Below, we go over the top perks of the Discover Online Savings account — as well as what could be improved.
0.40% APY. The Discover Online Savings account’s APY is one of the highest offered by top online savings accounts. All balances qualify for the same interest rate. This differs from some competing online savings accounts with tiered rates based on account balances.
No monthly balance requirement. Discover’s high-yield savings account is broadly accessible to different account holders. This includes savers who don’t keep large ongoing monthly balances.
No fees. You won’t pay for a stop payment order, excessive withdrawal, insufficient funds, or monthly maintenance.
Mobile app. Discover has one of the best mobile apps of the online banks we reviewed. Mobile apps are crucial for an online savings account, where customers must rely upon technology to facilitate transactions normally handled face to face at a bank. Savers can access details for all their Discover accounts, view account activity, electronically deposit checks, and transfer money.
FDIC insured. Just like a traditional bank, Discover is a member of the FDIC, which means that your funds are protected, even in the unlikely event of bank failure. The FDIC covers up to $250,000 per depositor, per institution.
View more information: https://www.fool.com/the-ascent/banks/savings-accounts/discover-savings-review/