Discover Bank is an online bank owned and operated by Discover Financial Services. It’s one of the largest banks in America that’s widely known for its rewards credit cards. But its 50 million clients use many of the bank’s other financial services.
When it comes to Discover’s top money market accounts, the bank offers accelerated interest-earning and convenient withdrawals via checks and debit cards.
If you want to open a Discover money market account, you need to deposit at least $2,500. Although most banks require a minimum deposit when opening an account, they usually don’t ask for more than a few hundred bucks. When compared to some of the competition, Discover’s minimum deposit is notably high.
On the plus side, you don’t need to worry about a minimum monthly account balance because Discover doesn’t set balance limits for its clients. Also, the bank doesn’t charge account maintenance fees.
Discover offers high rate money market accounts. The interest that the bank pays on your deposit is 0.30% APY for balances below $100,000, while for accounts with $100,000 or more, the APY is 0.35%.
Reasons to choose Discover Bank Money Market Account
One of the main advantages of having a money market account at Discover is the variety of options for withdrawing and transferring funds.
First off, you can withdraw funds from the bank’s nationwide network of more than 60,000 ATMs, without paying any transaction fees. Second, you get online account access that enables you to pay your bills via your mobile devices or desktop. Finally, for convenience purposes, the money market accounts come with checks and debit cards.
In addition to the best money market savings accounts, Discover provides free expedited delivery for paper checks and debit card replacement.
One of the particularly popular features is the bank’s modern mobile app for iOS and Android devices. It’s simple to use and highly functional. You can make as many deposits as you want, check your balance and manage your account on the go, and search for the nearest ATM. Another great thing about the app is that you can take a picture of paper checks and add a deposit to your account.
On the bank’s site, you’ll find lots of informative articles that can help you decide whether a money market account is the right fit for you. The bank also provides top money market account customer support. You can get access to polite and knowledgeable agents who are available round-the-clock.
Reasons to look elsewhere
Like other providers, Discover Bank traditionally limited customers to six transactions per month. In 2020, the federal government responded to the widespread financial distress by suspending withdrawal limits to make it easier for people to access their savings. However, banks like Discover may still charge excessive withdrawal fees.
Discover is also not an ideal place for those who are looking for the best jumbo money market rates. Since you pay the minimum deposit of $2,500, the bank should provide you with high money market rates. However, the APY of 0.35% applies only during the introductory period, meaning that your money market interest rates can drop at a later stage.
Reasons to apply:
- More than 60,000 ATMs nationwide
- Easy to use mobile app
- Knowledgeable and polite customers service
- Interest is compounded daily