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Discover has been around for decades. Most people know about its credit cards, which were first introduced in 1985 by Sears. At the time, it was novel because it had no annual fee and offered cardholders a higher-than-average credit limit. Today, Discover Bank (FDIC# 5649) is headquartered in Greenwood, DE. It offers a wide range of bank accounts, from savings, checking, and CDs to loans and credit cards. At a Glance 4.00% APY No fees No miminum balance requirements Checking account, money market, and CDs are also available from Discover. Who Should Use Discover Online Savings If you are in the market for an online savings account, Discover is a solid choice. It consistently has a high interest rate and there are no fees. The drawback is that there are no physical branches, so you’ll have to access the account through the Discover website or via the mobile app. You also can’t deposit cash. Discover Alternatives Savings APY4.00% APY1.00% APY4.00% APYMonthly fee$0$0$0Minimum balance$0$0$0Learn moreLearn moreLearn more Table of ContentsAt a GlanceWho Should Use Discover Online SavingsDiscover Bank Online SavingsOther Discover Bank AccountsChecking AccountMoney Market AccountCertificates of DepositDiscover Bank Fee StructureDiscover Mobile Banking Smartphone AppDiscover AlternativesCapital One 360American ExpressAlly BankIs It Worth Getting? Discover Bank Online Savings Discover’s High Yield Savings account earns 4.00% APY with no minimum balance requirement. Interest is calculated daily and applied to the account monthly. The account doesn’t charge a monthly fee or any other kind of fee. There is no excessive withdrawal fee, stop payment fee, returned item fee, or insufficient funds fee. There are several ways to deposit money into this online savings account, such as direct deposit, online transfer from a checking account, mobile deposit, and mailing a check. However, you cannot deposit cash at Walmart like with the checking account. If you set up direct deposit, you can receive your funds up to two days early with Early Pay. Go to Discover Other Discover Bank Accounts Discover offers a full range of bank accounts with a few (good) twists. Checking Account Discover’s checking account has no fees and no minimum balance requirements. Also, its Cashback Debit card allows you to earn 1% cash back on up to $3,000 in spending per month on your debit card (see website for details). Cashback on a debit card is rare. Since it’s an online bank, depositing cash is a little more difficult. Discover allows you to deposit cash at any Walmart in the U.S. for free. You can add cash up to four times per day, or seven times per week and the money will be available in your account in about ten minutes. The ATM network is huge – 60,000 locations – and they use Allpoint and MoneyPass’s networks. You can also enable Balance+, which acts as overdraft protection. This feature allows you to use your debit card to overdraw the account up to $200 with no fees. To qualify for Balance+ you must
123rf In a world where managing money wisely can make all the difference, financial literacy is the key to unlocking a wealthier, more secure future. Whether you’re a novice or already familiar with the basics of personal finance, there are always new strategies and insights to discover. One of the easiest ways to enhance your financial literacy is by diving into books written by experts. Here are seven essential reads that will teach you how […]
Here’s my monthly roundup of the best interest rates on cash as of November 2024, roughly sorted from shortest to longest maturities. There are lesser-known opportunities available to individual investors, often earning more money while keeping the same level of safety by moving to another FDIC-insured bank or NCUA-insured credit union. Check out my Ultimate Rate-Chaser Calculator to see how much extra interest you could earn from switching. Rates listed are available to everyone nationwide. […]
If you’ve ever watched extreme couponers fill their carts without breaking the bank, you’ve probably wondered how they do it. The secret isn’t just in collecting coupons; it’s also about having smart shopping list ideas that maximize savings. By knowing what to buy and when, you can make the most of every coupon and get the biggest bang for your buck. Here are ten savvy shopping list ideas to help you save big on your […]
Most people start their financial adventure by creating a standard account, which they only use for checks and deposits and are not looking for savings accounts and specific features they may offer. Many of these individuals let their money sit in these accounts until it reaches a certain amount, at which point they start looking at other possibilities for savings accounts. Since their financial situation is either already solid or almost stable, it goes without […]
Regardless of what we are learning, researching or practicing people often use the terms and concepts of efficiency and effectiveness interchangeably. I’m guilty of this. This often happens when we talk about personal finance concepts as well. But these two concepts are not the same. Let’s break them down, and better understand what it means to be both efficient and effective. Especially when it comes to our financial goals. Efficiency: Being efficient is about doing […]
The topic I learned the most about when studying for Certified Financial Planner (CFP) certification was tax planning. As I began working with clients, I realized this is the area I had the most to continue to learn if I wanted to truly master it. So I recently took Part 1 of the IRS enrolled… The post Know the Flow, Pay Less Tax appeared first on Can I Retire Yet?.
Are you feeling overwhelmed by Black Friday sales already? Learning how to budget for Black Friday shopping is your key to scoring amazing deals without breaking the bank. Each year, more shoppers are discovering that a solid budget plan is crucial for success. Smart shoppers know that with the right tools and strategies, you can save hundreds while staying completely debt-free. Imagine walking away from Black Friday with everything on your list and zero financial […]
123rf The forecast is calling for heavy precipitation in the next few days, right in time for the new year. Most of us are still in vacation mode, and parents with children are probably wondering how they’ll entertain their children while school is still out. Unfortunately, the cold means there’s no garden to tend to, and unless you’ve installed cold frames and planned for a winter harvest, there’s nothing to pick from the ground. […]