To provide safety to the savings and investments of its American clients, Discover Bank has introduced a new online savings account. The bank said that the online savings account has a $500 minimum opening deposit, but no minimum balance thereafter.
The bank claimed that it offers features like one rate on all balances, interest that compounds daily, no minimum balance or low-activity fees, and online access to add or withdraw money.
Steve Olszewski, Vice President of deposit products, Discover Bank, said: “With very little brick-and-mortar overhead, Discover Bank can offer rates that consistently exceed the national average, while offering the ease of securely transferring money to or from any checking account. These types of savings accounts are especially effective for people who are saving toward a goal, like traveling, funding an education or paying for a wedding.”
An affiliate of Discover Financial Services, Delaware-based Discover Bank offers certificates of deposit, money market deposit accounts and other consumer financial products and services.
