Discover Bank Online Savings Account Rates

Recently many consumers have realized that Discover Bank existed, and they had an online savings account. The credit card company has not had their bank branch long and not many people have realized it was there until E-Trade announced that a portion of their non-brokerage accounts were being moved to Discover Bank online savings accounts. This makes this kind of account much more necessary to the public since not only are they currently offering a great rate but they could be handling your E-Trade account soon.

The first thing to know about Discover Bank online savings account rates is that there is a minimum balance to earn their best interest rate. Currently that minimum is set at $10,000. You initial deposit does not need to total this amount, the initial deposit needs to be at least $500 but certainly not $10,000. Their current interest rate for online savings accounts is a very competitive 1.30%. Again, you must have a balance of at least $10,000 to earn this interest rate although you may be eligible for a lower interest rate before you reach that balance.

While there are a lot of banks that are competing for your online savings business, there are a few that stand out above the rest and Discover Bank is one of them. Not only are they FDIC insured, but also they have earned a most coveted 5 star rating for keeping customer’s money safe from Bankrate.

Both of these things put together will ensure that all of your money is safe and earning you a nice return at the same time. Opening the online savings account is also very easy with their online application. On the first page everything you need to provide to open the account is asked for, without this they won’t allow you to continue since the account cannot be opened without that information.

The second page of the application is dedicated to determining how you want to fund the account. Now that your account can be confirmed then you should receive an email within about 24 hours telling you that everything is in order and your funds are available. Then you can begin earning your online savings accounts rates.