Discover Bank Review

Discover Bank is now not just a credit card company. They are also offering a savings account along with other programs. Let’s start our review of Discover Bank to see what they have to offer:

About Discover Bank.

Discover Bank was formally known as the Greenwood Trust Company, which was around since 1911. The name change didn’t occur until the year 2000. For the longest time the Discover brand was synonymous with credit cards and credit card products. It wasn’t until 2009 that Discover started its own online banking services. As the account  continues to gain popularity over time it is slowly becoming as popular as other well established online banking accounts (ING Direct for example).

Savings Account with Discover Bank.

Other Products with Discover Bank:

On top of offering competitive savings account rates, Discover Bank also offers money market accounts, CDs, and IRA CDs. The three options are listed below. Take a look for yourself.

What to consider:

You need to deposit $500 to get things started. Your brand new savings account can be opened within 24 hours. You just need to start it off with $500. This can be tough for those that are new to saving money. From those of you that are financially savvy this initial deposit should not be too much of a hassle. Aside from this little caveat Discover Bank offers rates that are highly competitive and come with no fees.