This Discover® high-yield savings review provides insight into what you can expect from this investment account. As one of the options in Discover savings account features, there are a lot of potential benefits to using this account over others when saving a substantial amount of money.
For those wanting to grow their money in a high-yield account without paying any fees, the Discover High-Yield Savings Account may work to meet your needs. This Discover Savings Account review indicates that this is one of the most effective and affordable options available to consumers looking for an easy way to start saving money without frustration, high costs, or limited timeframes.
About Discover Bank
In this Discover High Yield Savings Review, it is also essential to consider the company behind it. Discover is a large financial institution in the U.S. offering a range of lending and banking needs. The company, which started to provide financial services in 1985, has grown over the years. Today, it is working to invest in higher levels of security and tech features to meet the needs of its clients on an ongoing basis.
What is a Discover Bank High Yield Savings Account?
Reviewing the Discover Savings Account options, many people will find that this option, a high-yield savings account, provides a higher interest rate earning potential than other savings accounts. As a high-yield account, it will typically pay out at a higher rate than standard savings accounts. Unlike other such accounts, this company does not charge significant fees or require a minimum deposit on the account, which makes it more accessible to others.
How Discover Bank High Yield Savings Account Works
To utilize this type of savings account, consumers can visit the company’s website and establish an account. There is no cost to doing so. You must provide your identifying information along with your Social Security Number. Once you do that, you can begin to set up the account.
To set it up, deposit any other bank account with or outside Discover. You can deposit as much as you like. The funds will start to grow in value immediately, with interest compounding each day. That means that the interest earned in one day is added to the balance to build the interest for the next day on that higher value.
Discover Bank High Yield Savings Account Features
In Discover High Yield Savings review data, it is clear that this account has a lot of options to offer in terms of features and terms. The first is that it provides a higher interest rate than other savings options the company and competitors offer. With this account, there is no need to deposit a considerable amount of money to open the account – you can fund it with as little as you want or need to and get it started right away.
Other key factors to consider in this Discover online savings account review include the following:
- No fees for monthly maintenance or account closure
- No fees for insufficient funds
- Access to an official bank check if needed
- You can set it up with direct deposit if you would like to do so
- Easy online management of your account on an ongoing basis (deposit as much or as little as you like)
- Use the funds as you need to or want to without restriction on access like other banks
In addition, the company offers exceptional customer support and service, providing 24/7 access to help that is 100% based in the U.S. This means that you can speak to a real person no matter what time of the day or night it is with confidence.
How Does a Discover Bank High Yield Savings Account Compare?
Several differences are evident from this Discover High Yield Savings review that differs from competitors offering similar savings accounts. The accounts are easy to access online and can be set up at any time without any limitation on how much you decide to fund them with (or how little).
Unlike other accounts that charge $5 to $8 per month in fees, along with additional fees like deposited item returned fees and stop payment orders, this Discover savings account does not. That means it is more affordable to maintain over the long term for most consumers.
The most significant difference in this account is that it offers a much higher interest rate. While other banks offer rates around 0.05 and even 0.01 percent, the company’s current rate stands at 3.90%, which is significantly higher, meaning investors have more ability to build their funds over time.
Who Is a Discover Bank High Yield Savings Account Best For?
Anyone can open this account. One of the key benefits of this type of savings account over others is that no large initial deposit is required, which is often the case with other accounts like it. Unlike other accounts, you also do not have to keep a monthly balance in the account. This means that you can deposit as much as you like and use those funds as much as you like without paying fees.
As a result, most people can see this account’s benefits over others regarding savings investments.
Is a Discover Bank High Yield Savings Account Worth It?
In this Discover online savings account review, there are several key reasons why this account is a good option over others available.
- It pays out more to help you to earn more money sooner. It also pays out more often, with daily compounding interest, contributing to a higher return on your investments in the account.
- It does not have fees. You do not have to pay monthly fees to keep the account open. This is uncommon with other banks, which charge fees that often negate the value of any earned interest on the account.
- The account is easy to manage online, with live professional service available to help you with any needs over time.
- If you want to avoid investing a lot of money into a savings account but want to open one and start using it, this is an excellent choice.
- There’s no risk. Your money is FDIC-insured up to the legal limits set by law.
How to Open a Discover Bank High-Yield Savings Account
It is easy to open the Discover High Yield Savings Account. Visit the company’s website. Click the link to open the account. Provide your personal information, like your name, address, and phone number, and verify that your Social Security number is accurate. Then, your account is open.
To fund it, transfer money from your Discover or bank account. When you do this, you can start funding your account continuously. Deposit as much as you want to as often as you wish. You can also withdraw funds from the account quickly.
