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  Discover Bank Money Market Account

Discover Bank Money Market Account

in Money Market Accounts from Discover Bank · fdic

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Discover Bank Money Market Account

Claimed

in Money Market Accounts from Discover Bank · Member FDIC

Net Recommendation Score +100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

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APY (Annual Percentage Yield) 0.30% - 0.35%
APY Minimum Balance N/A
Minimum Opening Deposit Starting at $2,500

Discover Bank Money Market Account Review

Discover Bank Money Market Account is offered by Discover Bank, a bank founded in 1985 and based in Greenwood, DE. Discover Bank Money Market Account is available in 50 states (and Washington, DC).

Key Takeaways
  • Very high APY. This account offers an annual percentage yield of up to 0.35%, which is much higher than the national average for a money market account.
  • No APY minimum balance. There is no minimum amount you have to deposit to start earning interest with this money market account.
  • $0 monthly fee. This account does not charge a monthly Service Charge.
  • High minumum deposit. You must deposit a minimum of $2,500, which is high compared to most money market accounts.
Pros & Cons of Discover Bank Money Market Account
Pros Cons
  • Available in all 50 states.
  • High-interest yield.
  • Free debit card and the option to lock/unlock the card if lost or stolen
  • No charge on incoming domestic or international wire transfers.
  • Deposit checks remotely.
  • No signup bonus.
  • Online-only account with no access to physical branches.
Discover Bank Money Market Account FAQ

Are money market accounts from Discover Bank federally insured?

Yes, your Discover Bank money market accounts are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

What are the interest rates for Discover Bank money market rates?

Discover Bank money market offers an APY starting at 0.30% and ranging up to 0.35% (APY stands for annual percentage yield, rates may change).

Discover Bank money market Rates and Terms
Rates Amount
APY (Annualized Percentage Yield) 0.30% - 0.35%

What are the fees for Discover Bank Money Market Account?

Discover Bank Money Market Account does not charge a monthly maintenance fee.

Discover Bank Money Market Account Fees
Fees Amount
Monthly Fee $0
Paper Statement Fee $0
Excess Transaction Fee $0

What is the minimum balance for Discover Bank money market?

Minimum deposit of $2,500. You must make an initial deposit of at least $2,500 to open this account.

What features and perks does Discover Bank money market offer?

This account includes the following features:

  • Fraud monitoring - Discover Bank monitors transactions for potentially fraudulent activity.
  • Mobile Banking Services - Discover Bank money market allows you to manage your money through online banking and a dedicated mobile app. This includes depositing checks in your account with your smartphone.
  • Nationwide ATM network - Discover Bank money market allows you to access your money from an ATM, a convenient feature only a few offer.

What is the customer service phone number?

The customer service number for this business card is (800) 347-2683.

What is the support contact email?

The support contact email for this business credit card is service@email.discover.com.

How do people rate the customer service and user experience?

Overall, this business credit card is strongly recommended based on community reviews that rate customer service and user experience.

How to open an account with Discover Bank

  • Visit the Discover Bank website.
  • Fill in the application form. You will typically need to provide general financial information, such as your name, Social Security Number and address.
  • Check the information is accurate and submit your application.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Minimum Opening Deposit Starting at $2,500
Monthly Fee $0
NSF Fee $0
Paper Statement Fee $0
Account Features
  • No ATM Fees
  • Free Bill Pay
  • Mobile Check Deposit
  • No Monthly Maintenance Fee
  • Interest Bearing Account
  • Nationwide ATM Network
  • Mobile Banking
  • Fraud Monitoring
  • Debit Card Lock/Unlock
  • Fraud Protection
  • Debit Card
  • Bauer Financial A+/A Rating
  • Member FDIC
  • Online-Only Account
APY (Annual Percentage Yield) 0.30% - 0.35%
Dividend Compounding Frequency Daily
Dividend Payout Frequency Monthly

Discover Bank Money Market Account Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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