Discover Bank High Yield Savings
Posted on April 30th, 2010
One account that tends to go unnoticed these days is the High Yield Savings Account from Discover Bank. The yield, currently 1.35% is higher than that of INGDirect’s Orange Savings and Ally Bank’s High Yield Savings account. To receive that high rate, you need a minimum balance of $500 in the account.
Discover Bank is the same institution that issues the Discover credit card, so they have been around for a while. In addition, they are FDIC insured up to $250,000 per account.
One interesting thing about Discover Bank is that you rarely see advertisements like the other banks. I am not quite sure why with such a high rate you think that they would steal away the competition. The High Yield Savings Account also has been been the Bankrate.com Top Tier Winner for consistently high yields.
There is an ETF feature that lets you move money in and out of the account to a linked checking account that you set up. There is also live 24/7 customer service in case you need to call them for any reason.
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Tags: High Yield, High Yield Savings, Savings, Yield Savings
Filed under Bank Rates |