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Discover Savings Account Reviews

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  • Pros
  • No minimum amount required to maintain the account
  • Interest calculated daily and paid monthly
  • FDIC insured
  • No monthly fee
  • Online and mobile banking
  • Cons
  • Need $500 to open an account
  • Overdraft fee
  • Travelers Checks not accepted

Discover Online Savings Account

Best Value Award 2016

Another larger and more established company, Discover has a very impressive interest rate of 0.95 percent for its savings accounts. This is much higher than the national average, and it's close to the top. Given that Discover is a household name and many people already have established relationships with the company, and it's easy to see why it's a good choice. Not only that, there are no gimmicks when it comes to getting that rate, which is a welcome change for anyone looking to park some cash as other companies advertise rates where one must deposit large sums of money or jump through other hoops.

Easy Set-up and Good Customer Service

Discover is one of the most well-known financial companies out there. Being the third largest credit card company in the world with over 50 million customers, it's hard to not see the company as a viable solution. Yes, Discover has things in order, and it shows the minute you want to sign up for a checking account, credit card or a savings account. The site is organized well, and it's easy for anyone to navigate. The company claims it only takes minutes to open an account, and if you already have an account with the giant financial services provider, it won't take too long as the website will automatically input most information for you.

If you are completely new to Discover, the process is also pretty simple. By using the secure form, you will need to enter your basic financial information, your address and your email and phone number. The form is SSL-protected, so any information you send to the company will go through a secure server. With the three step process, you enter your information, get verified and then deposit your funds. If all goes well, which it should, you will have your account opened very quickly. Even with multiple security steps, you should have no problem opening your Discover savings account within 20 minutes or so.

One thing that makes Discover great is that the website is easy to use. Right on the front page, the company provides information on how to quickly get started. If you would rather have help opening your account, you can call a US-based banking specialist who will help you through every step of the way. Again, while it's probably not needed, having help at your fingertips is always reassuring, especially when talking about your money.

Much like with other established players in the industry, Discover has a solid help center where you can learn the basics about your account and how to manage it to the fullest. Under the savings heading, you can even find out what the current interest rate is, as these things can change overnight.

Finally, with the Discover app, you can access everything on the go, 24/7. With the free app, you can tag transactions, view all of your spending details, upload checks with the camera and send in customer service inquiries. In both the Apple and Google stores, the app has thousands of four and five star ratings from satisfied clients who consider the app intuitive, easy to learn and full of great features that make online banking easier and more efficient. And, Discover is committed to improving its app, and every new update brings more features.

Discover Keeps Your Information Safe

There is a reason people have fear when using online banking systems. With plenty of high-profile hacking incidents, many are now afraid to use online banking. But, if you want the best of the best, Discover is a bank to consider. When you sign up, you will use a unique username and password, and you will have to make sure it is secure. With secure online and mobile banking, $0 liability protection, proactive fraud monitoring, dedicated fraud specialist and an SSL-protected site, you are extremely unlikely to have a problem.

Discover goes further and takes a proactive approach. One its site, you can learn how to protect your information and work with Discover to prevent fraud. By giving you tips on how to properly dispose of documents and how to report phishing emails, Discover does way more than nearly every bank. In the end, if you sign up with a savings account or use any other Discover products, you will have plenty of peace of mind when you use the website or provided app as Discover makes security and safety a huge priority.

Plenty of Other Great Products

Without a doubt, a lot of people want to consolidate their accounts to save time and stay organized. There are plenty of savings accounts online where you can get a decent rate, but Discover is a full-service bank that has it all, and this may work better for you. With checking accounts, credit cards, student loans and even home loans, you can have it all in one place. The great thing about establishing a relationship with Discover is that you can open other accounts in the future.

A Household Name

If you are taking the plunge and sending hundreds, or thousands, of dollars to a bank, you will want to use a name you trust. As previously outlined, the bank offers a secure experience and goes out of its way to protect you. On top of that, Discover is a household name that just about everyone knows. This means that the provider can spend money on new products and offerings, all while offering a more experience. Finally, Discover can offer some of the top interest rates as it makes enough money to justify higher rates.

Verdict - Superb

There are literally no downsides to using Discover to stash away cash. It is near the top of the industry when it comes to interest rates. It also offers a secure experience, and the company has a well-run and secure website, along with a mobile app so you can take care of stuff on the go.

With some searching, you can probably find a slightly higher rate from another provider, where you can earn a few more dollars in a given year. But, when all is considered, it is hard to find a better all-around provider that offers such competitive rates.

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Discover Savings Account Consumer Reviews

Average Customer Rating

5 out of 10 rating 5 3 User Reviews

User Rating Distribution

Ratings: 10 - 9 0
Ratings: 8 - 7 1
Ratings: 6 - 5 2
Ratings: 4 - 3 0
Ratings: 2 - 1 0
5 out of 10 rating 5 Good rates Promotional offers

This bank looks good on paper, but once you sign up itís a different story. They may offer good interest rates, but I signed up due to a promotional offer they had and when I chased this after a month of opening, they said I didnít qualify, and they could not see why. They wouldnít look into it which means that I lost out on a cash bonus.

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5 out of 10 rating 5 Good customer service Slow

The only problem I have had with discover is that they are a bit slow in doing pretty much everything! However the customer service is fantastic, always helpful and anyone Iíve spoken to is friendly and does eventually get the job done!

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7 out of 10 rating 7 Good security features None

With Discover I feel like my savings are very secure! The interest rates they offer are good and whether you phone up or are going online they take you through a good security process before letting you do anything with your account!

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Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.