A discover savings account is now possible, but what does this account offer and are there any drawbacks? This financial institution is FDIC insured, and the online banking feature has an easy to use interface and convenient features. The current yield for this type of account is only 1.35%, so it is not one of the high yield savings accounts available, but the bank is known for providing terrific customer service and financial assistance. For many consumers a discover savings account can be a good choice, and the initial minimum deposit required is only $500. There are no hidden fees, but you will pay if you have more than 6 transactions each month and this fee is openly disclosed.
Discover offers one of the best savings account interest rates without additional risks being added as well. The name is one that is known by almost everyone because of the credit cards associated with the company, but a discover savings account takes the excellent service and transfers it to the banking sector as well. Many consumers have named this account as one of the best savings accounts in most situations, and reliable service and impeccable record keeping can be expected from this account provider.
A savings account calculator can help you reach your financial goals, and Discover does not require any minimum balance so there is no concern about fees if your balance drops significantly. The interest on a discover savings account is compounded on a daily basis, and the earnings are credited to your account on a monthly basis. It is also possible to purchase other financial products through the bank, like CDs, and Discover offers some of the most competitive certificate of deposit rates that can be found. While this account may not work for everyone, most consumers will see many benefits and few if any disadvantages with this account choice.
