Discover Bank Savings Account

Discover Bank is offering a savings account that has one of the best savings account rates and yields available these days. The current savings account rate is 1.34 percent with an annual percentage yield (APY) of 1.35 percent. The current APY is as of March 30, 2010 and is more than double the current national average savings account rate of 0.59 percent for account balances of at least $10,000.

The minimum opening deposit for the online savings account is $500. The interest earned on the account is compounded on a daily basis and credited to your account monthly. Savings accounts are FDIC insured up to $250,000. As with all savings accounts, you are limited to six withdrawals per billing cycle.

You'll need to provide the following information to open a Discover Bank Savings Account:

• You must be at least 18 years old
• Have a valid Social Security Number
• Have a valid US Address
• Provide an electronic signature

For more information on Discover Bank's savings account and current savings account rates visit: Discoverbank.com.