Discover Bank comes with new online savings accounts

Discover Bank has introduced a new online savings account with competitive returns. According to the bank reps the Discover Online Savings Account has a $500 minimum opening deposit, but no minimum balance thereafter. Other features include: 

• One rate on all balances 
• Interest that compounds daily 
• No minimum balance or low-activity fees 
• Easy, four-step online application 
• Easy online access to add or withdraw money 

Among other features one can note such options as a secure online account access for easy account management, FDIC-insured account up to $250,000 per depositor per deposit category and 24/7 customer support service. 

“With very little brick-and-mortar overhead, Discover Bank can offer rates that consistently exceed the national average, while offering the ease of securely transferring money to or from any checking account,” said Steve Olszewski, vice president of deposit products for Discover Bank. “These types of savings accounts are especially effective for people who are saving toward a goal, like traveling, funding an education or paying for a wedding.” 

Source: Discover Bank via Business Wire