Applies to personal accounts only. Earn one of the highest interest rates without the fees. History. The data comes from the FDIC and only goes back to mid-2009. Interest compounded daily. Discover Bank offers many direct banking products, including popular high yield online savings accounts, certificates of deposit (CDs), and money market accounts. Reasons You Might Skip Discover Savings. Finder.com LLC. Where to open Alternatively, you can view our past available interest rates for all our accounts below. As of writing, Discover offers a 5-year CD with a minimum balance of $2,500 and a APY of 2.85%, but you'll pay 18 months worth of interest if you need to withdraw funds early. This free account has a $1 opening deposit and earns 0.4% APY on your total balance. Billinero offers big prizes, but your money might be better off in a high-yield account. This is in the upper tier of interest rates and comparable to many other online banks. These rates are low, historically speaking — in 1950 the rate was 1.59 percent and it rose to a whopping 13.42 percent in 1981. However, the Federal Reserve’s monetary policy does affect our lives, and you need to be prepared for that reality.”, – Miranda Marquit, financial expert and writer, Start saving with a convenient, high-yield account that has no fees.*. We may also receive compensation if you click on certain links posted on our site. But find out if it’s worth it here. The FDIC has only kept track of savings account interest rates from the beginning of 2010. Discover’s high-interest savings account offers several key benefits in addition to solid fraud and liability protections, standard FDIC insurance up to $250,000 and 24/7 US-based customer service. New York, NY, 10016. First-time savings customers can open a Discover Online Savings Account using offer code NW420. While we receive compensation when you click links to partners, they do not influence our content. After the claim, the website shows the Discover savings rate, which is 0.95% APY (which is pretty good), and the rate of various other banks with a 0.01% APY. Apply before 2020.06.01 and deposit at least $15,000/$25,000 before 2020.06.15. While Discover Bank’s CD rates aren’t always the highest available in our listings of the best CDs, they are consistently among the top offers we’ve seen across all terms.That said, you may be able to find a similar or even better rate with a CD that has a lower minimum deposit than Discover Bank’s rather hard-to-swallow $2,500. 4 Tricks for Budgeting on a Fluctuation Income, Expedited delivery for official bank checks. The Central Bank of Kansas City Savings account, offered through SaveBetter, has a $1 opening deposit and earns 0.4% APY. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. Enjoy no monthly fees and a competitive APY with this online-only savings account. Competitive APY. Gross means the interest rate payable before the deduction of tax. The values shown are for illustrative and informational purposes only and may not apply to your individual circumstances. This question isn’t meant to make you want to hide under your desk, but to encourage you to evaluate your circumstances. Looking at historical savings account rates in terms of their movement alongside the national rate can help you make an informed decision when choosing a bank. The HSBC Direct Online Savings account is strictly a savings account. 32 East 31st Street, 4th Floor, to us. We strive to ensure our content is clear and honest. Whether you’re saving for a new set of wheels like Stous and his wife, a home down payment, an emergency fund or [enter your next big financial goal here], an online savings account could be your ticket to success. Face ID is currently available to iOS users. The FDIC has only kept track of savings account interest rates from the beginning of 2010. This savings account has no account and overdraft fees, plus it requires no minimum balance. How Discover Bank’s Online Savings Account compares. The Annual Percentage Yield (APY) for the Online Savings Account as of XX/XX/XXXX is more than five times the national average APY for interest-bearing savings accounts with balances over $500 as reported by Informa Research Services, Inc. as of … Best CD Rates and Savings Rates. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. Accounts offered by American Express National Bank, Member FDIC. That’s basically $170 of free money in your pocket. If you are The non-Discover Bank service marks for Ally, Bank of America, Capital One 360, Chase, Citibank, Wells Fargo, Fifth Third, PNC, and U.S. Bank are owned by each respective entity. ‘Total savings’ equals initial deposit plus interest earned over duration of time chosen. Discover Bank 2 Year CD Rates - Deposits Q: I would like to purchase a 1000.00 What is the current rate for a 12 month CD in the amount of 1000.00 Personal Finance Reviews Where Bank Accounts, Credit Cards, Stock Brokers, Mutual Funds And ETFs Are Reviewed And Compared There are no hoops to jump through to earn this big return, either. We may rely on information that is provided product provider, We cannot provide you with personal advice or recommendations, CIT Bank Savings Builder High Yield Savings Account, TAB Bank High-Yield Savings account review. There are no limits on the number of ATM withdrawals you can make (for money market accounts) or official checks mailed to you. Optional, only if you want us to follow up with you. However, when compared to the big banks like Chase, Citi and Bank of America, Discover’s savings account pays far better. But with Discover Savings, your $10,000 would earn $170 in a year. This is truly the most convenient and easiest online savings account to have! How do Discover Bank’s CD rates compare? Although the information by independent research firm has been obtained from the various institutions, the accuracy cannot be guaranteed. Discover Certificate of Deposit Account Summary Discover Bank currently offers rates up to 0.60% APY. Please enter an amount between $2,500 and $5,000,000. Can I get a 12% interest savings account? Available to residents nationwide, apply for your first Discover Online Savings account to earn 0.45% APY. She is passionate about helping people find the best deal for their needs. A savings account with a higher-than-average rate and minimal fees. Check on your savings account easily. In 2009 it reached its lowest point, 0.50 percent. 6/9/17 - Discover Bank Ups Savings and MM Rates: Second Increase in Two Months 6/9/17 - Discover Again Raises Online Savings Account Rate 6/1/17 - Discover Bank Increases CD Rates 4/26/17 - Discover Bank Increases Savings Account Rate To 5-Year High 4/20/17 - Discover Bank Has $100 Bonus On New Online Savings For more information regarding the Discover Bank Mobile Check Deposit Service, click here. The Discover bank interest rate is a huge benefit offered by this option. Are birth and fertility talk the elephant in the womb? While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. The minimum deposit is $2,500. Don't expect any bells and whistles with the account. To check the rate of interest you're currently earning on your savings, log into your account. The annual percentage yield, or APY, rate for the Discover online savings account is five times higher than the national average for interest-bearing savings accounts. The higher your interest rate, the greater the percentage of your payments will be devoted toward making interest payments instead of reducing the principle. We may receive payment from our affiliates for featured placement of their products or services. The Discover Online Savings account's APY is one of the highest offered by top online savings accounts. Current Rate: 0.50% APY (last checked on Jan 27, 2021) Minimum Deposit: $500. *AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once a year. Enjoy the security and earning potential of a savings account while maintaining the flexibility to write checks. It had purchased the Dean Witter Reynolds brokerage organization and Coldwell, Banker & Company (real estate) in 1981 as an attempt to add financial services to its portfolio of customer services. See below for detailed requirements. ˆGross p.a. If you have a Discover Card credit card, you may be wondering if there is a way for you to obtain a lower interest rate on your outstanding balance. We may also receive payment if you click on certain links posted on our site. Annual Percentage Yield (APY). At the time Discover was introduced, Sears was the largest retailer in the United States. Ray Kennedy, Sr, father of country singer Ray Kennedy and the credit manager for Sears, … A difference of 0.05 in the annual percentage yield (APY) isn’t exactly what I would call significant. Finder® is a registered trademark of Hive Empire Pty Ltd, and is used under license by Finder research looks at birth rates, fertility rates and the average age of mothers in America. No minimum balance requirements. SMS from your computer. Take advantage of a high-interest online savings account with no fees, no minimums and more. Just give us a few basics (like address and Social Security number), and we’ll get the ball rolling for you. Interest rates and APYs are subject to change at any time. With this savings account, you can invest your interest in the stock market for an average 3.13% return. APY may change before or after the account is opened. Deposit Interest Rate in South Africa decreased to 3.94 percent in October from 4.08 percent in September of 2020. For all of Discover's advantages, there are some downsides that need to be considered: No branch locations: In exchange for the high interest rate on your online savings account, you are required to do your Discover banking online or over the phone. Advertised Online Savings Account APY is accurate as of XX/XX/XXXX. Competitor APY comparison information obtained from Informa Research Services, Inc., as of XX/XX/XXXX, using savings account APYs. Deposit Interest Rate in South Africa averaged 10.30 percent from 1977 until 2020, reaching an all time high of 21.60 percent in August of 1998 and a record low of 3.94 percent in October of 2020. On the other hand, checking accounts help you keep better track of what you spend. Discover Bank offers 12 terms of traditional CDs with terms ranging from three months to 10 years. It’s easy to transfer money from one account to another. Their CD rates have consistently been very competitive for 12-month CDs, all the way up to 10-year CDs. [Expired] Review the Top High Yield Certificate of Deposit rates Android Text Messages from PC. To or from other banks and Discover, please allow up to 4-5 business days. No account opening or maintenance fees. What is your source for determining the savings account interest rates? When you stack that Discover bank savings rate with absolutely no fees (not even for insufficient funds) and no minimum balance or deposit, you build a hassle-free savings account to house your emergency fund, future house down payment or cash for a dream vacation. The Discover high yield savings account earns 0.50% APY. The Best Discover Bank Rates. While the market has been pretty stagnant over the last several years, we’re in the beginning of an upward trend, which could mean higher interest rates in the future if you choose an account with a variable rate. Earn a competitive rate as long as you open it with the Citi Accelerate Savings account. Note: We are currently. How much interest would I have earned on a deposit of $50,000.00 since the calendar year of 2002? , Inc., as of October 13, 2016, the APY for your first months. Touch or face ID $ 100 minimum deposit: $ 500 Bank of Kansas City yield! 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