{"id":6969,"date":"2022-06-04T14:00:37","date_gmt":"2022-06-04T14:00:37","guid":{"rendered":"https:\/\/eragoncred.com\/?p=6969"},"modified":"2022-06-03T19:20:36","modified_gmt":"2022-06-03T19:20:36","slug":"discover-bank-review","status":"publish","type":"post","link":"https:\/\/eragoncred.com\/tr_w\/discover-bank-review\/","title":{"rendered":"Discover Bank \u0130ncelemesi"},"content":{"rendered":"
\"Discover
Discover Bank \u0130ncelemesi<\/figcaption><\/figure>\n

Discover is best known for its rewards credit cards, but that’s only part of its business. It is a full-service online bank and a payment services company. Discover provides banking and retirement solutions for individuals. Discover is also a lender that offers personal, student and household loans.<\/p>\n

As an online-only bank, Discover does not have a local branch that customers can visit in person for banking. However, that doesn’t mean they are inaccessible. Discover is known for its excellent customer service available 24\/7.<\/p>\n

Here’s our review of Discover Bank and its personal banking options to see why they’ve been named the best checking account for avoiding fees and best for cash back on Forbes Advisor’s list of the best online banks.<\/p>\n

Account data and Annual Percentage Return (APY) are correct as of May 27, 2022.<\/p>\n

Hesap Temelleri<\/h3>\n

Verification (Cashback Direct Debit)*<\/h3>\n

Finding checking accounts is somewhat unusual in the banking world. That’s because — similar to many of its credit card products — discovering checking accounts can earn cash-back rewards. The Discover Cashback Debit Account allows customers to earn 1% cash back on monthly purchases of up to $3,000 with their debit card.<\/p>\n

If you hit the $3,000 monthly limit, you’ll get $30 cash back every month. For over a year, you can earn $360 in cash back just by shopping with your debit card. If you only spend $2,000 a month on debit card purchases, you’ll still get $240 back in one year.<\/p>\n

Another feature that Discover is known for with its checking accounts is that it doesn’t charge any fees. There are no fees for account maintenance, check orders, use of Internet ATMs, online bill payments, or changing debit cards. There are no minimum balance requirements or activity requirements for the Discover Cashback Debit Account.<\/p>\n

Tasarruf<\/h3>\n

Discover Bank offers an online savings account that pays a competitive 0.70% APY. If you have $10,000 in your savings account, you’ll earn more than $70 a year in interest. Interest is compounded daily and paid monthly.<\/p>\n

There are no fees for using the Discover Online Savings Account. There is also no minimum balance requirement. By comparison, a Bank of America Advantage savings account requires a balance of at least $500 to waive the $8 monthly fee.<\/p>\n

Money Market<\/h3>\n

Money market accounts take advantage of the profitability of savings accounts while also providing verification capabilities for more general accounts. Discover Bank’s money market accounts give customers access to ATMs, debit cards and check writing.<\/p>\n

Convenience isn’t the only highlight of Discover’s money market accounts. These accounts offer high earning potential. Earn 0.60% APR on account balances under $100,000. Earn 0.65% APY on balances of $100,000 and above. A 5-year savings balance of $20,000 yields $120 in the first year and $609 in savings after five years.<\/p>\n

There are no fees and no minimum balance requirements for Discover money market accounts. Money market accounts allow you to earn more interest than traditional checking accounts.<\/p>\n

CD<\/h3>\n

Discover Bank Certificate of Deposit (CD) is a versatile high-yield account that provides customers with guaranteed returns. Discover CDs run for anywhere from three months to ten years, depending on your needs.<\/p>\n

Discover offers competitive returns for its CDs, slightly less than the best CD plans on the market. Below is the interest earning potential of Discover’s CD account for various tenors with an initial deposit of $10,000:<\/p>\n

\n\n\n\n\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
CD Terimi<\/th>\nY\u0131ll\u0131k Y\u00fczde Getirisi<\/th>\nInterest Earned on $10,000<\/th>\n<\/tr>\n<\/thead>\n
3 Ay<\/td>\n0.30%<\/td>\n$7<\/td>\n<\/tr>\n
6 Ay<\/td>\n0.60%<\/td>\n$30<\/td>\n<\/tr>\n
9 Ay<\/td>\n0.65%<\/td>\n$48<\/td>\n<\/tr>\n
12 Ay<\/td>\n1.50%<\/td>\n$150<\/td>\n<\/tr>\n
18 Ay<\/td>\n1.65%<\/td>\n$249<\/td>\n<\/tr>\n
24 Ay<\/td>\n2.00%<\/td>\n$403<\/td>\n<\/tr>\n
30 Ay<\/td>\n2.00%<\/td>\n$507<\/td>\n<\/tr>\n
36 Ay<\/td>\n2.20%<\/td>\n$675<\/td>\n<\/tr>\n
48 Ay<\/td>\n2.20%<\/td>\n$911<\/td>\n<\/tr>\n
60 Ay<\/td>\n2.75%<\/td>\n$1,451<\/td>\n<\/tr>\n
84 Months<\/td>\n2.75%<\/td>\n$2,088<\/td>\n<\/tr>\n
120 Months<\/td>\n2.75%<\/td>\n$3,112<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

Discover offers a total of 12 CD term lengths.<\/p>\n

The minimum deposit for a CD account opened through Discover is $2,500. If for any reason you need to withdraw money before it is due, you can withdraw it but you will have to pay a penalty. The prepaid penalty depends on the specific length of the CD term. The penalty for CDs with a maturity of less than one year is three months of simple interest.<\/p>\n

Opening a CD account is generally considered a safe investment because you have FDIC insurance and guaranteed returns regardless of the market. Your CD rates are locked in for the duration of your term. The longer the CD runs, the higher the rate obtained. You can also create CD ladders with Discover CDs with different expiration dates to establish some flexibility specifically for withdrawing funds.<\/p>\n

IRA CD*<\/h3>\n

Another option that Discover offers is the IRA CD. Customers can choose between Roth IRA CDs and traditional IRA CDs, depending on their needs. Roth IRA CD:<\/p>\n