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I wanted to see if anyone out there has used a Discover savings account and if you would recommend it? I keep getting mail from discover advertising a .50% rate on savings and wanted to see if anyone has had experience with that?
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Only .5%? You can get .9% at ALLY. Online banks typically offer higher savings rates than brick and mortar banks, because they have the advantage of low overhead. So long as the bank you choose is a member of FDIC, it's a perfectly fine place to park your money.Originally posted by rjt View Post -
I have a discover savings account and it's no harder to use than any other of the online savings accounts. I don't know why you're getting mail with .5% because the rate is currently .8%, but I agree with rjt that any bank insured by the FDIC is fine. If you're looking for the best rates both in savings and cd's I would suggest ally.Originally posted by Petunia 100 View PostComment
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Discover is a troubled company. Of the two, Ally sounds like the better option.Comment
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Please elaborate on Discover being a troubled company!Comment
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ALLY for me too, They give good rate of interest on the deposits with them. I too prefer ALLY over Discover Bank
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The OP isn't asking about a Discover credit card. Discover also offers an online bank savings account, similar to what is offered by other online banks.Originally posted by evalueplusfinanceMostly people think that discover saving account is a very unsecured and difficult to manage but this is my personal experience that discover saving account is very useful. I am doing online shopping every month weather i have money in my pocket or not and i am getting many more rewards. but for getting rewards there is one terms and condition that you have to pay before payment deadlines. If you will not pay timely your credit score will decrease and you can not get any rewards i.e some cash back........... Comment
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Beware of Keeping Your Savings with Your Credit Card Compan
While I have recently decided to marge my savings and bank account (Bank of America... mostly due to being able to deposit checks via my iPhone or Tablet), you need to know what you're getting into when you do this.
Almost every financial institution has a clause that says they can pull funds from your other accounts with them to cover your unpaid debt accounts. While you may never plan to have unpaid debt accounts, why put yourself in that situation?
The good news is, that I have often seen in the fine print that Credit Cards are excluded from is policy. I'm not sure why banks would do that unless it is federal law... so perhaps that is the case.
Bottom line is, no matter where you bank, read the fine print... and make an educated decision.
Like I said, I ultimately decide to combine all of my accounts, but not for high interest... purely for convenience.
Stay Positive,
DrewComment
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Ally is an online bank http://www.ally.com. It used to be GMAC, but after the bailout it received from the government, it changed it's name.Originally posted by storecardsComment
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I got a Discover Savings Account about 2 years ago. Started out at 1.00%, is down to 0.8% now.
I've found it to be just fine, no problems.Comment
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Truth is, there is no way to getting higher interest in savings account. The interest rate is set by the bank and it is automatically compounded based on the interest rate given.
The only way to get more money is to offer services or do businesses (you can start small scale... size does not matter). Take note, there will be investments either in time or money for tools you'll need to create more money.
As a college student, you could offer services to be a virtual assistant, sing birthday songs, or promote things online.Comment
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