Discover Bank Savings Account Rates: Current Savings APY at 1.15%

Discover Bank's savings account rate is still one of the best rates available right now. The banking arm of Discover credit card is currently offering their online savings account rate at 1.14% with a savings yield of 1.15%. Savings account rates at Discover Bank are lower than they were last year which isn't unusual since interest rates have come down.

Discover Bank's savings rate is still more than 5 times the current national average rate of 0.22% as reported by Opening an account is quick and easy, we were able to open an account in less than 5 minutes. The minimum opening deposit is $500.

Interest earned on the account is compounded daily basis and credited monthly. The account is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000.

Discover Bank's money market account rate is slightly lower at 1.04% with a yield of 1.05%. Jumbo MMA rates are at 1.09% with a yield of 1.10%. Since money market accounts and savings accounts are basically the same you're better off going with the savings account since it has a higher interest rate. You can open an account here: Discover Bank Online Savings Account Application.

Use our savings account rate list of find a list of the best rates in your state or zip code: Savings Account Rates. To find the best CD rates use our CD rate list here: best CD rates.
Author: Lisa Graham
July 26th, 2011