Alliance with American Association of Individual Investors Will
Boost Discover's Growing Deposit Base
RIVERWOODS, Ill., May 24, 2010 (BUSINESS WIRE) --Discover Bank is now offering its popular savings products to members of
the American Association of Individual Investors (AAII) through a
co-branded effort exclusively designed for the organization.
AAII's 150,000 members can use a dedicated Web site and toll-free
telephone numbers to invest in certificates of deposit, money market
accounts, online savings accounts and retirement products such as IRA
CDs and Roth IRAs. Discover Bank's deposit rates have consistently beat
the national average, according to Informa Research Services.
"Adding strong affinity partners helps drive Discover toward our goal of
being the leading direct bank in America," said Discover Bank President
Christina Favilla. "Our products are a good match for the AAII's members
who want to build wealth and manage their assets conveniently and easily
with the high standards of service that they expect from their
organization and its partners."
"AAII is pleased to offer our members access to the deposit products and
preferred interest rates that the Discover Bank program affords," said
John Markese, AAII's president and chief executive officer.
Discover Bank is one of the leading direct banks in the country.
Direct-to-consumer deposits more than doubled in the past year,
exceeding $12.6 billion at the end of 2009. Savings products are
available to consumers at www.discoverbank.com.
AAII members may go to www.aaii.com
or call 1-800-388-1302.
The independent, non-profit AAII was formed in 1978 to provide
education, information and research to help people manage their own
assets.
Discover also has an affinity relationship with AAA, which has generated
more than $1 billion in new deposits from its members in the past two
years.
About AAII
The American Association of Individual Investors is an independent
nonprofit corporation formed in 1978 for the purpose of assisting
individuals in becoming effective managers of their own assets through
programs of education, information and research. For more information,
visit www.aaii.com.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment
services company with one of the most recognized brands in U.S.
financial services. Since its inception in 1986, the company has become
one of the largest card issuers in the United States. The company
operates the Discover
card, America's cash rewards pioneer, and offers personal and
student loans, online savings accounts, certificates of deposit and
money market accounts through its Discover
Bank subsidiary. Its payment businesses consist of Discover Network,
with millions of merchant and cash access locations; PULSE, one of the
nation's leading ATM/debit networks; and Diners Club International, a
global payments network with acceptance in more than 185 countries and
territories. Visit www.discoverfinancial.com.
SOURCE: Discover Financial Services
Media contact:
Jon Drummond
Discover Financial Services
224-405-1888
jondrummond@discover.com