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 state-of-the-art security technology that safeguards your peace of mind.
Since online banks such as Discover have no brick-and-mortar buildings to maintain, their overhead expenses are much lower - so their rates are generally much higher. Typically, too, Online Savings Accounts have fewer fees attached; 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 money transfers, making it easy to fund your account online from an existing bank account. What's more, the minimum initial deposit is only $500.
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.
Safety and security
Before you open an online savings account, be sure the financial institution is insured by the Federal Deposit Insurance Corp. (FDIC). At Discover, your Online Savings Account deposits are always FDIC insured up to the maximum allowed by law. And we also ensure that your identity and personal information is safe thanks to our state-of-the-art security features, including firewalls that protect our networks, ongoing system monitoring, and encryption technology that makes it virtually impossible for others to see your information online.
In addition to Online Savings, Discover also offers other types of accounts designed to help address the growth and safety of your savings. Our Money Market Account, for example, offer high yields and easy access to your money, 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 800-347-7000.
The article and information provided herein are for informational purposes only and are not intended as a substitute for professional advice.