Experienced a pay cut? Here’s what to do next:
- Discuss a plan with family members
- Adjust your budget or create a new one
- Trim non-essential expenses
Why you save will largely determine how you save. Certain types of savings accounts are better than others for short- mid- and long-term goals. If you want to “park” money for an emergency fund or save for a near-term purchase like a down-payment on a new car, a Discover Online Savings Account can deliver what you want: a great savings rate, convenient access online with our mobile banking app, and encryption technology that safeguards your peace of mind.
Since online banks such as Discover Bank have limited brick-and-mortar buildings to maintain, their overhead expenses are much lower – so their rates are generally much higher. Online Savings Accounts may have fewer fees; coupled with interest rates that are compounded daily, your money can grow bigger and faster. The Discover Online Savings Account for example, imposes no fees for account maintenance or routine online ACH money transfers, making it easy to fund your account online from an existing bank account. What’s more, there is no minimum deposit to open.
When you want to transfer funds between accounts or just check up on your money, what could be easier than simply going online or picking up the phone? You’ve got comfortable surroundings (your own computer or mobile device), convenient hours (your schedule, not your bank’s) and at Discover, if you need help, you can talk to a U.S.-based Banking Specialist 24 hours a day, 7 days a week.
In addition to Online Savings, Discover Bank also offers other types of accounts designed to help address the growth and safety of your savings. Our Money Market Account, for example, offers high yields and easy access to your money1, while our full range of CDs can help you save for the future. Open an account online in minutes or call our 24-hour U.S-based Customer Service at 1-800-347-7000.
The article and information provided herein are for informational purposes only and are not intended as a substitute for professional advice.
1 Federal law limits certain types of withdrawals and transfers from savings and money market accounts to a combined total of 6 per calendar month per account. There are no limits on ATM withdrawals or official checks mailed to you. To get an account with an unlimited number of transactions, consider opening a Discover Cashback Debit account. If you go over these limitations on more than an occasional basis, your account may be closed. See Section 11 of the Deposit Account Agreement for more details.
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