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Discover Bank Announces New Online Savings Account

July 07, 2009

Great Rates, Daily Compounding, Secure Transfers Make Deposits Add Up Fast

NEW CASTLE, Del.--(BUSINESS WIRE)--Jul. 7, 2009-- With so many Americans looking for simplicity, safety and positive results from their savings and investments, Discover Bank introduces a new online savings account with competitive returns.

“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,” said Steve Olszewski, vice president of deposit products for Discover Bank. “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.”

The Discover Online Savings Account has a $500 minimum opening deposit, but no minimum balance thereafter. Other features include:

  • One rate on all balances
  • Interest that compounds daily
  • No minimum balance or low-activity fees
  • Easy, four-step online application
  • Easy online access to add or withdraw money

The Discover Online Savings Account also offers features that are standard to all of its banking products. These include:

  • Secure online account access for easy account management
  • FDIC-insured account up to $250,000 per depositor per deposit category
  • Customer Service Representatives that are available to assist you 24 hours a day, 7 days a week

Discover Bank also offers money market accounts and certificates of deposit. Money market accounts offer a competitive rate and allow access via debit card, ACH, wires, checks, ATM, and online bill pay. Certificates of deposit are offered for terms ranging from 3 months to 10 years and with a variety of titling options – such as single, joint ownership, trust and custodial – and can be held as a taxable account or within a tax-advantaged Roth or Traditional IRA plan.

Discover Bank routinely scores high ratings on Bankrate.com, a leading online aggregator of financial rate information. Bankrate.com recognized Discover Bank with a Top Tier Award for consistently high yields for the first quarter of 2009. Last year, Bankrate.com issued Discover Bank a four-star Safe & Sound rating.

About Discover Bank

Discover Bank is one of the 100 largest banks in the United States and an affiliate of Discover Financial Services (NYSE: DFS). It offers certificates of deposit, money market deposit accounts and other consumer financial products and services. Founded in 1911 as Greenwood Trust, Discover Bank is FDIC-insured and chartered under the laws of the State of Delaware. The bank maintains a branch in Greenwood, Delaware, with deposit, finance and credit card operations in New Castle, Delaware. For more information, visit www.discoverbank.com.

Source: Discover Financial Services

Discover Financial Services
Jon Drummond
jondrummond@discover.com
224-405-1888