover Bank savings rates were just above 1.00 percent at 1.14 percent with an APY of 1.15 percent. All bank savings rates and money market rates have been lowered the past year so Discover lowering rates isn't unusual. Some of the other features and benefits of Discover Bank's online savings account are listed here:

Discover Bank Savings Review



  • $500 opening deposit

  • No minimum balance

  • No monthly fees

  • FDIC Insured

  • Fund your account online from an existing bank account

  • Manage your account online or with our mobile app

  • Fast and free online money transfers

  • Fund your account online from an existing bank account

  • Manage your account online or with our mobile appFast and free online money transfers


Discover Bank money market account rates are tiered and the highest money market rate on Discover's jumbo money market account is at 0.75 percent, lower than the bank's current savings rate. Here is a current list of money market rates at Discover Bank:

  • Balance 2,500 - $4,999 MMA Rate 0.70% APY 0.70%

  • Balance $5,000 - $9,999 MMA Rate 0.70% APY 0.70%

  • Balance $10,000 - $24,999 MMA Rate 0.70% APY 0.70%

  • Balance $25,000 - $49,999 MMA Rate 0.70% APY 0.70%

  • Balance $50,000 - $99,999 MMA Rate 0.70% APY 0.70%

  • Balance $100,000 - and up MMA Rate 0.75% APY 0.75%


Discover Bank Money Market Review



  • Deposits are FDIC insured up to the maximum allowed by law

  • Open with as little as $2,500

  • Access to over 675,000 ATMs nationwide

  • Manage your account online or with our mobile app

  • Deposits are FDIC insured up to the maximum allowed by lawOpen with as little as $2,500Access to over 675,000 ATMs nationwide

  • Manage your account online or with our mobile app

  • Access funds by check, debit card, or online

  • Easy online money transfers and bill pay

  • Access funds by check, debit card, or online

  • Easy online money transfers and bill pay


Federal law (Regulation D) limits your withdrawals to 6 per billing cycle for any money market account or savings account at any bank. Opening either a Discover Bank online savings account or Discover Bank money market account online is quick easy and takes minutes. For a current list of Discover Bank interest rates and to open an account go to the bank's website here: Discover Bank Account Application.
 
Author: Lisa Graham
August 28th, 2012