Currently, the rate for AAA members is 5 basis points (0.05 percentage points) higher than the standard Discover Bank online savings interest rate. AAA members can now earn a higher interest rate at Discover Bank than non-members. These rates are low, historically speaking — in 1950 the rate was 1.59 percent and it rose to a whopping 13.42 percent in 1981. The Annual Percentage Yield (APY) for the Online Savings Account as of, 6 Benefits of a Discover Online Savings Account, A Step-by-Step Guide to Prepare Your Budget for a Layoff. Applies to personal accounts only. Billinero offers big prizes, but your money might be better off in a high-yield account. The FDIC has only kept track of savings account interest rates from the beginning of 2010. Ponce Bank Savings account, offered through SaveBetter, has a $1 opening deposit and earns 0.50% APY. The Discover bank interest rate is a huge benefit offered by this option. Current Rate: 0.50% APY (last checked on Jan 27, 2021) Minimum Deposit: $500. Discover Bank offers 12 terms of traditional CDs with terms ranging from three months to 10 years. [Expired] Deposits are fossil fuel-free and insured by the FDIC. Competitive APY. product provider, We cannot provide you with personal advice or recommendations, CIT Bank Savings Builder High Yield Savings Account, TAB Bank High-Yield Savings account review. This is in the upper tier of interest rates and comparable to many other online banks. Personal Finance Reviews Where Bank Accounts, Credit Cards, Stock Brokers, Mutual Funds And ETFs Are Reviewed And Compared Learn more here. Take advantage of a high-interest online savings account with no fees, no minimums and more. If you exceed these transaction limitations during any calendar month, we may refuse to pay each transaction in excess of the limitations. *Outgoing wire transfers are subject to a service charge. The Discover Online Savings account's APY is one of the highest offered by top online savings accounts. Looking at historical savings account rates in terms of their movement alongside the national rate can help you make an informed decision when choosing a bank. “The reason why the interest rates were so high in the ’80s is that we had that runaway inflation,” says Jerry Lynch, a professor of economics at Purdue University. For all of Discover's advantages, there are some downsides that need to be considered: No branch locations: In exchange for the high interest rate on your online savings account, you are required to do your Discover banking online or over the phone. Star rating is representative of the Apple® App Store rating for the Discover mobile app and is updated daily. To ensure you have the most up to date information, you should verify relevant information with the product or service provider and understand the information they provide. You can find a 5% interest savings account in 2021. ‘Total savings’ equals initial deposit plus interest earned over duration of time chosen. The HSBC Direct Online Savings account is strictly a savings account. Please enter an amount between $2,500 and $5,000,000. Enjoy a spend and save combo account with unlimited cash back rewards and a $100 bonus when you spend $1,000 in your first 60 days. Discover Bank Savings Rate . With this savings account, you can invest your interest in the stock market for an average 3.13% return. See below for detailed requirements. Deposit Interest Rate in South Africa decreased to 3.94 percent in October from 4.08 percent in September of 2020. How do Discover Bank’s CD rates compare? Optional, only if you want us to follow up with you. Highest Yield CD Rates. We may receive compensation from our partners for placement of their products or services. For full details of an account or investment, including current interest rates, go to the 'Our savings and investments' section of our website. Online Savings: All: 0.45%: 1.70%: 2.20%: 1.30%: 1.00%: 1.00%: 0.90%: Discover Bank: Online Savings: All: 0.50%: 1.60%: 2.00%: 1.30%: 0.95%: 0.95%: 0.90%: TIAA: Money Market: 1st year intro rate: Up to $250k: 0.45%: 1.75%: 2.15%: 1.31%: 1.11%: 1.11%: 1.11%: Capital One 360: Online Savings: Formerly ING Direct: All: 0.40%: 1.70%: 1.00%: 1.00%: 0.75%: 0.75%: 0.75% Highest APY Interest Rate. The claim stinks of selection bias, so I went out looking for higher rates to get a clearer picture of just how good the Discover savings account rate really is. The higher your interest rate, the greater the percentage of your payments will be devoted toward making interest payments instead of reducing the principle. Check your email for a confirmation, and you’re on your way to the future you’ve been dreaming of. The data comes from the FDIC and only goes back to mid-2009. The FDIC has only kept track of savings account interest rates from the beginning of 2010. SoFi Money® is a cash management account that charges no account fees to save, spend, and earn cash back rewards when you spend on brands you love. We strive to ensure our content is clear and honest. What is your source for determining the savings account interest rates? Earn one of the nation's top rates. While some banks have a tiered rate structure, Discover Savings pays the same interest rate no matter your balance. The number of certain types of withdrawals and transfers from savings and money market accounts is limited to a combined total of 6 per calendar month per account. This is truly the most convenient and easiest online savings account to have! Opens modal dialog. information service that aims to provide you with information to help you make better decisions. She is passionate about helping people find the best deal for their needs. Although the information provided by Informa Research Services has been obtained from the various institutions, accuracy cannot be guaranteed. First-time savings customers can open a Discover Online Savings Account using offer code NW420. Thank you. finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. On the other hand, checking accounts help you keep better track of what you spend. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. See how the online savings account you’re considering performs compared to previous average market rates. That’s when CD yields peaked. That’s basically $170 of free money in your pocket. No minimum deposit to open. History. What would happen to your financial situation if you suddenly didn’t have an income to rely on? Assumes principal and interest remain on deposit and interest rate and APY do not change for one year. Easy Access Savings Account; 1 Year Fixed Rate Saver; Maturity Saver A free high-interest savings account with a $100 minimum deposit to open. If you have a Discover Card credit card, you may be wondering if there is a way for you to obtain a lower interest rate on your outstanding balance. Although the information by Informa Research Services, Inc. has been obtained from the various institutions, the accuracy cannot be guaranteed. While you can’t always control when you get paid or the size of each paycheck if you’re a freelancer, contractor or work in the gig economy, you can take control of your money by creating a budget that will help you manage these financial extremes. This free account has a $1 opening deposit and earns 0.4% APY on your total balance. Finder.com LLC. We are committed to keeping you informed and up-to-date on changes in the interest rates for our fixed and variable rate products. Can I get a 5% interest savings account in 2021? At the time Discover was introduced, Sears was the largest retailer in the United States. In some cases, competitors assess or waive fees if certain conditions are met. The annual percentage yield, or APY, rate for the Discover online savings account is five times higher than the national average for interest-bearing savings accounts. Continental Bank High Yield Savings account, offered through SaveBetter, has a $1 opening deposit and earns 0.45% APY. We may rely on information that is provided Discover Bank 2 Year CD Rates - Deposits Q: I would like to purchase a 1000.00 What is the current rate for a 12 month CD in the amount of 1000.00 6/9/17 - Discover Bank Ups Savings and MM Rates: Second Increase in Two Months 6/9/17 - Discover Again Raises Online Savings Account Rate 6/1/17 - Discover Bank Increases CD Rates 4/26/17 - Discover Bank Increases Savings Account Rate To 5-Year High 4/20/17 - Discover Bank Has $100 Bonus On New Online Savings Shirley Liu is Finder's global program manager. Easily deposit a check into your account by snapping a photo of it with your smartphone or tablet. Rate History for Discover Bank . Finder® is a registered trademark of Hive Empire Pty Ltd, and is used under license by There are no hoops to jump through to earn this big return, either. In some cases, competitors assess and/or waive fees if certain criteria are met. When compared with its brick-and-mortar rivals, Chase and Bank of America, Discover’s online savings account has a relatively high rate at 0.50% APY. Kindly get in touch with your bank to check your account’s rate as well as to have an estimate of the interest earned since you invested in 2002. What would you do if you were laid off from your job today? Savings accounts vs. savings bonds: What to know, The best savings account bonus offers and promotions, finder.com is a financial comparison and information service, not a bank or You can Available to residents nationwide, apply for your first Discover Online Savings account to earn 0.45% APY. Daily compounding interest. is the rate of interest before any tax is deducted. It's not all bad news for savers in a lower interest rate environment. But find out if it’s worth it here. No account opening or maintenance fees. When you stack that Discover bank savings rate with absolutely no fees (not even for insufficient funds) and no minimum balance or deposit, you build a hassle-free savings account to house your emergency fund, future house down payment or cash for a dream vacation. Learn how this high-interest account can boost your savings goals. Discover’s high-interest savings account offers several key benefits in addition to solid fraud and liability protections, standard FDIC insurance up to $250,000 and 24/7 US-based customer service. Accounts offered by American Express National Bank, Member FDIC. We may also receive payment if you click on certain links posted on our site. Historical savings account interest rates. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. Interest rates and APYs are subject to change at any time. Discover Bank has always been one of the best places to open a CD account online. If you are Amount is cumulative interest earned over duration of time chosen. Deposit Interest Rate in South Africa averaged 10.30 percent from 1977 until 2020, reaching an all time high of 21.60 percent in August of 1998 and a record low of 3.94 percent in October of 2020. Where to open 32 East 31st Street, 4th Floor, If the account has a 1.00% interest rate and the interest compounds annually—that is, the bank pays you interest on your balance once each year—you’ll earn $50 after the first year. You are about to post a question on finder.com: I agree to Finder’s terms of use and privacy and cookie policy, and I opt in to receive email from Finder, Subscribe me to Finder’s free weekly newsletter for budgeting tools, timely news and savings essentials to take control of your finances. Chase and Bank of America have a 0.01% and 0.03% APY, respectively as of June 27, 2018. “Using a savings account can increase your propensity to save. A savings account with a higher-than-average rate and minimal fees. Get Our Free Weekly Top 5 Bank Rates Email All Rates CD Rates Savings Checking. This savings account has no account and overdraft fees, plus it requires no minimum balance. Please enter an amount between $1 and $5,000,000. After the claim, the website shows the Discover savings rate, which is 0.95% APY (which is pretty good), and the rate of various other banks with a 0.01% APY. Annual Percentage Yield (APY). Compare this information to 100 years ago, when the discount rate was 3.50 percent. Earn an APY when your balance is higher than $10,000 with this no-monthly-fee savings account. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. This money market account offers a competitive APY. To check the rate of interest you're currently earning on your savings, log into your account. All balances qualify for the same interest rate. Discover’s savings account pays a solid 1.50% interest rate. ˆGross p.a. Thank you for getting in touch with Finder. Check on your savings account easily. If you exceed these limits on more than an occasional basis, we reserve the right to close your Account. On average, 3-month CDs in early May 1981 paid about 18.3 percent APY, according to data from the St. Louis Federal Reserve. The Central Bank of Kansas City Savings account, offered through SaveBetter, has a $1 opening deposit and earns 0.4% APY. The account has no fees, no minimum balance requirements, and no hassle! APY may change before or after the account is opened. Finder is committed to editorial independence. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Grow your money with a savings account interest rate over 5x the National Savings Average. Please consult a financial planner or tax advisor if you have questions. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. The Annual Percentage Yield (APY) for the Online Savings Account as of XX/XX/XXXX is more than five times the national average APY for interest-bearing savings accounts with balances over $500 as reported by Informa Research Services, Inc. as of XX/XX/XXXX. Whether you’re saving for a new set of wheels like Stous and his wife, a home down payment, an emergency fund or [enter your next big financial goal here], an online savings account could be your ticket to success. It’s easy to transfer money from one account to another. *AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once a year. Discover Online Savings Account Review. Gross means the interest rate payable before the deduction of tax. Can I get a 12% interest savings account? How Discover Bank’s Online Savings Account compares. We may receive payment from our affiliates for featured placement of their products or services. Their CD rates have consistently been very competitive for 12-month CDs, all the way up to 10-year CDs. Ray Kennedy, Sr, father of country singer Ray Kennedy and the credit manager for Sears, … How much interest would I have earned on a deposit of $50,000.00 since the calendar year of 2002? Finder research looks at birth rates, fertility rates and the average age of mothers in America. Here's why.*. No minimum deposit to open. Advertised Online Savings Account APY is accurate as of XX/XX/XXXX. While savers enjoyed higher rates on their cert… To or from other banks and Discover, please allow up to 4-5 business days. However, when compared to the big banks like Chase, Citi and Bank of America, Discover’s savings account pays far better. Discover Bank offers many direct banking products, including popular high yield online savings accounts, certificates of deposit (CDs), and money market accounts. We may also receive compensation if you click on certain links posted on our site. “We often think of policymakers debating things that don’t really impact us. If you’re shopping around for a new savings account, look for a bank that will give you an interest rate that meets or exceeds the national average. Just give us a few basics (like address and Social Security number), and we’ll get the ball rolling for you. Enable Quick View to check your savings account balance without logging in each time. Read more about the 10 best savings accounts of 2018. Discover high yield online savings account interest rate history since 2008. Discover does not operate physical branches, so working with Discover Bank is only an option for consumers who are comfortable with all banking being online. TAB Bank’s high-yield savings account has a competitive APY, but it’s probably best for truckers. But with Discover Savings, your $10,000 would earn $170 in a year. Earn a competitive rate as long as you open it with the Citi Accelerate Savings account. While the market has been pretty stagnant over the last several years, we’re in the beginning of an upward trend, which could mean higher interest rates in the future if you choose an account with a variable rate. The Discover high yield savings account earns 0.50% APY. * This should not be considered tax or investment advice. *Based on the national average interest rates for savings accounts according to the FDIC. New account opening bonus of $150/$200! While Discover Bank’s CD rates aren’t always the highest available in our listings of the best CDs, they are consistently among the top offers we’ve seen across all terms.That said, you may be able to find a similar or even better rate with a CD that has a lower minimum deposit than Discover Bank’s rather hard-to-swallow $2,500. to us. Compare the Best Discover Bank Rates. There are no limits on the number of ATM withdrawals you can make (for money market accounts) or official checks mailed to you. As of writing, Discover offers a 5-year CD with a minimum balance of $2,500 and a APY of 2.85%, but you'll pay 18 months worth of interest if you need to withdraw funds early. Putting your nest egg within easy reach when you need it, a savings account is a must-have for many people. Review the Top High Yield Certificate of Deposit rates Android Text Messages from PC. Applies to personal accounts only. 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