Discover Personal Savings Account – Get 0.80% APR Discover is an excellent online bank owned by Discover Bank, the leading financial institution in the world. Although it does not have actual brick-and-mortar branches, Discover provides the same kinds of bank account as other traditional banks: Discover personal savings accounts offer some of the lowest interest rates among many online banks and various other kinds of financial accounts.
If you've heard a lot about personal savings accounts, then you're already aware of their usefulness as retirement planning vehicles. Most employers offer them, and you can find some with annual fees attached. Some of the fees are tax deductible, but Discover's is not; you'd be better off using an ordinary checking account.
Discover Personal Savings Account lets you pay your bills online. You can check your balances and make deposits online without even stepping into a physical branch. You do have to sign a certain amount of paperwork when opening a regular bank account, though. This is much less difficult with a Discover savings account.
One of the biggest draws to a Discover savings account is the interest rate. This is lower than some other options, such as an unsecured loan. However, the Discover card is also available in secured and unsecured forms. Secured savings accounts require a home or car as collateral. Unsecured accounts require you to put some property or money up as collateral, usually for a higher interest rate.
You can open your own account online with just the minimal of information you need. You don't need to fax anything or even speak with an agent. Just complete your account's online form and the cash is deposited directly into your account.
Using this debit card is particularly useful if you are traveling abroad. It gives you the flexibility of using your bank card abroad even if you don't own any property or money.
If you can get to the point where you need more money than Discover allows, you may want to consider a business line of credit. These can be used to pay bills or purchase small items when needed.
To take advantage of Discover savings, make sure you are active on their website. Keep an eye on any promotions or sales that may be happening around you. You'll also find great interest rates in their ads and specials. When you get a credit card, be sure to use it responsibly by regularly paying your balance in full, making at least one deposit and not letting it sit around.
Discover is a great bank for anyone who wants a low rate and a savings account. The best place to start when you need a savings account would be a Discover savings account.