Discover Bank has a very attractive online savings account that earns a high interest of 1.75% APY. This high yield savings account can be opened with a minimum of $500. The bank does not impose any minimum balance requirements.

This online savings account can be opened by completing an application form online. The bank may still ask for you to complete a signature card or send a copy of your driver’s license or any alternative documents as proof of identity.

Account holders can make deposits to their savings account through electronic or phone funds transfer, wire transfer, or by sending a check through post. Initial funding of the account will be reflected on your account within 10 business days upon receipt of the funds.

This best savings account offering is also limited to 6 pre-authorized withdrawals every cycle. The bank collects $15 for every excess withdrawal transaction. If you decide to withdraw through an official bank check then be ready for a fee of $5 per check.

Incoming domestic or international wire transfers are free. Outgoing domestic wire will cost you $20 while international ones are charged $40 each.

Account holders who decide to close the savings account within 3 months after opening will be charged with a fee of $20.

The interest rates that we have here are effective as of November 3. These current savings interest rates may be changed any time so we suggest that you visit their rates page before signing up for anything. The interest rates for the savings account is compounded on a daily basis and credited to your account every month.

For any inquiries you can call 1800- 347-7000. Discover Bank is insured with the FDIC.