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We looked at 50 savings accounts to find the best rates for you. Which accounts have the highest Discover Online Savings – 1.70% APY. Discover DFS, +0.51% is eliminating fees for its deposit accounts The company's online savings account currently holds an annual. Discover Bank is an online bank with great savings and CD rates, an extensive network of free ATMs, and a free checking account that pays rewards. discover online savings fees

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Barclays Online Savings Account Review

Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Millennial Money, CardRatings and creditcards.com may receive a commission from card issuers. This site does not include all financial companies or financial offers.

Bottom Line

Barclays Online Savings Account is an excellent choice if you generally tend to maintain a small savings account balance. Since there is no minimum initial deposit requirement, you can open an account and earn high interest on virtually any balance.

Pros

  • Higher than average interest rate
  • No initial minimum deposit
  • No monthly fees

Cons

  • Online only bank
  • No debit card

If you’re looking for a high-interest savings account – one where you can earn 21 times the national average on savings accounts – take a close look at the Barclays Online Savings Account.

The Bank is currently offering one of the highest interest rates being paid on savings by any bank. And there’s no minimum balance requirement, and no monthly fees, making it the perfect account for the small or casual saver, or anyone else who’s just looking for high interest on savings with no strings attached.

About Barclays Online Savings

Barclays Online Savings Account is a high-yield savings account, and one of the most user-friendly savings accounts anywhere. The account requires no minimum initial deposit and no ongoing minimum balance requirement. You can earn interest on any balance you hold in the account, beginning at $0.01.

And that interest rate is currently sitting at 0.40% APY (as of January 12, 2021). That’s greater than 5 times the rate being paid on savings accounts nationally.

Since the rate is applied to virtually all balances in the account, they can work especially well for those with small savings balances, or anyone who’s savings account balance tends to fluctuate dramatically from one month to the next. Unlike many competing banks, there’s no tiered interest rate structure to worry about. You won’t need to tie up thousands of dollars to earn a high-interest rate.

Barclays Online Savings Account at a Glance

Account TypeHigh Yield Savings
Interest Rate0.40% APY
Minimum DepositNone
Monthly FeesNone

Features

Barclays is what you might consider being a limited-service bank. First, they have only five branches in the entire country, making them primarily an online bank (which is increasingly a non-problem). Though they don’t offer checking accounts, they do provide CDs and credit cards.

Interest earned on your account is compounded daily, and credited monthly.

Account Funding

You can transfer funds from an externally linked account, or set up direct deposits. You can also make mobile deposits from your smartphone. Alternatively, you can mail a check to the bank’s Illinois address. However, there’s no availability to make cash deposits. As well, deposits made by check or even electronic transfer are subject to a hold of up to five business days.

Checks made by mobile deposits are limited to a maximum of $5,000 per individual check, and not more than $10,000 per day. The maximum number of checks permitted for deposit is 10 per day, up to the dollar maximum. There’s also a 10-day maximum amount of $50,000, with no more than 20 deposits.

Withdrawing Funds From Your Account

To access the funds in your account, you’ll need to transfer them to an external account. It can take two or three business days for the funds to be posted to your linked account.

Fees

One of the big advantages of Barclays Online Savings Account is that you can earn high interest with no monthly fees.

Other Potential Fees:

  • $0.50: Statement copy, $0.50 per statement
  • $5: Excessive transaction charge, $5 for each transaction in excess of six per statement cycle (this is per Federal Regulation H which governs activity in savings and money market accounts).
  • $5: Official Check/Cashier’s Check
  • $5: Returned deposited item, $5 per item, not to exceed $50 per business day
  • $5: Non-sufficient funds, $5 per item
  • $25: Express mail/rush delivery charge

As you can see, the Barclays Online Savings Account comes with practically no fees of any kind.

Getting Started

To be eligible to open a Barclays Online Savings Account you’ll need to be a US citizen and at least 18 years old, have a physical US address, a Social Security number, and a valid external bank account.

You can sign up for the account through the website, supplying the following information:

  • Your full name
  • Social Security number
  • Date of birth
  • Country of citizenship
  • A valid email address
  • Your primary home address
  • A valid phone number
  • Information for the bank you’re linking to the account, including the bank routing number and your personal account number
  • Similar information will be required from a joint applicant

Once all the above has been entered on your application, you’ll need to indicate if the account will be single or joint, the specific account type (online savings or online CD), and the amount of your opening deposit.

You’ll then need to create login credentials, including a user ID, password, your mother’s maiden name, then select a security question and answer. Finally, you’ll be required to read and accept the terms of the electronic consent agreement, account terms and conditions, and complete a W-9 certification.

After your account has been opened, you can fund it by setting up a transfer from your linked bank account. The transfer can take up to five business days to complete.

Security

All deposit accounts held with Barclays are covered by FDIC insurance for up to $250,000 per depositor.

Customer Support

Customer service and support are available online, 24/7. Phone contact is available Monday through Friday, from 8:00 am to 8:00 pm, Eastern time.

Pros and Cons

Pros:

  • The account pays interest at a rate 5 times higher than the national average for savings accounts.
  • There’s no minimum initial deposit requirement, and no ongoing minimum balance requirement. You can earn interest on all account balances.
  • The account has no monthly fees, and is light on all other fees.
  • Barclays has very competitive rates on their CD products, if you need to tie up some savings for longer-term goals.

Cons:

  • Barclays is a limited-service bank. For example, they don’t provide checking accounts or most loan types.
  • The account does not include a debit card. Access to your funds will be limited.
  • As a savings account, federal law prohibits more than six transfers or withdrawals per account statement cycle, without incurring an excess transactions fee.
  • Account deposits are held for five business days for both check deposits and electronic transfers.

Alternatives to Barclays Savings Account

Barclays Online Savings Account has plenty of competition in the high-yield savings account field:

UFB Direct Bank High Yield Savings Account

For example, UFB Direct Bank High Yield Savings is currently paying 0.20% APY on balances over $10,000. The catch, however, is that you’ll earn no interest at all on the first $9,999.99. But it’s a decent yield if you have a very large savings account balance. You’ll also get to keep 100% of that interest too, because there are no monthly fees.

Next Steps:

CIT Bank Savings Builder

If you don’t have a few thousand dollars in spare cash sitting around to tie up in a savings account, check out the CIT Bank Savings Builder. You can earn 0.45% APY with a minimum balance of $25,000 – BUT(!) – you can earn the same interest rate by depositing just $100, and then making monthly deposits of $100 thereafter. There are no monthly fees for this account.

Next Steps:

Discover Online Savings Account

Discover Online Savings Account may have the simplest high-yield savings account offer there is. You can earn 0.50% APY with no minimum balance requirement, upfront or ongoing. And the account comes with no monthly fees.

Next Steps:

You can check out these and many other high-yield savings accounts at my Best High Yield Savings Accounts for 2021 guide.

Is A Barclays Online Savings Account For You?

Barclays Online Savings Account is an excellent choice if you generally tend to maintain a small savings account balance. Since there is no minimum initial deposit requirement, you can open an account and earn high interest on virtually any balance.

It’s also a good savings solution for you if you tend to maintain a fluctuating savings account balance. You don’t need to tie up several thousand dollars to earn the posted interest rate.

Barclays Online Savings Account is an outstanding choice as a savings account. But if you’re looking for a full-service bank, you may need to maintain two separate banking relationships. You can hold your savings in a Barclays Online Savings Account but maintain your regular banking services through another bank that offers the full range of services needed.

But if you want to earn high interest on your savings at any balance level, the Barclays Online Savings Account can be the perfect choice for you.

Learn more by reading our full Barclays Bank Review.

Additional Disclosures: Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Millennial Money, CardRatings and creditcards.com may receive a commission from card issuers. This site does not include all financial companies or financial offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Источник: https://millennialmoney.com/barclays-online-savings-review/

Information about this product has been collected independently by the author. The issuer did not provide the details, nor is it responsible for their accuracy.

My local bank offers a basic savings account with a 0.01% interest rate with the opportunity for a lot of fees.

If you are a high roller and have a minimum of $30,000 to open an account, you can earn 0.25% interest at that bank (the interest rate “skyrockets” to 0.65% if you can bring $5 million to the table).

Oh, and it took me a couple of minutes to find that information.

Where’s the transparency?

If this situation sounds familiar to you, then I recommend looking into an online high yield savings account where you can earn a better return on your money, avoid most fees, and enjoy added functionality.

If you still need a brick and mortar bank, then consider keeping your local account and using the online savings account to stash your emergency fund, long-term savings, or high-interest CDs.

Top 14 Best High Yield Online Savings Accounts Right Now

best online high yield savings accounts

The following banks meet the criteria listed above, and each of them offers something a little different than its competitors.

These banks are all covered by the FDIC and are great options if you are searching for a new online bank.

Bank rates change often, but we do our best to maintain an accurate listing of current high yield savings account rates.

Use the following chart for current options, or read more details below the rate chart.

CIT Bank – Editor’s Pick for Highest Interest Rates

While CIT Bank is not the most well-known bank on our list, it’s one of the best options. They were established in 1908, and they have over $50 billion in assets. As a company, they provide just about every possible financial service that you can think of.

CIT Bank has several different savings account options that you can choose from, but the most popular is the Premier High Yield Savings account, which features interest rates that are among the highest in the nation (the bank rate table on this page should show the current APY). CIT Bank is also well-known for its no-fee CD accounts.

CIT Bank requires a $100 deposit to open, but it doesn’t have any fees. If you’re looking for high rates, but you don’t want to pay any monthly fees, CIT Bank is an excellent option. Learn more in our CIT Bank review.

CIT Bank CIT Bank offers some of the highest interest rates in the U.S. for both online savings and Certificates of Deposits (CDs). Visit CIT Bank to learn more. CIT Bank

BBVA Online Savings Account

The BBVA Online Savings account combines one of the highest online savings account interest rates with a great online checking account. BBVA (formerly BBVA Compass) online savings accounts feature Free Online Banking, Mobile Banking, and Bill Pay.

Their network of ATMs includes all BBVA ATMs as well as the Allpoint® ATM network, which features over 64,000 free ATMs. The minimum to open an account is only $25. You can learn more in our BBVA Bank Review.

FNBO Direct

First National Bank of Omaha is a financial company that has been around for over 150 years. They have years and years of experience offering quality financial services to clients across the nation.

They have physical locations in Nebraska, Colorado, Illinois, Iowa, and several other states, but with their online savings account, it can enjoy their benefits from wherever that you live. FNBO Direct has won numerous industry awards and they have 4 out of 5 stars from the Bankrate’s Safe and Sound Ratings.

They require a $1 minimum deposit (which I’m sure you have in-between your couch cushions), and their interest rates are in the top 5% in the nation. You can learn more about FNBO Direct in our review.

EverBank

EverBank is another bank on our list that you might not have heard of. While they aren’t the most well-known bank on our list, they could be one of the best options depending on your finances.

Their Yield Pledge Money Market account is an excellent place to stash your money if you’re looking for a high-yield savings account. According to their site, their yields “never stray from the top 5% of Competitive Accounts,” which is a nice advantage.

Not only that, but they allow you to make mobile check deposits, move money six times a month, and they have no monthly fees. The one thing to note with this savings account is that requires a $5,000 deposit to open.

Discover Bank Online Savings Account

Much like American Express, Discover is not just a credit card company anymore. They also have a savings account that you can open.

They typically feature well-above-average interest rates, with no opening deposit requirement and no monthly fees that you have to worry about. One of the other advantages of the Discover savings account is that the interest is compounded daily and paid monthly.

Discover tells you on their site that they have zero hidden fees. You won’t be charged monthly, there is no minimum balance that you have to maintain and $0 for incoming wire transfers.

Learn more about all the banking products offered by Discover in our Discover Bank review.

USAA – Best Online Bank for Military and their Families

USAA is a great institution and I do most of my banking with them. They are not going to give you the best interest rates, but they give you some of the best customer service you will find anywhere. And they are a leader among the best military banks.

To be eligible to become a USAA member you have to have served in the military or have a parent who has served and is a USAA member. If your parents have served in the military, but have not signed up for USAA they can set up an account free of charge without signing up for any services. As soon as your veteran parent has a member number, you can use that number to start your account.

Chase Bank – Best Savings Account Bonus

Chase Bank is one of the largest banks in the United States and, while they do not offer the best interest rates, they offer some of the largest bonuses for opening an account of any of the online banks.

Currently, they are offering $150 for anyone who opens a new Chase SavingsSM account. Chase also offers other bonus offers for different types of checking accounts.

To qualify for the $150 bonus it’s also required to deposit a total of $10,000 or more within 20 business days and maintain a $10,000 balance for 90 days.

Visit the Chase website to open a Chase SavingsSM Account

Ally Bank

While Ally Bank is quickly becoming one of the most popular banks on our list. They were initially established as General Motors Acceptance Corporation in 1919 but changed their name to Ally Financial in 2009.

They offer a variety of financial services that you can take advantage of, including Ally Invest. But we are going to focus on the savings account. Aside from having excellent customer service at your disposal 24 hours a day, you can also enjoy their high interest rates, zero fees every month, and a wide array of financial products and services.

They compound the interest daily and will allow you to deposit checks with their mobile app.

You can learn more about all these features in our Ally Bank review.

Barclays Bank

Barclays Bank offers some of the highest interest rates in the U.S. However, they are not a full-service bank. Barclays is able to offer high interest rates on savings by limiting their accounts to savings and certificates of deposit. Barclays Bank does not currently offer a checking account or even have an ATM network.

That said, if you are a rate chaser, Barclays is one bank worth looking into. Their rates are generally among the highest you can find, and they tend to offer great CD rates as well.

You can link your Barclays Bank account to several other banks and deposit checks online or by using their iOS or Android App. You can learn more in our Barclays Bank Savings Account Review.

Capital One 360

Capital One’s 360 Savings account is a great addition to anyone that already has an account with Capital One. Their interest rates are higher than you’re going to find at just about any local bank, but several other online options are going to offer better rates.

That said, they have many attractive features, including the ability to make sub-accounts, link external accounts, and thousands of fee-free ATMs.

Just like every other company on our list, they don’t have any monthly fees, and there is no minimum balance that you have to keep.

They have excellent customer service, and they make it extremely simple to apply for an account. You can learn more in our Capital One 360 review.

Note:Capital One 360 also has a $25 new customer bonus.

Sallie Mae Bank

Sallie Mae just opened a new consumer banking division and they currently offer some of the highest rates in the nation. Sallie Mae is FDIC insured, has no minimum balance requirements, and no fees. Sallie Mae also has a unique arrangement with Upromise – you can earn a 10% annual match on Upromise earnings.

For more information, please read this Sallie Mae Savings Account Review for more information.

SmartyPig

SmartyPig is a different kind of bank, offering high interest rates and an incentive to save. SmartyPig is FDIC insured and has no minimum balance or fees.

To open a SmartyPig account, you need to declare a savings goal, then set up automatic deposits toward your goal. This is an easy process and only takes a few minutes to set up.

For more information about SmartyPig’s great interest rates or to open an account, see this Smarty Pig review.

Synchrony

Synchrony is frequently one of the top online banks for interest rates and has been a top competitor with the other online only banks for years.

How to Find the Best Savings Accounts and Interest Rates

All banks and credit unions are not created equally. There are variations in interest rates, reliability, functionality, and more.

When looking for a new bank, consider these features:

  • FDIC insurance.FDIC Insurance is one of the most important features – if the bank is not FDIC insured, keep looking.
  • Interest rates.The higher the better, provided the bank meets your other needs.
  • Account minimums. Some banks require you to deposit a large amount of money to receive the best rates or avoid fees.
  • Fees. Keep these to a minimum.
  • Functionality. Some banks offer great features such as unlimited sub-accounts, high yield checking accounts, Certificates of Deposit, the ability to link to a brokerage account, and more.
  • Access to funds. How quickly and easily can you access your money if you need it? Is there a brick and mortar version of the bank, or is it only online?
  • Do they offer an online checking account? You may wish to match your online savings account with a checking account for ease of access and higher interest rates. Unfortunately, not all online banks offer checking accounts. See our list of best online checking accounts for more information.
  • Is there a sign-up bonus? Some banks offer sing up bonuses when you open a new account. This can be a quick and easy way to earn several hundred dollars. See our list of current bank sign up bonuses for more information.

Check out our post about the benefits of Chase Checking accounts, this is one great online banking option with perks of free money for signing up!

Also remember, putting money into a savings account can not only help you but can really help your children and your family as a whole!

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Источник: https://cashmoneylife.com/the-best-online-high-yield-savings-accounts/

Discover Bank Review: Online Savings, Checking, CDs, and MMA

I don’t ask for much in a bank.

Basically, I want my money to be safe, and I’d prefer not to have to pay exorbitant monthly fees to access my cash. It’d also be helpful if I could get some cashback or earn more interest than a mere $0.02 per statement (or less).

You’d think that what I’m asking for would be commonplace, but the big banks’ towering skyscrapers and 7 and 8 figure executive salaries don’t pay themselves. As a result, they squeeze their account holders for every last dime, and they make it seem like they’re doing us a favor by holding onto our cash for us.

I realized not long ago that if I wanted fair treatment, I had to ditch the brick and mortar banking establishments and look elsewhere. Online banks are the way to go, but I kissed a few frogs before I opened an account with Discover. And now, I won’t bank anywhere else.

Despite what is about to be an overall glowing review, Discover Bank is not without its flaws. So, I’ll be honest, and in this review, I’ll tell you where I think they’re doing an excellent job for their customers, and where they could use some improvement.

Is Discover Safe?

What I appreciate most about Discover is that I know my money is safe with them. In the early 2000s, a lot of suspicious-looking banks opened their virtual doors, and the Internet was a Wild, Wild West of scammers and Nigerian princes.

Since Discover is an established institution with a history of serving credit card customers since 1985, there’s a sense of security when you store your money with them.

If you are wondering what bank owns Discover, it’s Discover Financial Services, Inc. This is the same for many card companies. For example, the “real” AmEx cards are backed by American Express Centurion Bank.

Is Discover Bank federally insured?

While they are relative newcomers to the banking industry, you can rest assured that your funds are FDIC-insured up to the maximum allowed by law, which at the time of this publication is $250,000.

But, before you get too excited about the security of your money, FDIC insurance (Federal Deposit Insurance Corporation) only kicks in if the bank goes under.

It’s most relevant during extreme financial crises like The Great Depression and the 2008 Financial Crisis. In 2008, 25 banks failed. However, it doesn’t apply to theft or hackers.

What about hackers?

Knowing that Discover Bank isn’t likely to fail, the biggest concern in my mind is what happens if there’s a security breach and hackers steal my money. This isn’t just me being paranoid, either.

Hacking and digital theft are on the rise, and many major corporations have had their customers’ information compromised. Fortunately, Discover Bank has private insurance if unscrupulous computer thieves steal your information and cash.

In this Discover Bank review, I’ll discuss four of their main banking products, and share what I think about each one.

Discover Bank BBB rating

Discover Bank holds an A+ rating with the Better Business Bureau (BBB) with 58 years of continuous business served.

Online Discover Bank Savings Account

Discover’s savings account was named one of our best savings accounts of the year, and it’s easy to see why. Discover stays ahead of other companies with their lack of fees and high APY (annual percentage yield). It’s important to have a good understanding of how APY works if you don’t already.

APY

Discover has one of the highest APYs in the online banking world, which is a huge perk. Brick and mortar banks typically give about 0.01% to 0.05% APY, but with the low overhead of an online bank, those savings get passed onto the consumer.

Interest rates fluctuate regularly, so it’s best to check Discover’s website for the latest APY. These are based on the economy and other factors so they may change from time to time.

No maintenance fees or minimum balance requirements

To me, not having to pay for the privilege of storing my money is even more important than the interest rate.

We’ve all had a financial emergency at one time or another. Whether it’s a significant car repair, an unexpected medical expense, a tuition hike, or an irresistible pair of Jimmy Choo’s, a temporary dip in the bank account is normal.

What’s not normal is being punished for it. As the saying goes, life isn’t fair, but I still think maintenance fees and requirements for a minimum balance stink.

This is another reason that I love Discover Bank. No monthly maintenance fee or minimum deposit makes it easy for anyone to open and maintain an account.

Discover Bank savings account bonus

If you have a large amount of money you want to deposit in a Discover Bank savings account, their savings account bonus puts them ahead of most other options.

Although Discover does not have a minimum you must deposit for opening a savings account, you do have a minimum you must deposit in order to get the Discover savings account bonus. This offer varies, so check out Discover’s online savings account for current bonus opportunities.

Discover Bank locations and ATMs

One of the significant tradeoffs of Internet banking is not having access to an ATM since there are no physical branches.

Discover technically has one branch in Delaware, and that happens to be the only place you can deposit cash into your account. So, unless you happen to live near that office, you won’t be able to put cash directly into your account. Because there are no Discover Bank locations outside of the one in Delaware, you’ll be limited to check deposits or wire transfers only. If you run a cash-based business, this may be a deal-breaker for you.

However, you still have access to 415,000 ATMs. Watch out for fees, though. The average transaction fee is $2.77, and only 60,000 of the ATMs in Discover’s network waive the fee. There’s also a limit of six withdrawals per month, but that’s universal across all online savings accounts, not just Discover’s. If you exceed the withdrawal frequency, you’ll have to pay for each incident over the limit.

There’s another way to get cashback without paying for it. If you open a checking account and get a debit card, you’ll get cashback with no transaction fees on some purchases.

Fee forgiveness

As of June 16th, 2019, Discover’s online savings accounts, checking accounts, and money market accounts have all converted to fee-free structures.

This means no fees for stop-orders on checks, no overdraft fees, and no minimum balance fees.

With such fees typically ranging from $15 to $30, Discover has taken the industry lead in eliminating pesky fees that otherwise plague consumer balances.

To sum up: If you’re actively trying to save money, then Discover Bank is the clear winner for a high-interest online savings account. You get some of the highest interest rates around, and you never have to worry about paying fees to store your cash.

Checking Account

Checking accounts with consumer-friendly policies are even harder to come by than savings accounts. This is because banks know that checking accounts are likely to have lower balances and more activity than a savings account.

You’re paying bills from this account and potentially using a debit card. All that activity can be expensive to track.

In my opinion, the checking account department is where Discover Bank really shines. Here’s why:

Cashback on debit card purchases

I think many of us like to take advantage of ways to make money fast.

With cashback bonuses, you’re not going to get rich. However, only a handful of banks offer rewards on debit card purchases, so this makes Discover stand out.

No monthly fees or minimum deposits

Again, if it’s the end of the month and my balance is low until my next paycheck gets deposited, I don’t have to pay a “maintenance” fee. There’s no denying that having a checking account is a convenience, so it’s refreshing not to have to pay for the privilege.

No fees for bank checks

Also known as cashier’s checks.

At my last greedy bank, I had to pay $8. It’s not something you need every day, but it seems insane to charge that much.

No fees for returned deposits

If you’ve ever cashed a check somewhere and had it bounce, you might have been charged $15 to $35 for something that you have no control over and isn’t your fault.

If you’re on a tight budget, that could also lead to an overdraft, which is another fee. That’s why I appreciate Discover because there’s no fee for someone else’s check bouncing.

Easy getting started

Have you ever opened a checking account in person? It’s a long process that feels like a mix of an invasive doctor’s appointment and a trip to the DMV.

There’s a lot of paperwork, questions to answer, and tons of waiting. And whenever I’m sitting in a bank, I begin second-guessing every single one of my financial decisions.

When you open a bank account online, there’s no judgment about how much you plan to fund your account. It’s three easy (and painless) steps.

discover bank's cashback debit account signup portal

Excellent Discover Bank app

Other online banking apps have been a nightmare to use. One app crashed every time I tried to deposit a check. And, more often than not, it would tell me that it couldn’t read the sum I deposited, even though it was typed out and not scrawled in illegible ink.

The Discover Banking app has a 4.8 rating and a whopping 1.66 million reviews. To say it works like it’s supposed to is an understatement.

It is expected that the Discover Mobile App will remain excellent and up-to-date since there is only one Discover Bank location. Most transactions are meant to be completed online or on your smartphone and, therefore, the company relies on a top-quality banking app.

To sum up: Unless you’re in a situation with your checking account physically handcuffed to other assets that make closing it down impossible, I highly recommend using Discover for your checking and debit card needs.

Certificates of Deposit (CDs)

If you know you won’t need to touch your money for a while, a CD is a safe way to collect a higher interest rate than a bank account.

Discover Bank CD rates

At the time of this publication, only a couple of banks came close to paying what a Discover Bank CD rate paid. Some factors that play into what kind of CD rate you can get include:

  • The length of time before your CD rate matures
  • The current interest rate environment
  • How much your bank anticipates they can make with the money you deposited

FDIC-Insured

I love CDs because when I have extra cash, I can put it to work with zero risks because the funds are FDIC-insured.

Let’s say I have a summer European vacation planned next year, and I’d like to have an extra $1,000 on hand to take along. I can use Discover’s online calculator to figure out exactly how much money I’d have to set aside, and how long it would take to reach my goal.

No risk

What’s most useful about Discover’s CDs is that I don’t even have to plan far in advance to benefit.

For example, you already know that a bank account can pay over 1.5% interest. But keeping that same amount secure in a CD for just 12 months, I can earn a higher rate. It’s like having free money, and there’s virtually no risk.

To sum up: If you have even a little bit of extra cash that you know you don’t need immediately, a CD is a no-brainer. If only I had discovered these financial instruments sooner… Like when I was five. Like the checking account, you can also open a Discover CD online in three easy steps.

Money Market Account (MMA)

Our Discover Bank review would not be complete without talking about Discover MMAs. A money market account is nearly identical to a bank account with a few exceptions:

  1. First, the best money market accounts generally have high-interest rates.
  2. Second, it generally requires a higher minimum deposit to open.

With Discover, the minimum opening amount is $2,500. There’s no fee for dropping below that point, but you’ll need at least that much cash on hand to get started.

APY

Here’s where things get a bit odd, though. There are two listed APYs for money market accounts (one for balances under $100,000 and one for balances over $100,000), but both rates are less than the regular online savings account.

I found there’s no discernible difference other than the money market account being more restrictive and paying less interest, which means there may be better options out there if you are specifically looking for a money market account.

Discover Bank Review Conclusion

Overall, my Discover Bank review is positive. They offer competitively high rates, no fees on most products, a fantastic app, and easy access to your funds.

Discover Bank customer service is top-notch and they are backed by the FDIC. There are some cons (like anything in life), but these certainly do not outweigh the benefits.

Pros of Discover Bank

The rates are competitive. You’ll get more interest and more cashback than just about anywhere else.

No fee savings, checking and money market products. No maintenance fees, low or no minimum balances, and no fees for routine services make Discover a top choice for anyone’s banking needs.

Easy access to your money. With nearly half a million ATMs, you’ll be able to get cash almost anywhere.

An out-of-this-world app. Thankfully, apps, in general, have gotten better over the years, but several in the banking industry still need improvements. The Discover Mobile app is indisputably first class.

Discover Bank customer service. The company employs a U.S.-based customer service team. If you’ve tried discussing anything complicated or had to repeat a string of 16 digits over and over again because of bad phone connections, delays, or a poorly trained staff, you know how frustrating that can be.

Discover Bank cons

There is only one Discover bank location. If you do need to do any in-person banking, you may decide to go with another institution.

No overdraft credit line. Consumers can’t borrow from other accounts to cover temporary shortfalls outside of non-saving, checking, and money market accounts. 

Disclosure:

ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cashback rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal™, who also provide P2P payments) may not be eligible for cashback rewards. Apple, the Apple logo, and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.

Author
Источник: https://dollarsprout.com/discover-bank-review/

5 Best Online Savings Accounts to Grow Your Money This Year

Finding the best online savings account to put your money in is a crucial decision.

The great thing though, is that you don’t have to limit yourself to just one type of account. Heck, you can have as many different savings accounts as you want — since most of them are free to open!

But it IS important to choose the best online savings account or app so you can make the most of your hard-earned money.

Plus, the best savings accounts are virtually risk-free and FDIC insured.

This type of account provides a good vehicle for shorter or mid-term goals, like saving for a vacation, or building an emergency fund.

With these things in mind, here are some of the best online savings accounts and mobile saving apps to consider stashing your cash in 2018.

1. CIT Bank – Best free savings account

CIT Bank is at the top of this list for a reason! They are a very large and well-established bank (even if you haven’t heard of them before).

All of their deposits are FDIC insured, so your money is safe and sound. CIT Bank specifically works with small businesses and self-employed individuals to offer simplified loans and banking products.

The reason they can offer some of the highest interest rates on savings accounts is because they are an internet-only bank.

There are no monthly maintenance fees and you can open an account with just $100.

2. Discover Bank – Highest savings interest rates

Discover Bank

I have been a Discover Bank customer for many years and continue to like and use their online savings account. They continue to be one of the leaders in the industry thanks to excellent customer service and user-friendly credit cards.

With a Discover Online Savings Account your money will earn a very decent interest rate on all balances — often times one of the highest savings rates around.

To open a a new savings account there’s no minimum balance needed and no monthly fee.

3. Digit – Best mobile app for saving

Digit mobile app savings

I have been using Digit since January 2015 so I just passed the three-year anniversary mark. Since then I’ve enjoyed Digit so much that my husband and friends even use Digit to save money.

The account is free for the first 100 days and automatically withdraws money (only if you can afford it!) from your checking account every few days.

With Digit’s mobile app savings account your money doesn’t specifically earn an interest rate, but you are awarded savings bonuses.

The monthly fee is $2.99 but there are no transaction limits or minimums to worry about.

Click here >>> open a free Digit savings account.

4. Capital One 360 – Multiple savings accounts

Capital One 360

I have also been a customer of Capital One since I was in my early twenties (so that’s nearly a decade for anyone who’s doing the math, ha!).

They offer an amazing array of products for freelancers, small business owners and individuals — no matter what kind of banking needs you have.

With a Capital One 360 savings account you will be awarded with no monthly fees or minimums required. Plus, you can have multiple savings accounts at a time.

5. Ally Bank – Most like a traditional bank

Ally Bank

Established in 2001, Ally Bank has had an extremely strong reputation for putting their customers first. Their banking services are very user-friendly and they offer great products such as their online savings account.

With an Ally Bank savings account your deposits will earn a decent interest rate with no monthly fees and only $1 minimum required. You can also easily transfer money back-and-forth from your Ally Bank checking account.

Now that you’ve been able to compare the different types of savings accounts available, it’s important to know how to choose the right one!

Types of savings accounts

When it comes to finding the best online savings account it’s easy to get discouraged about the very small amount of interest you’ll likely earn.

I mean, at best you’ll earn around 1-2% for the money you stash in the account.

However, it’s important to keep in mind that a savings account is just that; for saving money! It’s not particularly geared towards producing decent income or increasing your investment.

Different types of savings accounts are simplistic in nature. They are a means to help you save money towards a certain financial goal!

That being said, here are five types of savings accounts.

Traditional savings account

This type of account is one that almost all banks offer. It’s a no frills, simple place to store and save money.

It’s similar to a checking account. If you need your money it’s available for immediate withdrawal — most of the time without penalties.

However, you won’t have check-writing abilities, and it might come with a higher opening balance. This account is sometimes called a statement savings account, or a normal savings account.

You can often add or withdraw funds at your own discretion. However, this type of savings account at a large bank (such as Chase or Wells Fargo) tends to have a very low interest rate.

For this reason, this is why I’ll be suggesting online savings accounts as the best choice because of their high-yield interest rates.

Money Market deposit account

This account can be used like a regular savings account, with a few differences. It normally has a minimum daily balance requirement, and only a certain number of withdrawals are allowed per month.

Many money market accounts have check-writing abilities but also a small monthly fee charged to them. The interest rate is higher than a regular savings but less than an online savings account.

Online savings account

This type of savings account is conducted exclusively online via internet access only (and sometimes over the phone).

You won’t have to pay any monthly fees and there are no minimum balance requirements. Normally, you have an unlimited amount of transactions as well.

Even withthe best online savings accounts, it can, however, take 1-2 business days for your money to transfer between accounts. This means you won’t be able to withdraw your money using a teller or a physical bank branch.

Since the company doesn’t have to pay for a building or overhead costs, this account generally has a very good interest rate.

This is a great savings account for your money! Especially if you’re looking to make a few dollars and don’t need instant access to your funds.

Popular Pick!

CIT Bank’s online savings account is a popular choice with our readers thanks to the high interest rate. There are no fees and the account is completely free!

Certificates of Deposits (CD’s)

Sometimes called CD, a certificate of deposit is a savings certificate giving you the right to earn and collect interest upon the maturity date. The maturity date and term can be set anywhere from 30 days to five years.

This often comes with a fixed interest rate as well. It’s a great vehicle for saving money you need for a certain time period. You can lock in one of the best interest rates, with no risk, and watch your balance grow.

A couple drawbacks are that you can’t add more money or withdraw funds — without paying penalties and possibly forgoing the interest already earned.

Mobile savings app

While most of the above choices have been around for decades, mobile money-saving apps are taking the industry by storm. Apps like Digit and Acorns allow users to save and invest money without thinking.

Most mobile savings apps are text-based and offer completely free accounts.

The only drawback is that you might not earn as much interest as you would with an online savings account.

However, this is overcome by the ability to save money without setting up automatic transfers using a tactic called micro-saving.

Very small amounts of money are withdrawn, starting at just $1-2, from your checking account and are added to your mobile app savings account. Next thing you know, you have several hundred dollars saved up without even missing it.

Finding the right online savings account

Now that you understand the various types of accounts it’s important to choose the right online savings account for your needs.

Not all banks and accounts are the same. And you don’t want to end up paying unnecessary fees.

When shopping around, use this checklist:

  • Monthly fees
  • Withdrawal or transaction limits
  • Overdraft and ATM fees
  • Minimum balance requirements
  • Interest rates on money saved
  • Opening balance needed
  • Ease of transfers and withdrawals
Find out the top 5 best online savings account to stash your cash and see a good return! Plus, find out how to choose the best online savings accounts for your needs.
Trying to figure out the best place to stash your savings? This post covers the best types of savings accounts and how to choose the best one for your needs.
The 5 Best Online Savings Accounts to Put Your Money In This Year
The 5 Best Online Savings Accounts to Put Your Money In This Year -- These savings accounts have no fees, high interest rates, and you can choose from a variety of banks to have a solid money plan!

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Источник: https://www.carefulcents.com/best-online-savings-account/

Discover Bank Online Savings Account Review

Discover Bank App

The online savings account from Discover Bank, Member FDIC offers competitive savings rates that will help your money grow faster.

Additionally, there are no monthly fees to worry about.

Find out what makes Discover Bank’s online savings account one of the best places to keep your extra cash.

In this Discover Bank Online Savings Account review, we'll compare rates, fees, and services to other national and online banks.

High Savings Rates to Reach Money Goals Faster

Savings accounts are designed to be places to store extra money that you cannot afford to lose.

Even if you never touch the money in your account, you still may end up losing out to inflation. Inflation reduces the value of money over time. To combat inflation, savings accounts offer interest. 

Most large banks offer interest rates close 0.01% APY on savings accounts.

Online banks cost less to run because they don’t need to pay for costly physical locations. That allows online banks to compete with traditional banks by offering higher interest rates.

Discover Bank’s online savings account offers an interest rate that is significantly higher than what you’ll get at large national banks.

Interest Rates Make a Big Difference Over Time

If you’re curious as to the power that an account’s interest rate has over time, consider this example.

You’re saving to put your child through college. You have 15 years until you have to pay the first bill and have $10,000 to start the account with. You’re planning to add $100 each month until your child enters college.

Over the course of the 15 years, you add a total of $18,000 to the savings account. All told, you’ll have contributed $28,000 to the account, any amount over that will have come from interest.

If you put your money in a savings account offering 0.01%APY, you’ll have $28,028.44. In 15 years, you’ll have earned just $28.44 in interest, not even $2 per year.

What makes interest such a powerful force over long time periods is the fact that it compounds. That means that you earn interest on your interest. As you leave your savings to compound, the amount of money you’ll earn from interest will accelerate.

Minimum Balance and Monthly Fees

Because savings accounts are supposed to be safe places to store your money, the last thing you want is to get hit with fees.

Despite this, many banks have instituted a wide variety of fees: maintenance fees, below minimum balance fees, ATM fees, and so on.

Banks have added these fees to accounts for two reasons. The first is that fees help the bank increase revenue.

The second is that the banks can offer to waive the fees if you meet certain requirements. That allows them to encourage customers to behave certain ways.

Even if you’re good at jumping through the hoops to avoid fees, one mistake can result in a large fee, wiping out the interest you’ve earned.

One of the big draws of Discover Bank’s online savings account is that there are no monthly fees and no minimum balance.

You can open an account with whatever amount of money you’d like. Once the account is open, you’ll never be charged a fee just for keeping the account open, no matter what your balance is.

The account is a truly safe place to keep your money since you can be confident that Discover won’t be taking your savings with fees.

Discover Bank Savings Account Fees

Type Fee
Monthly Maintenance Fee$0
Official Bank Check$0
Deposited Item Returned$0
Excessive Withdrawal Fees (In excess of 6 qualifying transactions)$0
Stop Payment Fee$0
Outgoing Wire Transfer$30
Incoming Wire Transfer$0
Insufficient Funds Fee$0

Other Fees

Discover Bank aims to keep the fees it charges to its customers to a minimum.

In fact:

This savings account doesn't have any fees.

That means no fees for incoming wire transfers or official bank checks. You can even get official bank checks expedited for free.

Savings accounts are supposed to be a safe place to store your money. They aren’t intended to be used like a checking account, with regular withdrawals or transfers.

For that reason, federal law mandates that customers be charged a fee for every transfer or withdrawal after the sixth per calendar month.

Now:

Discover won't charge for excessive withdrawals, but if they occur frequently, the bank may close the account.

Easy Access to Your Account

One of the most common concerns that people have about online bank accounts is how they can access their account.

Discover Bank offers a mobile application and website that has been designed to make it easy to access and manage your money.

Managing your money is easy. You can use the website or app to set up recurring transfers, move money between accounts, view your balance, and check your account activity.

Discover Bank’s online savings account accepts deposits in a variety of ways. The easiest is to deposit a check using the mobile app on your phone.

You can also transfer money to the account from another account at Discover or a different bank. Discover Bank also accepts direct deposits. Finally, you can physically mail a check to Discover Bank to make a deposit.

Withdrawing money is more difficult. You will need to transfer the funds to another account before you can withdraw it from an ATM.

Wire transfers will incur a fee. You can also request an official bank check through the mail, which you can then cash.

Award-Winning Customer Service

Discover’s credit card division became well known for its excellent customer service and Discover Bank is no different. You can call Discover any time for help or technical support with your account.

If you’d rather not make a phone call, Discover offers a secure messaging system and live chats with customer support representatives. You can also send physical mail to Discover Bank if you’d rather seek help that way.

Access to a Variety of Banking Services

Discover Bank doesn’t just offer an online savings account. Discover has followed the trend of many online banks that have expanded in recent years by offering a variety of banking services.

Most people are already familiar with Discover’s credit card offerings. You can also open a checking account, IRA or purchase certificates of deposit (CDs).

If you need a loan Discover Bank offers personal, student, or home equity loans.

If you’re looking to keep your financial life simple, having one bank serve all your financial needs is a big help.

Discover is a great choice if you’re looking to keep things centralized.

Compared to Other Online Savings Accounts

Discover is in tough competition with several other online banks that offer a very similar product:

Ally Online Savings Account

Ally Bank's online savings account also offers an impressive interest rate without monthly fees. It also offers a free online interest checking account and high CD rates.

Synchrony Bank High Yield Savings

Synchrony Bank offers a high savings rate without any monthly fees. The account also comes with optional ATM card for easy cash withdrawals.

Final Verdict: Solid Savings Account

All told, the Discover Bank Savings Account offers a fair interest rate and no fees. It’s a strong choice for someone who wants to do all of their banking with one company.

The biggest draw of Discover Bank’s online savings account will be the opportunity to centralize your finances.

Current Discover customers who are happy with the service they’ve received in the past can benefit from opening a savings account.

People with no existing relationship with Discover may be better served with another online bank with slightly higher interest rates.

More:The Best Savings Accounts of the Year

Continue Reading

Источник: https://www.mybanktracker.com

Discover Online Savings Account $200 Bonus

Bonus Amount
up to $200

Account Type
Personal Savings

Available In Your Area?
Yes update your location

Bonus Requirements
  1. Open a new Discover Online Savings Account using the link below.
  2. By December 15, deposit $15,000 to earn $150 or $25,000 to earn $200.
  3. Bonus will be credited to your account within 30 days of qualifying for the bonus.
read additional fine print

Other Details

Discover Bank is offering up to $200 for opening a new Online Savings account. You'll need to deposit $25,000 to earn the full amount, but $15,000 only results in a loss of $50.

One perk to this bonus is that Discover doesn't have a requirement for how long you need to keep the cash in the account, so you can deposit and withdraw immediately. Doesn't get much easier than that!

How To Earn The Bonus

The Discover Online Savings Account promotion requires you to deposit and maintain a minimum balance in order to earn the $200 bonus. Full requirements to receive this bonus are:

  1. Open a new Discover Online Savings Account using the link below.
  2. By December 15, deposit $15,000 to earn $150 or $25,000 to earn $200.
  3. Bonus will be credited to your account within 30 days of qualifying for the bonus.

Open an Online Savings Account before the bonus expires on December 15, 2021

The fine print

  • Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover.
  • Account must be open when bonus is credited.

Why Discover Bank?

Discover Bank is an online bank operated by the American financial services company, Discover Financial Services.

With almost 50 million cardholders, Discover is the third-largest credit card issuer in the U.S. In 2000, Discover acquired the Greenwood Trust Company and rebranded it as Discover Bank. While Discover is now fully an online bank, the company still owns and operates the original branch of The Greenwood Trust Company in Delaware, making it the bank’s only physical location.

Learn more in our Discover Bank review

Online Savings Account

Discover's Online Savings Account has no monthly maintenance fees, and offers a competitive rate for a national bank. Interest on your savings pays monthly but is compounded daily, unlike a lot of their competitors.

It's otherwise a straightforward savings account. You'll have access to Discover's app and online banking tools, and you can link it to a Cashback Debit account to have your rewards automatically deposited to your savings account in a set it and forget it fashion.

Fees

Online Savings Account does not charge a monthly fee.

Open an Online Savings Account now to earn the $200 bonus

How does this savings offer from Discover compare?

Chase Bank Logo

Chase Bank is offering $225 when you open a Chase Total Checking® account. see full details

Citi Logo

Citi gives you up to $1500 when you open a Citi Priority account. see full details

Chase Bank Logo

Earn $300 from Chase Bank when you open a Chase Business Complete Banking℠ account. see full details

Источник: https://bankbonus.com/promotions/discover-bank/online-savings-account-200-bonus-2020/

Online Savings Account

Annual percentage yield

X.XX%

Annual Percentage Yield (APY). Advertised Online Savings Account APY is accurate as of XX/XX/XXXX. Applies to personal accounts only. APY may change before or after the account is opened. No minimum deposit to open.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

X.XX%

Competitor APY comparison information obtained from Curinos, as of XX/XX/XXXX, using savings account APYs. Competitor APYs are subject to change at any time. The non-Discover Bank service marks for Chase, Citibank, Bank of America, Wells Fargo, PNC Bank, U.S. Bank, Capital One, Ally Bank, Marcus and Synchrony Bank, are owned by each respective entity. Rates were obtained from Curinos, who relies on the data from the banks it tracks and such information cannot be guaranteed.

Источник: https://www.discover.com/online-banking/savings-account/

Discover Bank Review: Online Savings, Checking, CDs, and MMA

I don’t ask for much in a bank.

Basically, I want my money to be safe, and I’d prefer not to have to pay exorbitant monthly fees to access my cash. It’d also be helpful if I could get some cashback or earn more interest than a mere $0.02 per statement (or less).

You’d think that what I’m asking for would be commonplace, but the big banks’ towering skyscrapers and 7 and 8 figure executive salaries don’t pay themselves. As a result, they squeeze their account holders for every last dime, and they make it seem like they’re doing us a favor by holding onto our cash for us.

I realized not long ago that if I wanted fair treatment, I had to ditch the brick and mortar banking establishments and look elsewhere. Online banks are the way to go, but I kissed a few frogs before I opened an account with Discover. And now, I won’t bank anywhere else.

Despite what is about to be an overall glowing review, Discover Bank is not without its flaws. So, I’ll be honest, and in this review, I’ll tell you where I think they’re doing an excellent job for their customers, and where they could use some improvement.

Is Discover Safe?

What I appreciate most about Discover is that I know my money is safe with them. In the early free credit card numbers with money 2018, a lot of suspicious-looking banks opened their virtual doors, and the Internet was a Wild, Wild West of scammers and Nigerian princes.

Since Discover is an established institution with a history of serving credit card customers since 1985, there’s a sense of security when you store your money with them.

If you are wondering what bank owns Discover, it’s Discover Financial Services, Inc. This is the same for many card companies. For example, the “real” AmEx cards are backed by American Express Centurion Bank.

Is Discover Bank federally insured?

While they are relative newcomers to the banking industry, you can rest assured that your funds are FDIC-insured up to the maximum allowed by law, which at the time of this publication is $250,000.

But, before you get too excited about the security of your money, FDIC insurance (Federal Deposit Insurance Corporation) only kicks in if the bank goes under.

It’s most relevant during extreme financial crises like The Great Depression and the 2008 Financial Crisis. In 2008, 25 banks failed. However, it doesn’t apply to theft or hackers.

What about hackers?

Knowing that Discover Bank isn’t likely to fail, the biggest concern in my mind is what happens if there’s a security breach and hackers steal my money. This isn’t just me being paranoid, either.

Hacking and digital theft are on the rise, and many major corporations have had their customers’ information compromised. Fortunately, Discover Bank has private insurance if unscrupulous computer thieves steal your information and cash.

In this Discover Bank review, I’ll discuss four of their main banking products, and share what I think about each one.

Discover Bank BBB rating

Discover Bank holds an A+ rating with the Better Business Bureau (BBB) with 58 years of continuous business served.

Online Discover Bank Savings Account

Discover’s savings account was named one of our best savings accounts of the year, and it’s easy to see why. Discover stays ahead of other companies with their lack of fees and high APY (annual percentage yield). It’s important to have a good understanding of how APY works if you don’t already.

APY

Discover has one of the highest APYs in the online banking world, which is a huge perk. Brick and mortar banks typically give about 0.01% to 0.05% APY, but with the low overhead of an online bank, those savings get passed onto the consumer.

Interest rates fluctuate regularly, so it’s best to check Discover’s website for the latest APY. These are based on the economy and other factors so they may change from time to time.

No maintenance fees or minimum balance requirements

To me, not having to pay for the privilege of storing my money is even more important than the interest rate.

We’ve all had a financial emergency at one time or another. Whether it’s a significant car repair, an unexpected medical expense, a tuition hike, or an irresistible pair of Jimmy Choo’s, a temporary dip in the bank account is normal.

What’s not normal is being punished for it. As the saying goes, life isn’t fair, but I still think maintenance fees and requirements for a minimum balance stink.

This is another reason that I love Discover Bank. No monthly maintenance fee or minimum deposit makes it easy for anyone to open and maintain an account.

Discover Bank savings account bonus

If you have a large amount of money you want to deposit in a Discover Bank savings account, their savings account bonus puts them ahead of most other options.

Although Discover does not have a minimum you must deposit for opening a savings account, you do have a minimum you must deposit in order to get the Discover savings account bonus. This offer varies, so check out Discover’s online savings account for current bonus opportunities.

Discover Bank locations and ATMs

One of the significant tradeoffs of Internet banking is not having access to an ATM since there are no physical branches.

Discover technically has one branch in Delaware, and that happens to be the only place you can deposit cash into your account. So, unless you happen to live near that office, you won’t be able to put cash directly into your account. Because there are no Discover Bank locations outside of the one in Delaware, you’ll be limited to check deposits or wire transfers only. If you run a cash-based business, this may be a deal-breaker for you.

However, you still have access to 415,000 ATMs. Watch out for fees, though. The average transaction fee is $2.77, and only 60,000 of the ATMs in Discover’s network waive the fee. There’s also a limit of six withdrawals per month, but that’s universal across all online savings accounts, not just Discover’s. If you exceed the withdrawal frequency, you’ll have to pay for each incident over the limit.

There’s another way to get cashback without paying for it. If a beginners guide to day trading online 2nd edition open a checking account and get a debit card, you’ll get cashback with no transaction fees on some purchases.

Fee forgiveness

As of June 16th, 2019, Discover’s online savings accounts, checking accounts, and money market accounts have all converted to fee-free structures.

This means no fees for stop-orders on checks, no overdraft fees, and no minimum balance fees.

With such fees typically ranging from $15 to $30, Discover has taken the industry lead in eliminating pesky fees that otherwise plague consumer balances.

To sum up: If you’re actively trying to save money, then Discover Bank is the clear winner for a high-interest online savings account. You get some of the highest interest rates around, and you never have to worry about paying fees to store your cash.

Checking Account

Checking accounts with consumer-friendly policies are even harder to come by than savings accounts. This is because banks know that checking accounts are likely to have lower balances and more activity than a savings account.

You’re paying bills from this account and potentially using a debit card. All that discover online savings fees can be expensive to track.

In my opinion, the checking account department is where Discover Bank really shines. Here’s why:

Cashback on debit card purchases

I think many of us like to take advantage of ways to make money fast.

With cashback bonuses, you’re not going to get rich. However, only a handful of banks offer rewards on debit card purchases, so this makes Discover stand out.

No monthly fees or minimum deposits

Again, if it’s the end of the month and my balance is low until my next paycheck gets deposited, I don’t have to pay a “maintenance” fee. There’s no denying that having a checking account is a convenience, so it’s refreshing not to have to pay for the privilege.

No fees for bank checks

Also known as cashier’s checks.

At my last greedy bank, I had to pay $8. It’s not something you need every day, but it seems insane to charge that much.

No fees for returned deposits

If you’ve ever cashed a check somewhere and had it bounce, you might have been charged $15 to $35 for something that you have no control over and isn’t your fault.

If you’re on a tight budget, that could also lead to an overdraft, which is another fee. That’s why I appreciate Discover because there’s no fee for someone else’s check bouncing.

Easy getting started

Have you ever opened a checking account in person? It’s a long process that feels like a mix of an invasive doctor’s appointment and a trip to the DMV.

There’s a lot of paperwork, questions to answer, and tons of waiting. And whenever I’m sitting in a bank, I begin second-guessing every single one of my financial decisions.

When you open a bank account online, there’s no judgment about how much you plan to fund your account. It’s three easy (and painless) steps.

discover bank's cashback debit account signup portal

Excellent Discover Bank app

Other online banking apps have been a nightmare to use. One app crashed every time I tried to deposit a check. And, more often than not, it would tell me that it couldn’t read the sum I deposited, even though it was typed out and not scrawled in illegible ink.

The Discover Discover online savings fees app has a 4.8 rating and a whopping 1.66 million reviews. To say it works like it’s supposed to is an understatement.

It is expected that the Discover Mobile App will remain excellent and up-to-date since there is only one Discover Bank location. Most transactions are meant to be completed online or on your smartphone and, therefore, the company relies on a top-quality banking app.

To sum up: Unless you’re in a situation with your checking account physically handcuffed to other assets that make closing it down impossible, I highly recommend using Discover for your checking and debit card needs.

Certificates of Deposit (CDs)

If you know you won’t need to touch your money for a while, a CD is a safe way to collect a higher interest rate than a bank account.

Discover Bank CD rates

At the time of this publication, only a couple of banks came close to paying what a Discover Bank CD rate paid. Some factors that play into what kind of CD rate you can get include:

  • The length of time before your CD rate matures
  • The current interest rate environment
  • How much your bank anticipates they can make with the money you deposited

FDIC-Insured

I love CDs because when I have extra cash, I can put it to work with zero risks because the funds are FDIC-insured.

Let’s say I have a summer European vacation planned next year, and I’d like to have an extra $1,000 on hand to take along. I can use Discover’s online calculator to figure out exactly how much money I’d have to set aside, and how long it would take to reach my goal.

No risk

What’s most useful about Discover’s CDs is that I don’t even have to plan far in advance to benefit.

For example, you already know that a bank account can pay over 1.5% interest. But keeping that same amount secure in a CD for just 12 months, I can earn a higher rate. It’s like having free money, discover online savings fees there’s virtually no risk.

To sum up: If you have even a little bit of extra cash that you know you don’t need immediately, a CD is a no-brainer. If only I had discovered these financial instruments sooner… Like when I was five. Like the checking account, you can also open a Discover CD online in three easy steps.

Money Market Account (MMA)

Our Discover Bank review would not be complete without talking about Discover MMAs. A money market account is nearly identical to a bank account with a few exceptions:

  1. First, the best money market accounts generally have high-interest rates.
  2. Second, it generally requires a higher minimum deposit to open.

With Discover, the minimum opening amount is $2,500. There’s no fee for dropping below that point, but you’ll need at least that much cash on hand to get started.

APY

Here’s where things get a bit odd, though. There are two listed APYs for money market accounts (one for balances under $100,000 and one for balances over $100,000), but both rates are less than the regular online savings account.

I found there’s no discernible difference other than the money market account being more restrictive and paying less interest, which means there may be better options out there if you are specifically looking for a money market account.

Discover Bank Review Conclusion

Overall, my Discover Discover online savings fees review is positive. They offer competitively high rates, no fees on most products, a fantastic app, and easy access to your funds.

Discover Bank customer service is top-notch and they are backed by the FDIC. There are some cons (like anything in life), but these certainly do not outweigh the benefits.

Pros of Discover Bank

The rates are competitive. You’ll get more interest and more cashback than just about anywhere else.

No fee savings, checking and money market products. No maintenance fees, low or no minimum balances, and no fees for routine services make Discover a top choice for anyone’s banking needs.

Easy access to your money. With nearly half a million ATMs, you’ll be able to get cash almost anywhere.

An out-of-this-world app. Thankfully, apps, in general, have gotten better over the years, but several in the banking industry still need improvements. The Discover Mobile app is indisputably first class.

Discover Bank customer service. The company employs a U.S.-based customer service team. If you’ve tried discussing anything complicated or had to repeat a string of 16 digits over and over again because of bad phone connections, delays, or a poorly trained staff, you know how frustrating that can be.

Discover Bank cons

There is only one Discover bank location. If you do need to do any in-person banking, you may decide to go with another institution.

No overdraft credit line. Consumers can’t borrow from other accounts to cover temporary shortfalls outside of non-saving, checking, and money market accounts. 

Disclosure:

ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cashback rewards. In addition, purchases made using third-party payment accounts (services such as Venmo® and PayPal™, who also provide P2P payments) may not be eligible for cashback rewards. Apple, the Apple logo, and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.

Author
Источник: https://dollarsprout.com/discover-bank-review/

A checking account is often the workhorse of personal finance, serving as a central hub for paying bills, making purchases and planning for money goals. A savings account offers a smart way to store extra cash allocated for savings and other financial goals, while earning interest. Maybe you have your eye on a big purchase, like a new car, a piece of jewelry or even a killer vacation to make up for the one you had to cancel during the pandemic. Or maybe you're saving for a down payment on a house. Whatever your motivation, you'll want to take advantage of a savings account and all of its features.

If you need a savings account or are looking to upgrade your current bank account situation, hold on just a second. Before you head to a bank and open up any old savings account, you need to know what they're all about. The first factor you have to consider is interest. Even a high-interest savings account will only deliver a modest return. A certificate of deposit, or CD, may provide a decent interest rate and the risk is minuscule -- given that it's federally insured -- but it usually locks up money for a set period of time. That may be good for reaching a savings goal, but it's problematic if you want your savings to double as an emergency fund. You could invest in equities or a mutual fund, but those come with higher risks. The low risk and availability of your funds are the primary draws of a savings account.

But what about high-yield savings accounts? They're still not going to rake in a lot of money. We want to be clear about this: High-yield savings account interest rates, which are influenced -- but not directly set -- by the Federal Reserve, currently top out at around 1%. So, if your savings account had an account balance of $100,000 for a year, you'd earn approximately $1,000 in interest on it. That's not much, even with compound interest.

And yet, with all the protections of federal deposit insurance (securing balances up to $250,000) and relatively unfettered access to your money, savings accounts serve a purpose. They're also easy to apply for and the eligibility requirements are minimal; even a child can open an account with a parent or guardian co-signer and the minimum initial deposit.

Most savings accounts fall into one of two categories. There's the online-only kind, which is typically offered by newer banks without a retail presence. With no branches to maintain or tellers to pay, online banking tends to offer a higher annual percentage yield, or APY, which pays you more in interest over time; these high APY accounts are often referred to as "high yield." In contrast, most bigger institutions, regional banks and local credit unions with physical branches provide a way to make deposits or withdraw funds in person and have a face-to-face conversation.

With an online bank all your regular savings account transactions are done online or using another bank's ATM, and your customer service options are typically limited to an online chat, email or phone call. For people looking for a high APY who are already familiar with mobile banking and are comfortable with direct deposit, this is fine. If you want to interact with a person, however, online banking for your regular savings account might not be for you.

There's also a third scenario: Some banks have branches only in certain states and may offer a high-yield online-only deposit discover online savings fees exclusively to people who don't live in those states. According to Ken Tumin, founder and editor of DepositAccounts.com, these older institutions see specialized high-yield online-savings accounts as a way to receive more deposits in a regular savings account without having to build a physical branch.

Best savings accounts, compared


Best online savings accountHighest interest rateBest for in-person bankingAnother good choiceAnother good choice
Bank/institution High Yield Chime Savings Account Sallie Mae SmartyPig Citi Accelerate PNC High Yield Savings Account Vio Bank Online High Yield Savings Account
APY 0.5% Up to 0.7% where did the boho style come from 0.5% ides debit card keybank 0.4% discover online savings fees 0.53%
Minimum deposit $0 $0 discover online savings fees $0 food banks near me that are open first federal savings bank ottawa il 61350 discover online savings fees discover online savings fees $0 $100
Estimated annual earnings on $1,000 deposit discover online savings fees $5 Up to $8 discover online savings fees $5 $5.00 $5.70
Branch access can you get benefits for anxiety No No community 1st credit union routing number Yes No No
Monthly fee $0 $0 $4.50 when your balance falls under $500 $0 $5 when you choose to receive paper statements

In choosing the best savings accounts, we evaluated more than a dozen offered by a wide variety of national and regional banks. Though we steered clear of local banks and financial institutions that don't serve a broad swath of customers in the US, it may be worthwhile to take a close look at your local bank and credit union options as you build your savings plan. You want to find an account that offers a consistently high interest rate regardless of your daily balance -- at the moment, savings account APYs may fluctuate on a weekly basis -- as well as low or no fees, low or no minimum balance, have FDIC insurance and convenient options for making withdrawals and deposits (direct deposit is key) online or in person. 

We also looked into factors like mobile banking, minimum deposit requirement, how easy it is to check your account balance, if there's an ATM fee, whether the financial institution requires a monthly maintenance fee, whether there's a minimum balance requirement and so much more.

Whether you want to open your first savings account or find a different place for your money, you've come to the right place. As mentioned above, we've looked at multiple savings accounts and our picks for the best savings account, which we frequently update, can help you find the best savings account at the right bank for your situation.

Best online savings account

High Yield Chime Savings Account

Chime
  • Interest rate: 0.5% APY
  • Availability: All 50 states
  • Minimum deposit: $0
  • Monthly fees: $0

If you're comfortable working with a financial institution that's exclusively online, Chime's high-yield account offers the best combination of features for a personal savings account: no fees, convenient ways to move money in and out, a slick app -- and one of the higher interest rates available with .5% APY savings account rate. You also get a free Chime checking account -- the two are a money package deal, like conjoined twins -- which serves as the primary mechanism for depositing and withdrawing funds. 

You can deposit checks remotely via Chime's modern, capable app, and the included Visa debit card can be used at more than 38,000 MoneyPass and Visa Plus Alliance ATMs. (You can also deposit cash at any store in the Green Dot network, which includes Walgreens, CVS and Family Dollar, though the onerous $4.95 per deposit fee should make that an option of last resort.) There's no minimum balance required, and Chime lets you round up purchases to the nearest dollar and deposit the difference in your savings account (similar to Acorns, the micro-investing service). 

Highest interest rate

Sallie Mae SmartyPig

Sallie Mae
  • Interest rate: Up to 0.7% APY
  • Availability: All 50 states
  • Minimum deposit: $0
  • Monthly fees: $0

Sallie Mae, perhaps best known as a student loan provider, also offers a goal-based savings account with no minimum deposit and the highest APY currently available. The company frames its SmartyPig account as "a free online piggy bank for people saving for financial goals like holiday gifts, vacations, and even retirement." That noted, using this bank account to save for retirement isn't recommended -- especially because of Sallie Mae's odd, regressive approach to interest rates, which start at a 0.7% higher APY on balances below $2,500 and gradually decrease to 0.55% on balances above $50,000. 

As such, this account is best-suited to people who are new to saving their icici bank it helpdesk login, who plan to build or maintain balances under $10,000 and who might ultimately benefit from less convenient access to their money.That's because the SmartyPig account comes with no ATM card, Sallie Mae doesn't have branches where you can make deposits or withdrawals, and there's no app to enable easy online savings account transfers. (Though you can transfer or withdraw funds at any time through the bank's web-based interface, customers are encouraged to set up a recurring automatic deposit from a paycheck or other account.) Still, if you're looking to save a modest amount of money for a specific purpose -- and maximize your interest rate while you're doing it -- SmartyPig is worth a look.

Best for in-person banking

Citi Accelerate

Citi
  • Interest rate: 0.5% APY
  • Availability: Throughout the US except Homes for sale by owner macon ga Connecticut; Illinois; Maryland; Nevada; New Jersey; New York; Virginia; parts of Florida; Washington, DC; and Puerto Rico
  • Minimum deposit: $0
  • Monthly fees: $4.50 when your balance falls under $500

If you prefer keybank mobile banking app with a large bank, Citi's Accelerate account offers a competitive APY and all the benefits of a national chain with branches across 42 US states. You get free access to more than 60,000 Citi and other surcharge-free ATMs, 24/7 customer service and other perks if you link a Citi checking account to your savings account. Though this bank account requires no minimum initial deposit, Citi will charge you $4.50 monthly maintenance fee if your checking account balance falls below $500. 

Note that although Citibank is one of the largest banks in the world, it doesn't have a foothold in every state. If branch access is your priority, you're better off with a different personal savings account if you live in California; Connecticut; Illinois; Maryland; Nevada; New Jersey; New York; Virginia; Washington, DC; Puerto Rico; or one of several parts of Florida.

Another good choice

PNC High Yield Savings Account

PNC
  • Interest rate: 0.4% APY
  • Availability: Accessible in the 19 states that don't have a PNC branch
  • Minimum deposit: $0
  • Monthly fees: $0

Available only to residents of the 19 states where PNC doesn't have a retail location, which are New York, Pennsylvania, New Jersey, Delaware, Maryland, Virginia, When did texas become a state Carolina, South Carolina, Georgia, Alabama, Florida, Ohio, West Virginia, Kentucky, Illinois, Michigan, Indiana, Missouri, Wisconsin and Washington DC.

PNC's online-only high-yield savings account offers a decent interest rate, no minimum initial deposit, no minimum balance, no monthly maintenance fee or other fees. 

Источник: https://www.cnet.com/personal-finance/banking/best-savings-account/

Barclays Online Savings Account Review

Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Millennial Money, CardRatings and creditcards.com may receive a commission from card issuers. This site does not include all financial companies or financial offers.

Bottom Line

Barclays Online Savings Account is an excellent choice if you generally tend to maintain a small savings account balance. Since there is no minimum initial deposit requirement, you can open an account and earn high interest on virtually any balance.

Pros

  • Higher than average interest rate
  • No initial minimum deposit
  • No monthly fees

Cons

  • Online only bank
  • No debit card

If you’re looking for a high-interest savings account – one where you can earn 21 times the national average on savings accounts – take a close look at the Barclays Online Savings Account.

The Bank is currently offering one of the highest interest rates being paid on savings by any bank. And there’s no minimum balance requirement, and no monthly fees, making it the perfect account for the small or casual saver, or anyone else who’s just looking for high interest on savings with no strings attached.

About Barclays Online Savings

Barclays Online Savings Account is a high-yield savings account, and one of the most user-friendly savings accounts anywhere. The account requires no minimum initial deposit and no ongoing minimum balance requirement. You can earn interest on any balance you hold in the account, beginning at $0.01.

And that interest rate is currently sitting at 0.40% APY (as of January 12, 2021). That’s greater than 5 times the rate being paid on savings accounts nationally.

Since the rate is applied to virtually all balances in the account, they can work especially well for those with small savings balances, or anyone who’s savings account balance tends community 1st credit union routing number fluctuate dramatically from one month to the next. Unlike many https www bbvacompass com activate banks, there’s no tiered interest rate structure to worry about. You won’t need to tie up thousands of dollars to earn a high-interest rate.

Barclays Online Savings Account at a Glance

Account TypeHigh Yield Savings
Interest Rate0.40% APY
Minimum DepositNone
Monthly FeesNone

Features

Barclays is what you might consider being a limited-service bank. First, they have only five branches in the entire country, making them primarily an online bank (which is increasingly a non-problem). Though they don’t offer checking accounts, they do provide CDs and credit cards.

Interest earned on your account is compounded daily, and credited monthly.

Account Funding

You can transfer funds from an externally linked account, or set up direct deposits. You can also make mobile deposits from your smartphone. Alternatively, you can mail a check to the bank’s Illinois address. However, there’s no availability to make cash deposits. As well, deposits made by check or even electronic transfer are subject to a hold of up to five business days.

Checks made by mobile deposits are limited to a maximum of $5,000 per individual check, and not more than $10,000 per day. The maximum number of checks permitted for deposit is 10 per day, up to the dollar maximum. There’s also a 10-day maximum amount of $50,000, with no more than 20 deposits.

Withdrawing Funds From Your Account

To access the funds in your account, you’ll need to transfer them to an external account. It can take two or three business days for the funds to be posted to your linked account.

Fees

One of the big advantages of Barclays Online Savings Account is that you can earn high interest with no monthly fees.

Other Potential Fees:

  • $0.50: Statement copy, $0.50 per statement
  • $5: Excessive transaction charge, $5 for each transaction in excess of six per statement cycle (this is per Federal Regulation H which governs activity in savings and money market accounts).
  • $5: Official Check/Cashier’s Check
  • $5: Returned deposited item, $5 per item, not to exceed $50 per business day
  • $5: Non-sufficient funds, $5 per item
  • $25: Express mail/rush delivery charge

As you can see, the Barclays Online Savings Account comes with practically no fees of any kind.

Getting Started

To be eligible to open a Barclays Online Savings Account you’ll need to be a US citizen and at least 18 years old, have a physical US address, a Social Security number, and a valid external bank account.

You can sign up for the account through the website, supplying the following information:

  • Your full name
  • Social Security number
  • Date of birth
  • Country of citizenship
  • A valid email address
  • Your primary home address
  • A valid phone number
  • Information for the bank you’re linking to the account, including the bank routing number and your personal account number
  • Similar information will be required from a joint applicant

Once all the above has been entered on your application, you’ll need to indicate if the account will be single or joint, the specific account type (online savings or online CD), and the amount of your opening deposit.

You’ll then need to create login credentials, including a user ID, password, your mother’s maiden name, then select a security question and answer. Finally, you’ll be required to read and accept the terms of the electronic consent agreement, account terms and conditions, and complete a W-9 certification.

After your account has been opened, you can fund it by setting up a transfer from your linked bank account. The transfer can take up to five business days to complete.

Security

All deposit accounts held with Barclays are covered by FDIC insurance for up to $250,000 per depositor.

Customer Support

Customer service and support are available online, 24/7. Phone contact is available Monday through Friday, from 8:00 am to 8:00 pm, Eastern time.

Pros and Cons

Pros:

  • The account pays interest at a rate 5 times higher than the national average for savings accounts.
  • There’s no minimum initial deposit requirement, and no ongoing minimum balance requirement. You can earn interest on all account balances.
  • The account has no monthly fees, and is light on all other fees.
  • Barclays has very competitive rates on their CD products, if you need to tie up some savings for longer-term goals.

Cons:

  • Barclays is a limited-service bank. For example, they don’t provide checking accounts or most loan types.
  • The account does not include a debit card. Access to your funds will be limited.
  • As a savings account, federal law is watermelon infused water good for you more than six transfers or withdrawals per account statement cycle, without incurring an excess transactions fee.
  • Account deposits are held for five business days for both check deposits and electronic transfers.

Alternatives to Barclays Savings Account

Barclays Online Savings Account has plenty of competition in the high-yield savings account field:

UFB Direct Bank High Yield Savings Account

For example, UFB Direct Bank High Yield Savings is currently paying 0.20% APY on balances over $10,000. The catch, however, is that you’ll earn no interest at all on the first $9,999.99. But it’s a decent yield if you have a very large savings account balance. You’ll also get to keep 100% of that interest too, because there are no monthly fees.

Next Steps:

CIT Bank Savings Builder

If you don’t have a few thousand dollars in spare cash sitting around to tie up in a savings account, check out the CIT Bank Savings Builder. You can earn 0.45% APY with a minimum balance of $25,000 – BUT(!) – you can earn the same interest rate by depositing just $100, and then making monthly deposits of $100 thereafter. There are no monthly fees for this account.

Next Steps:

Discover Online Savings Account

Discover Online Savings Account may have the simplest high-yield savings account offer there is. You can earn 0.50% APY with no minimum balance requirement, upfront or ongoing. And the account comes with no monthly fees.

Next Steps:

You can check out these and many other high-yield savings accounts at my Best High Yield Savings Accounts for 2021 guide.

Is A Barclays Online Savings Account For You?

Barclays Online Savings Account is an excellent choice if you generally tend to maintain a small savings account balance. Since there is no minimum initial deposit requirement, you can open an account and earn high interest on virtually any balance.

It’s also a good savings solution for you if you tend to maintain a fluctuating savings account balance. You don’t need to tie up several thousand dollars to earn the posted interest rate.

Barclays Online Savings Account is an outstanding choice as a savings account. But if you’re looking for a full-service bank, you may need to maintain two separate banking relationships. You can hold your savings in a Barclays Online Savings Account but maintain your regular banking services through another bank that offers the full range of services needed.

But if you want to earn high interest on your savings at any balance level, the Barclays Online Savings Account can be the perfect choice for you.

Learn more by reading our full Barclays Bank Review.

Additional Disclosures: Millennial Money has partnered with CardRatings and creditcards.com for our coverage of credit card products. Millennial Money, CardRatings and creditcards.com may receive a commission from card issuers. This site does not include all financial companies or financial offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have how to register business account on amazon been reviewed, endorsed or approved by any of these entities.

Источник: https://millennialmoney.com/barclays-online-savings-review/

Discover Online Savings Account $200 Bonus

Bonus Amount
up to $200

Account Type
Personal Savings

Available In Your Area?
Yes update your location

Bonus Requirements
  1. Open a new Discover Online Savings Account using the link below.
  2. By December 15, deposit $15,000 to earn $150 or $25,000 to earn $200.
  3. Bonus will be credited to your account within 30 days of qualifying for the bonus.
read additional fine print

Other Details

Discover Bank is offering up to $200 for opening a new Online Savings account. You'll need to deposit $25,000 to earn the full amount, but $15,000 only results in a loss of $50.

One perk to this bonus is that Discover doesn't have a requirement for how long you need to keep the cash in the account, so you can deposit and withdraw immediately. Doesn't get much easier than that!

How To Earn The Bonus

The Discover Online Savings Account promotion requires you to deposit and maintain a minimum balance in order to earn the $200 bonus. Full requirements to receive this bonus are:

  1. Open a new Discover Online Savings Account using the link below.
  2. By December 15, deposit $15,000 to earn $150 or $25,000 to earn $200.
  3. Bonus will be credited to your account google let me search that for you 30 days of qualifying for the bonus.

Open an Online Savings Account before the bonus expires on December 15, 2021

The fine print

  • Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover.
  • Account must be open when bonus is credited.

Why Discover Bank?

Discover Bank is an online bank operated by the American financial services company, Discover Financial Services.

With almost 50 million cardholders, Discover is the third-largest credit card issuer in the U.S. In 2000, Discover acquired the Greenwood Trust Company and rebranded it as Discover Bank. While Discover is now fully an online bank, the company still owns and operates the original branch of The Greenwood Trust Company in Delaware, making it the bank’s only physical location.

Learn more in our Discover Bank review

Online Savings Account

Discover's Online Savings Account has no monthly maintenance fees, and offers a competitive rate for a national bank. Interest on your savings pays monthly but is compounded daily, unlike a lot of their competitors.

It's otherwise a straightforward savings account. You'll have access to Discover's app and online banking tools, and you can link it to a Cashback Debit account to have your rewards automatically deposited to your savings account in a set it and forget it fashion.

Fees

Online Savings Account does not charge a monthly fee.

Open an Online Savings Account now to earn the $200 bonus

How does this savings offer from Discover compare?

Chase Bank Logo

Chase Bank is offering $225 when you open a Chase Total Checking® account. see full details

Citi Logo

Citi gives you up to $1500 when you open a Citi Priority account. see full details

Chase Bank Logo

Earn $300 from Chase Bank when you open a Chase Business Complete Banking℠ account. see full details

Источник: https://bankbonus.com/promotions/discover-bank/online-savings-account-200-bonus-2020/

Discover Bank provides money-saving products including competitive CD rates, checking accounts, and savings accounts. In this guide, we’ll compare Discover Bank’s interest rates to CD, checking, and jared comenity bank phone number account rates from the top banks in the USA.

Let’s take a look!

Discover Bank Money Market Rates

Minimum BalanceAPY
$0.010.30%
$100,000.000.35%

Discover Bank Savings Account Rates

TypeMinimum BalanceAPY
Online Savings Account$0.010.40%

Discover Bank CD Rates

TermMinimum DepositAPY
1 Year$2,5000.50%
18 month$2,5000.50%
24 Month$2,5000.55%
3 Year$2,5000.60%
4 Year$2,5000.65%
5 Year$2,5000.80%

Discover vs.

Certificates of Deposit vs. Fixed Annuity

The Top Fixed Annuities

Fixed annuities offer a guaranteed return for a set amount of years, similar to a CD. Guaranteed crediting rates for the terms below:

  • 2 YEAR TERM: 2.15%
  • 3 YEAR TERM: 2.60%
  • 4 YEAR TERM: 2.60%
  • 5 YEAR TERM: 3.05%
  • 7 YEAR TERM: 3.25%
  • Grow your money as fast as possible
  • Principal protection
  • Interest rate is locked for the term you select
  • Tax deferred growth
  • Withdraw annually without penalty
  • Lump sum death benefits
  • Accepts cash, 401(k), and IRA Funds

What’s The Difference Between a Fixed Annuity and CD?

FeatureFixed AnnuityCD
Who OffersInsurance CompanyBanks
Premium Amounts$2,500 to $1 Million$500 – No Maximum
Terms2 Years to 20 Years3 Months to 7 Years
Guaranteed Interest RatesUp to 3.25%Up to 1.25%
Principal ProtectionYesYes
Can Lose Money?NoNo
Liquid After Term100%100%
How Are Gains Taxed?Tax-DeferredTaxed Annually
Annual LiquidityUp to 10% AnnuallyNo Liquidity
Who Protects My Money?Insurance Company/SGAFDIC
Accepts IRAYesNo
Accepts 401(k)YesNo
Death BenefitLump-SumLump-Sum

Are Annuities FDIC Insured?

Fixed annuities are not FDIC insured, but they have similar protections for your money. An annuity is an insurance policy guaranteed by the insurance company’s claims-paying ability. The insurance companies are members of the state insurance guarantee associations in each state where they do business. Each state insurance guarantee association protects consumers in the unlikely event that their insurance company fails and defaults on their obligations to their consumers (limits vary per state).

For example, Georgia insures up to $250,000 of the annuity’s cash value per insured life if the insurance company becomes insolvent and can not fulfill its obligations to the insured.

The Best CD Rates Today

3 Month CD Rates

6 Month CD Rates

1 Year CD Rates

2 Year CD Rates

3 Year CD Rates

4 Year CD Rates

5 Year CD Rates

The Best Fixed Annuity Rates Today

Learn the differences and benefits between Fixed Annuities and Certificate of Deposits (CD).

Disclaimer: I may receive a small referral fee if you purchase something using a link in this article.

Discover Bank: Checking, Savings, And Cd Rates (2021)

Shawn Plummer

I’ve sold annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you.

Источник: https://www.annuityexpertadvice.com/rates/discover-bank/

Information about this product has been collected independently by the author. The issuer did not provide the details, nor is it responsible for their accuracy.

My local bank offers a basic savings account with a 0.01% interest rate with the opportunity for a lot of fees.

If you are a high roller and have a minimum of $30,000 to open an account, you can earn 0.25% interest at that bank (the interest rate “skyrockets” to 0.65% if you can bring $5 million to the table).

Oh, and it took me a couple of minutes to find that information.

Where’s the transparency?

If this situation sounds familiar to you, then I recommend looking into an online high yield savings account where you can earn a better return on your money, avoid most fees, and enjoy added functionality.

If you still need a brick and mortar bank, then consider keeping your local account and using the online savings account to stash your emergency fund, long-term savings, or high-interest CDs.

Top 14 Best High Yield Online Savings Accounts Right Now

best online high yield savings accounts

The following banks meet the criteria listed above, and each of them offers something a little different than its competitors.

These banks are all covered by the FDIC and are great options if you are searching for a new online bank.

Bank rates change often, but we do our best to maintain an accurate listing of current high yield savings account rates.

Use the following chart for current options, or read more details below the rate chart.

CIT Bank – Editor’s Pick for Highest Interest Rates

While CIT Bank is not the most well-known bank on our list, it’s one of the best options. They were established in 1908, and they have over $50 billion in assets. As a company, they provide just about every possible financial service that you can think of.

CIT Bank has several different savings account options that you can choose from, but the most popular is the Premier High Yield Savings account, which features interest rates that are among the highest in the nation (the bank rate table on this page should show the current APY). CIT Bank is also well-known for its no-fee CD accounts.

CIT Bank requires a $100 deposit to open, but it doesn’t have any fees. If you’re looking for high rates, but you don’t want to pay any monthly fees, CIT Bank is an excellent option. Learn more in our CIT Bank review.

CIT Bank CIT Bank offers some of the highest interest rates in the U.S. for both online savings and Certificates of Deposits (CDs). Visit CIT Bank to learn more. CIT Bank

BBVA Online Savings Account

The BBVA Online Savings account combines one of the highest online savings account interest rates with a great online checking account. BBVA (formerly BBVA Compass) online savings accounts feature Free Online Banking, Mobile Banking, and Bill Pay.

Their network of ATMs includes all BBVA ATMs as well as the Allpoint® ATM network, which features over 64,000 free ATMs. The minimum to open an account is only $25. You can learn more in our BBVA Bank Review.

FNBO Direct

First National Bank of Omaha is a financial company that has been around for over 150 years. They have years and years of experience offering quality financial services to clients across the nation.

They have physical locations in Nebraska, Colorado, Illinois, Iowa, and several other states, but with their online savings account, it can enjoy their benefits from wherever that you live. FNBO Direct has won numerous industry awards and they have 4 out of 5 stars from the Bankrate’s Safe and Sound Ratings.

They require a $1 minimum deposit (which I’m sure you have in-between your couch cushions), and their interest rates are in the top 5% in the nation. You can learn more about FNBO Direct in our review.

EverBank

EverBank is another bank on our list that you might not have heard of. While they aren’t the most well-known bank on our list, they could be one of the best options depending on your finances.

Their Yield Pledge Money Market account is an excellent place to stash your money if you’re looking for a high-yield savings account. According to their site, their yields “never stray from the top 5% capital one full site on mobile Competitive Accounts,” which is a nice advantage.

Not only that, but they allow you to make mobile check deposits, move money six times a month, and they have no monthly fees. The one thing to note with this savings account is that requires a $5,000 deposit to open.

Discover Bank Online Savings Account

Much like American Express, Discover is not just a credit card company anymore. They also have a savings account that you can open.

They typically feature well-above-average interest rates, with no opening deposit requirement and no monthly fees that you have to worry about. One of the other advantages of the Discover savings account is that the interest is compounded daily and paid monthly.

Discover tells you on their site that they have zero hidden fees. You won’t be charged monthly, there is no minimum balance that you have to maintain and $0 for incoming wire transfers.

Learn more about all the banking products offered by Discover in our Discover Bank review.

USAA – Best Online Bank for Military and their Families

USAA is a great institution and I do most of my banking with them. They are not going to give you the best interest rates, but they give you some of the best customer service you will find anywhere. And they are a leader among the best military banks.

To be eligible to become a USAA member you have to have served in the military or have a parent who has served and is a USAA member. If your parents have served in the military, but have not signed up for USAA they can set up an account free of charge without signing up for any services. As soon as your veteran parent has a member number, you can use that number to start your account.

Chase Bank – Best Savings Account Bonus

Chase Bank is one of the largest banks in the United States and, while they do not offer the best interest rates, they offer some of the largest bonuses for opening an account of any of the online banks.

Currently, they are offering $150 for anyone who opens a new Chase SavingsSM account. Chase also offers other bonus offers for different types of checking accounts.

To qualify for the $150 bonus it’s also required to deposit a total of $10,000 or more within 20 business days and maintain a $10,000 balance for 90 days.

Visit the Chase website to open a Chase SavingsSM Account

Ally Bank

While Ally Bank is quickly becoming one of the most popular banks on our list. They were initially established as General Motors Acceptance Corporation in 1919 but changed their name to Ally Financial in 2009.

They offer a variety of financial services that you can take advantage of, including Ally Invest. But we are going to focus on the savings account. Aside from having excellent customer service at your disposal 24 hours a day, you can also enjoy their high interest rates, zero fees every month, and united heritage credit union mailing address wide array of financial products and services.

They compound the interest daily and will allow you to deposit checks with their mobile app.

You can learn more about all these features in our Ally Bank review.

Barclays Bank

Barclays Bank offers some of the highest interest rates in the U.S. However, they are not a full-service bank. Barclays is able to offer high interest rates on savings by limiting their accounts to savings and certificates of deposit. Barclays Bank does not currently offer a checking account or even have an ATM network.

That said, if you are a rate chaser, Barclays is one bank worth looking into. Their rates are generally among the highest you can find, and they tend to offer great CD rates as well.

You can link your Barclays Bank account to several other banks and deposit checks online or by using their iOS or Android App. You can learn more in our Barclays Bank Savings Account Review.

Capital One 360

Capital One’s 360 Savings account is a great addition to anyone that already has an account with Capital One. Their interest rates are higher than you’re going to find at just about any local bank, but several other online options are going to offer better rates.

That said, they have many attractive features, including the ability to make sub-accounts, link external accounts, and thousands of fee-free ATMs.

Just like every other company on our list, they don’t have any monthly fees, and there is no minimum balance that you have to keep.

They have excellent customer service, and they make it extremely simple to apply for an account. You can learn more in our Capital One 360 review.

Note:Capital One 360 also has a $25 new customer bonus.

Sallie Mae Bank

Sallie Mae just opened a new consumer banking division and they currently offer some of the highest rates in the nation. Sallie Mae is FDIC insured, has no minimum balance requirements, and no fees. Sallie Mae also has a unique arrangement with Upromise – you can earn a 10% annual match on Upromise earnings.

For more information, please read this Sallie Mae Savings Account Review for more information.

SmartyPig

SmartyPig is a different kind of bank, offering high interest rates and an incentive to save. SmartyPig is FDIC insured and has no minimum balance or fees.

To open a SmartyPig account, you need to declare a savings goal, then set up automatic deposits toward your goal. This is an easy process and only takes a few minutes to set up.

For more information about SmartyPig’s great interest rates or to open an account, see this Smarty Pig review.

Synchrony

Synchrony is frequently one of the top online banks for interest rates and has been a top competitor with the other online only banks for years.

How to Find the Best Savings Accounts and Interest Rates

All banks and credit unions are not created equally. There are variations in interest rates, reliability, functionality, and more.

When looking for a new bank, consider these features:

  • FDIC insurance.FDIC Insurance is one of the most important features – if the bank is not FDIC insured, keep looking.
  • Interest rates.The higher the better, provided the bank meets your other needs.
  • Account minimums. Some banks require you to deposit a large amount of money to receive the best rates or avoid fees.
  • Fees. Keep these to a minimum.
  • Functionality. Some banks offer great features such as unlimited sub-accounts, high yield checking accounts, Certificates of Deposit, the ability to link to a brokerage account, and more.
  • Access to funds. How quickly and easily can you access your money if you need it? Is there a brick and mortar version of the bank, or is it only online?
  • Do they offer an online checking account? You may wish to match your online savings account with a checking account for ease of access and higher interest rates. Unfortunately, not all online banks offer checking accounts. See our list of best online checking accounts for more information.
  • Is there a sign-up bonus? Some banks offer sing up bonuses when you open a new account. This can be a quick and easy way to earn several hundred dollars. See our list of current bank sign up bonuses for more information.

Check out our post about the benefits of Chase Checking accounts, this is one great online banking option with perks of free money for signing up!

Also remember, putting money into a savings account can not only help you but can really help your children and your family as a whole!

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Источник: https://cashmoneylife.com/the-best-online-high-yield-savings-accounts/

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3 Replies to “Discover online savings fees”

  1. Watching this because I just got a job in finance out of college and just got my first credit card in the mail, i’ll come back here in 5 years when I get my JP Morgan card ;)

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