A good way to earn some extra money on your cash balances is by opening an online savings account. Discover Bank is FDIC-insured and is known for its online convenience and high interest yields while providing a safe and secure way to save money each month. As with any online bank, Discover is able to avoid overhead costs of a physical branch, thus saving money and offering you a higher savings rate. When you apply and fund your online savings account, you can start earning 5x more than the national average with a 1.00% APY. Move your money to a Discover Online Savings Account and get:
- Low opening deposit. Minimum $500 initial deposit requirement.
- No minimum balance requirement.
- No monthly fees.
- Interest on Discover Online Savings Accounts is compounded daily and credited monthly.
- Auto Savers plan which automatically transfers money from your personal checking account into your savings account each month.
- FDIC insurance up to $250,000.
- Manage your account online or with the Discover mobile banking apps. Features include checking your savings account balance, viewing recent activity, viewing earned interest, and the ability to make and set up transfers, and works on the Android, iPhone and Blackberry devices.
You can open an account anytime online by completing their 3-step online form. Once your account is opened, you can fund your account electronically from any checking or savings account with a personal check or wire transfer. After verification, submit your information and you’re ready to start earning great rates! You can access your money when you need it- online money transfers are fast and free, transfer money to or from any linked bank account, and make up to 6 outgoing transfers per statement cycle. Sign-up for the Discover Bank Online Savings Account today!
Check out the best online savings account!
The American Express Premier Rewards Gold Card is offering 25,000 membership rewards points for spending $2,000 within the first 3 months. The 25,000 bonus membership rewards points can be redeemed for $250 gift cards of your choice. There is no annual fee for the first year, a saving of $175.
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I should have seen the warning signs. When I first opened the account in August 2011, Discover tried to pull the initial deposit amount ($9,000) THREE TIMES from my other bank, resulting in multiple overdraft charges of $105. When I asked my bank about this, they told me that I needed to get refunded from Discover and of course Discover told me otherwise. So basically I had to fight with both banks and then eventually closed off my original bank account (since their service was worse than Discover’s). What a mistake.
Things were going well for a while with Discover as I had a regular deposit in place. But after unacceptable delays in money transfers and having to wait almost a week for each transaction to occur, I decided to pull out from Discover and open a HSBC bank account that only takes 3 days per transfer. As I was pulling out all my money, of course Discover did what they do the best-they repeatedly tried to “transfer” money into my other account multiple times, resulting in $35 overdraft fees. When I called Discover to ask how on earth this multiple pull happened, they explained that I logged on and transferred the money multiple times myself (they even got a tech person at Discover to verify this!). This was the most insane excuse I have ever heard. And all of this mysterious ‘transfer’ that I requested all occurred after I emptied out my account. When I asked them “why would I try to make transfers from an empty account?”, they were like, “I can see that this doesn’t make sense and there must have been a mistake”. So I asked for a refund for the $35 fee they charged but they told me that was impossible.
I realized that this is how Discover penalizes people who empty out their accounts–they falsely charge you with fees based on a fake transfer that their system creates. This is the most unbelievable experience I have ever had with a bank. I truly believe that Discover bank is committing a crime through their fraudulent practices.
Try TIAA Direct. 1.25% APY. No baloney.
http://www.tiaadirect.org/