Discover Bank Online Savings Account Review
Where does Discover Bank Online Savings Account do business?
Discover Bank is based in Greenwood, DE. It was founded in 1985 and offers savings accounts in 50 states (and Washington, DC).
Discover Bank Online Savings Account is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC insures deposits in checking accounts, savings accounts, certificates of deposit (CDs), and money market accounts up to $250,000 per depositor if a member institution fails.
What APY does Discover Bank offer?
Discover Bank Online Savings Account offers an APY of 2.10% (APY stands for annual percentage yield, rates may change).
This is higher than the typical APY for online-only checking accounts, which is around 1% APY.
What features and perks does Discover Bank Online Savings Account offer?
This account includes the following features:
- Automatic savings - Set up an automatic transfer from your checking account to a savings account and you'll never have to second-guess your saving decisions again.
- Fraud monitoring - Discover Bank Online Savings Account monitors transactions for potentially fraudulent activity, such as when a debit card is unexpectedly used in a different location or you make a sudden string of costly purchases.
- Free Bill Pay - Bill Pay allows you to receive ebills directly to your account and pay them easily from your account.
- Nationwide ATM network - Withdraw money and check your balance from wherever you are.
What fees does Discover Bank Online Savings Account charge?
Discover Bank Online Savings Account does not charge a monthly maintenance fee. See the fee breakdown section below to view all fees.
- Outgoing domestic bank transfers come with a $30 fee.
- Outoing international bank transfers come with a $30 fee. You can save a ton of money in fees if you use use a nonbank money transfer service.
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