Discover Savings Current Interest Rate – If you’re on a Galaxy Fold, consider unlocking your phone or viewing it on full screen to improve your experience.
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Discover Savings Current Interest Rate
Most or all of the products here come from our partners who pay us. That’s how we get it. But our editorial needs ensure that the opinions of our experts are not influenced by compensation. Terms and conditions may apply to the offers listed on this page. APY = Annual Percentage Rate
The Power Of Compound Interest: Calculations And Examples
The Discover® Online Savings account offers many of the benefits that Discover® Bank is known for, including low fees and online and mobile banking tools. It has a competitive APY. Read our full Discover® Online Savings account review to learn about everything this account has to offer.
4.75/5 Circled with the letter I. Our rating is based on a 5-star scale. 5 stars like Best. The best 4 stars are equal. 3 stars equal good. 2 stars like Fair. 1 star is equally weak. We want your money to work hard for you. That’s why our reviews are divided into offers that offer versatility while reducing external costs. = good = good = good = good = poor
Discover® Online Savings is a great option for those who want a high APY and a solid mobile app, but want to bank with a popular brand. While it may not be the highest score every time, you can bet that you will probably approach the highest score for a short period of time.
We recommend comparing savings account options to make sure the account you choose is the best for you. To make your search easier, here is a short list of featured stories.
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Draw a circle with the letter I in it. You can earn the highest APY by making a Regular Deposit (no minimum required) or by making $5,000 or more in Regular Deposits every 30 days. See the SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
4.00/5 Circled with the letter I. Our rating is based on a 5-star scale. 5 stars like Best. The best 4 stars are equal. 3 stars equal good. 2 stars like Fair. 1 star is equally weak. We want your money to work hard for you. That’s why our reviews are divided into offers that offer versatility while reducing external costs. = good = good = good = good = poor
Draw a circle with the letter I in it. 5.05% APY on balances of $5,000 or more; otherwise, 0.25% APY
You can find accounts that offer a higher APY, but the Discover APY savings really rivals the best accounts we have. Plus, you can get that APY with no minimum deposit, which means depositors can benefit.
Best High Yield Savings Accounts For April 2024—up To 5.50%
Below, we take a look at the best features of the Discover® Online Savings account — and what could be improved.
4.25% APY: The Discover® Online Savings account APY is one of the best we’ve seen among top savings accounts.
No monthly balance required: Discover’s savings account can be found in a variety of bonds. This includes savers who do not maintain large monthly balances. Not only is there no monthly balance requirement, but there is no minimum opening limit.
Mobile: Discover has one of the best mobile apps of the online banks we’ve reviewed. Mobile apps are essential for an online banking system, where customers rely on technology to facilitate routine transactions that would otherwise be handled face-to-face at a bank. Account holders can access details for all their Discover accounts, monitor account activity, submit electronic checks and transfer funds.
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FDIC-insured: Like a traditional bank, Discover is a member of the FDIC, which means your money is protected, even if the bank fails. The FDIC covers up to $250,000 per account, per school.
ATM Card: Discover® Online Savings does not offer an ATM or convenient card for withdrawals. To receive it, you must open a Discover® Cashback Debit account with a checking account. This product allows you to transfer money between accounts for ATM and cash payment, and earns 1% cash back on eligible purchases up to $3,000 per month, you will get a $30 cashback per month, and a maximum of $360 per person. one year
If you transfer money electronically to a Discover account, such as a Discover® Cashback Debit account, you can access the money quickly and easily at any ATM on the bank’s website.
As with most savings accounts, the number of certain types of withdrawals from the Discover® Online Savings account is limited to six per month.
Mobile Banking App: Simplify Your Online Banking
Here at The Ascent, we pride ourselves on being a real user of most of the products on our site. Ethan Mellin uses a Discover® Online Savings account himself. Here’s Ethan’s first look:
“I originally chose Discover Online Savings because of its high APY. However, I’m also a Discover Credit Card and Checking account holder, so it’s all in one easy-to-use mobile app in saving my money. recently found online savings accounts with slightly higher APYs.” -Ethan Mellin, Chief Marketing Officer at The Ascent, a Motley Fool service
The Discover® Online Savings account is a great choice for those who want to earn a high APY while avoiding regular bank fees. As long as you’re comfortable managing your money online, you won’t find anything to complain about, even if you combine this account with a Discover® account.
At The Ascent, a Motley Service, we rate savings accounts on a five-star scale (1 = worst, 5 = best). Our choices? We dive into things like APY, account minimums, and fees, and features that really make a difference – think ATM access, affiliate accounts, or membership access. We combine this with an evaluation of the brand name and customer satisfaction to ensure that quality is achieved. Our goal is to maintain an excellent inventory with top-rated products from popular brands that offer competitive APYs and great features.
Today’s Discover Savings Account Rates: Earn Up To 4.25% Apy
Kailey Hagen has written about small business and finance for nearly 10 years, with her work appearing in USA Today, CNN Money, Fox Business and MSN Money. He specializes in personal and business banking and software for small and medium businesses. He lives on a farm in northern Wisconsin with his wife and three dogs.
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with over 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes has a weekly investment column (“Ask a”) syndicated in USA Today, and his work is regularly featured on CNBC, Fox Business, MSN Money, and other major outlets. He is a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate degree in financial planning from Florida State University.
Ashley Maready is an ancient history scholar who made the transition to writing and editing digital content in 2021. She holds a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it’s information about salt mining, channel mule, or no personal finance.
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Discover Bank Review
We are believers in the Golden Rule, so our opinions are editorial only and have not been reviewed, endorsed or approved by the relevant advertisers. Ascent does not cover all market offers. The editorial data from The Ascent is separated from The Motley Fool’s editorial record and is produced by a third-party analysis firm.
Discover Financial Services is a distribution partner of The Ascent, a Motley Company. American Express is a distribution partner of The Ascent, a Motley Company. Kailey Hagen has no position in any of the mentioned archives. Matt Frankel has a position at American Express. Motley has positions in and recommends Goldman Sachs Group and Target. The Motley Fool recommends Discover Financial Services. The Motley Fool has an advertising policy.
Ascent is a Motley Fool service that rates and evaluates investment products for your daily financial needs.
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