Current online savings account rates at Discover Bank are down from where rates were a couple of years ago but the bank is still offering one of the highest bank savings account rates. Discover Bank savings account rates are at 1.14% with an APY of 1.15%.

If you prefer a money market account Discover Bank also has a money market account with a current rate and yield of 1.00%. Savings accounts and money market accounts are basically the same so I would place my money in the bank’s online savings account.

The minimum opening deposit for an online savings account is $500. Interest earned on the savings account is compounded daily basis and credited monthly. The online savings account is insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000. Discover Bank’s FDIC Cert # is 5649.

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