Discover Bank’s online savings account offering top rate!

Discover Bank High Yield Savings Account is still holding the top rate for online savings accounts and/or money market accounts. Currently if you open this account with Discover Bank you’ll be provided with an APY of 1.35%. To put this in perspective, the national average for these accounts is currently sitting at roughly 0.80% APY. Although this rate is variable (subject to change at anytime) it has remained the same for almost 3 months now. So if you’re in the market for a decent savings account and want to have easy access to your money, then you may want to look into this offer by Discover Bank.

Discover Bank Money Market Account Quick Facts and Features:

- Fast and Free Online Money Transfers

- 24/7 Customer Service

- Highest Yield on the Market!

- FDIC insurance up to $250,000

Terms and Conditions:

Assumes principal and interest remain on deposit and interest rate does not change for the selected time period.

- You may make up to six preauthorized transfers from your Online Savings Account per statement cycle, including automatic and telephone transfers.

- Annual Percentage Yield (APY). APY applies to personal accounts only. Online Savings Account rate based on a $500 minimum balance. Rate may change after account is opened. Fees could reduce earnings on the account. Advertised rate is valid as of 08/31/2010 and subject to change daily without notice.

Discover Credit Card holders could win up to $1 million!

Attention Discover credit card holders: Discover Bank is now giving away $1 million in cash (grand prize) along with 75 daily prizes ranging from $25 to $500 gift cards. Every Discover credit card holder is eligible to win!

Discover Bank’s message to their card holders revealing this giveaway:

We’re giving away 75 prizes every day, all year long—plus a $1 Million Dollars Grand Prize at the end of 2010. It’s our way to thank you for making Discover your card of choice every day.

Each time you use your Discover card you’ll get a chance to win—on any purchase large or small. The more you use your card, the greater the chance you’ll be a winner. So pull out your Discover card and the next thing you buy could make you a millionaire.

Hundreds of daily winners have already been selected in the It Pays to Discover Everyday Giveaway, and are being notified by mail. Upon verification, winners will be posted on this site.

Compare their credit card offers here.

1. HERE’S HOW IT WORKS:

   This Sweepstakes is sponsored by DFS Services LLC, 2500 Lake Cook Rd. Riverwoods, IL 60015 (the “Sponsor”). A total of 27,375 daily prizes will be awarded (75 per day for 365 days) plus a final Grand Prize of 1 Million Dollars.

   Beginning 1/1/10 through 12/31/10 (“Sweepstakes Period”), you will automatically receive one entry into a sweepstakes daily random drawing and into the Grand Prize random drawing each time you use your Discover Card to make a purchase or take a cash advance, either by using a check, an ATM, or at a financial institution, a casino or online (“Transaction”). Transactions must post to your account during the Sweepstakes Period. Sponsor is not responsible for any merchant delays in processing Transactions which may cause a Transaction to post after the Sweepstakes Period. Balance transfers are excluded from automatic entry. Transactions made with lost or stolen cards or card numbers do not qualify for entry. As a new cardmember, it may take up to 40 days to receive a new Discover Card. There is no cost associated with applying for or receiving a Discover Card. As used in the Official rules, “Discover Card” means a credit card product issued by Discover Bank; it does not include credit card products issued by any other entities.

2. BONUS ENTRIES:

   During the Sweepstakes Period, there will be specific months that highlight a Featured Category. During those months, when you make a qualifying purchase/transaction in a Featured Category, you will receive an additional 4 Bonus Entries for each qualifying purchase/transaction. Visit Discover.com/giveaway during the month prior to each listed Mystery Category month to see what the Mystery Category is for that month. View additional details on their promo page.

$75 Bonus PLUS 0% APR on balance transfers for 12 months!

The infamous Discover More Credit Card has topped itself once again with it’s $75 sign up bonus AND 0% APR on balance transfers for the first 12 months. If you have plans to repay your credit card debt within a 12 month period, this offer is a can’t miss! Simply transfer your existing credit card balance to this card and pay down your debt while adding no additional interest… plus get $75 in your pocket!

Apply for this offer!

A couple things to note with this card – first, the $75 bonus is only available if you spend at least $500 on the card within the first 3 months of owning it. So if you have $175 in monthly expenses (be it – gas, food or recreation) put them on this new card and snag your $75. Just be sure to pay the balance in full each month and repay your total balance transfer debt within one year. Second, if you cannot pay off the amount transferred you will incur an APR of between 11.99% and 20.99%.

Terms, Conditions and Credit Card Features:

• 0% intro APR on balance transfers for a full 12 months, then the Regular APR
• 0% intro APR on purchases for a full 6 months, then the Regular APR
• Get $75 Cashback Bonus when you make $500 in purchases within 3 months
• 5% Cashback Bonus in categories that change like travel, gas, groceries, restaurants, home improvement stores and more
• Up to 1% unlimited Cashback Bonus on all other purchases
• No Annual Fee

Apply Now!

Compare this offer to other balance transfer credit card offers in our database!

Top 5 Online Bank Accounts for 2010

Since their inception in 1994 when Stanford Federal Credit Union began offering their members online interest banking services, online banks have generally been able to offer customers better savings rates and efficiency. Due to reduced overhead expenses, online banks have been able to pass their savings on to customers in the form of better interest rates. Today, because of the increasing number of FDIC insured online banks, they must differentiate themselves further – competing on interest rates, functionality and online features. And since savings rates (certificate of deposit, money market, etc) are all offering record low interest rates, we’d like to go over our top 5 online banking institutions that not only offer rates above the current national average but also have some fairly cool and handy features to boot!

BankVibe.com’s top 5 online banks:

1) Sallie Mae’s Online Savings Account – Since Sallie Mae came out with their savings products this year, they have consistently been listed at the top of the charts for interest rates. In fact, their online savings rate has been number one for the last two months! Want more than a great rate? This product also comes with NO fees, NO minimum balance required and daily compounded interest.

2) Discover Bank High Yield Savings Accounts – Claiming to earn you 5x the national rate average, Discover Bank’s online savings account offers a very clean user interface, 24/7 live support and fast and free online money transfers. They also offer the second best interest rate behind Sallie Mae.

3) Smary Pig’s Online Savings Account – Smarty Pig’s online account is one of the first we’ve seen with social networking features. Although it can be used as a standard online savings account it was originally designed to help you save for specific “big purchase items” such as college tuition, a new or used car, or a vacation in which your facebook/myspace friends could help you save for by contributing. They also offer highly competitive interest rates to their customers.

4) EverBank’s Online Savings Account – EverBank offers customers some of the top rates available and also throws in a bonus interest rate for the first 6 months your account is open. This bonus rate changes regularly but always hovers far above the current national average. This account comes with a minimum balance of $1,500 and you are allowed 6 withdrawals per month.

5) Ally Bank’s Online Savings Account – You may have heard of Ally Bank even before they had that name. Ally Bank is the former GMAC (the banking branch of General Motors). Since GMAC collapsed, they attempted to re-brand themselves with a new name. Today, Ally Bank frequently offers top rates, however, lately they have slipped in BankVibe.com’s charts, however they still offer a very easy to use banking interface and their accounts come with no minimum balances and no monthly fees.

A few years back MSN’s money central disclosed their 10 top online banking institutions (shown below or linked to here) and highlighted the desirable features each offered. However, many of these institutions either collapsed in the 2008 bank collapse or have been defeated by some of the new comers.

Sallie Mae still offering best money market account rate

Of all the money market accounts (or online savings accounts) available online to consumers throughout the country, SallieMae continues to remain on top. Currently their MMA account provides an interest rate of 1.40% APY (national average sits at just 0.80% APY) and comes with absolutely no fees and no minimum balance requirements. SallieMae came on the savings scene earlier this year by offering online savings accounts and certificates of deposit.

As we mentioned in our first review of SallieMae’s online savings account, this interest rate, while currently on top, is a variable one and is subject to change at anytime without notice.

Click Here to open the account online or to learn more about the product. To open online you will need just your social security number and your drivers license. You can fund this account through several different ways, the most convient being an ACH transfer from a current bank.

Quick Facts from SallieMae:

• Earn 5X more on your savings
• No Minimum Balance — Easy to start
• No Monthly Fees — More Money to Save
• Daily Compounded Interest — It all Adds up
• FDIC Insured — Peace of Mind
• Deposits insured by the FDIC up to $250,000

Top Money Market Rates available online:

1) SallieMae Online Savings Account yielding 1.35% APY with $0 minimum deposit required.

2) Discover Bank Online Savings Account yielding 1.35% APY with $500 minimum deposit required.

3) Capital One Online Savings Account yielding 1.35% APY with $2,500 minimum deposit required.

* Interest rates change daily, please refer to the date of this article for accuracy.

Discover Student Credit Card Bonus: 5% Cashback

Discover Bank, a leading provider of cash back credit cards, currently has a fairly nice bonus offer for their new student “mix tape” credit card customers. From April until June, card members can earn 5% cash back bonus on up to $400 in home and fashion purchases. This reward structure rotates between different sets of category purchases. After the fashion related bonus ends in June, the 5% cash back can then be applied to gas, hotels and movies throughout the summer (through September), the categories then shift back to fashion and restaurant purchases next Fall.

****    The “Mix Tape” student credit card by Discover was the winner of a card design contest and it received roughly a quarter of a million votes!    ****

The student credit card by Discover Bank also features a nice 0% APR intro rate for the first 6 months. The APR then moves to the standard variable rate of between 15.99 and 19.99% APR. We would discourage students from taking cash advances however, because the APR associated with them is a much higher 23.99% APR. It also comes with a default rate of up to 20.99% variable and up to 24.99% variable for purchases (up to 28.99% variable for cash advances).

This card is a decent way for students to start building some credit, however, don’t get sucked into overspending during the promotional 0% intro APR period because the default rate after the promotion could hit you pretty hard. Or, if you are already in some credit card debt, check out our top 3 cards for rebuilding credit. We suggest using this card primarily for emergencies and the cash back category purchases, but be sure to pay your balance in full and on time! Check out our top 5 rewards categories for cash back credit cards.

Other Facts from the Fine Print…

Your due date is at least 25 days after the close of each billing period. They will not charge you periodic finance charges on new purchases, or any portion of a new purchase, paid by the due date on your current billing statement if you paid your entire balance on your previous billing statement in full by the due date on that statement.

This card comes with zero annual fees, cash advance transaction fees of 5% for each cash advance, with a minimum of $10 and no maximum. It also has a late fee of $19 on balances up to $250 and $39 on balances over $250.

Student Card by Discover – Features in Foucs:

• Build your credit with our contest-winning student card design – 250,000 votes on 7,000 submissions resulted in the new Mix Tape. Get yours today!
• 5% Cashback Bonus® in categories like travel, gas, groceries, restaurants, and more
• 5% to 20% Cashback Bonus® through our exclusive online shopping site
• Up to 1% unlimited Cashback Bonus® on all other purchases

Apply Now!

Top Online Savings Account Rate provided by Discover Bank

Discover Bank’s Online Savings Account currently boasts the highest APY available nationwide (more than 5x the national average!). As of the 20th of this month (April) Discover Bank is offering new and current customers a whopping 1.35% APY on balances of at least $500. Like all money market and online savings accounts, this is a variable interest rate and is subject to change at anytime without notice (please refer to the date of this article for accuracy).

Go To: Discover Bank’s Online Savings Accounts

Terms and Conditions:

1. The APY for the Online Savings Account as of April 20, 2010 is more than 5 times the national average APY for interest-bearing savings accounts with balances of $500 as reported by Informa Research Services, Inc as of April 20, 2010. Although the information provided by Informa Research Services has been obtained from the various institutions, the accuracy cannot be guaranteed. Rates are subject to change at any time.

2. You may make up to six preauthorized transfers from your Online Savings Account per statement cycle, including automatic and telephone transfers.

3. Interest-bearing Savings National Average APY is based on top 50 U.S. banks by deposit provided by Informa Research Services, Inc as of April 20, 2010.

4. Interest-bearing Checking National Average APY is based on top 50 U.S. banks by deposit provided by Informa Research Services, Inc as of April 20, 2010.

* Annual Percentage Yield (APY). APY applies to personal accounts only. Online Savings Account rate based on a $500 minimum balance. Rate may change after account is opened. Fees could reduce earnings on the account. Advertised rate is valid as of 04/20/2010 and subject to change daily without notice.

Discover Bank’s CD Rates and Money Market Account

Discover Bank, originally known as Greenwood Trust Company before joining Discover Financial Services in 2000, offers FDIC insured bank CDs (certificates of deposit) as well as money market accounts and high yield online savings accounts. By consistently offering interest rates that beat the national average they have grown to manage over $25 billion in consumer deposits.

Discover Bank’s Popular Products:

Discover Bank’s 12-month CDs : This is a 12 month timed deposit. You will earn a fixed interest rate and your money is FDIC insured. You will want to make sure you can keep your money in this account until the duration is over. There may be penalties for early withdrawal.

Discover Bank CDs 24-month CDs: This is a 24 month timed deposit. You will earn a fixed interest rate and your money is FDIC insured. You will want to make sure you can keep your money in this account until the duration is over. There may be penalties for early withdrawal.

Discover Bank Money Market: This is a liquid account. You will earn a variable interest rate and your money is FDIC insured. You can make fast and free online money transfers and you can access your account from anywhere (online, ATMs, w/ Discover debit card, etc).

Donate cash back from Discover credit cards to Haitian victims

Discover Bank is making a substantial effort to assist the victims of Haiti. Discover card holders may donate their cash back to the relief efforts in Haiti and Discover Bank will match every dollar donated.

Since Discover Bank started this support effort they have had plenty of support from card holders. Here is their message to those card holders who’ve donated and to those who are considering:

Discover is very grateful to Cardmembers for the compassion they’ve shown through their rapid response to relief efforts in Haiti. Thank you for helping to make a difference. In four days, you donated more than $1 million of your Cashback Bonus to the American Red Cross. Along with an initial contribution of $100,000, Discover is matching your donations dollar-for dollar, resulting in a combined donation of more than $2.1 million for Haiti relief. Those who wish to donate their cash back bonus to the American RedCross may do so without a matching contribution, or donate directly to charities supporting Haiti relief efforts.

Discover is also waiving merchant transaction fees for the following charities providing support to Haitian relief efforts.

Discover Bank’s penalty free 12 month CD plus $25 bonus!

Discover Bank has a sweet 12 month CD sign-up bonus which is available until the end of 2009. Currently, when you open their 12 month CD you will not only receive a yield of 2.0% APY (national average sits at roughly 1.65% APY) but you will also be given a $25 bonus.

If you simply open this account with the minimum deposit of $2,500 and factor in the sign-up bonus this becomes a 3.0% APY 12 month CD!

The last time we saw a 3.0% yield on a 1 year CD was nearly a year ago and it almost doubles the current national average.

Here’s the math….

$25 is 1% of $2,500 (the minimum deposit required). Add this 1% to the current yield of 2.0% and you have just netted yourself a 3.0% 12 month CD!

Terms and Conditions:

• The $25 offer is valid through 12/31/2009.
• To receive the cash offer, the offer code [D120378] must be used when applying
• A minimum deposit of $2,500 in new funds must be received within 30 days of submitting an application,
• and must remain on the account for 90 days.