Additional information of Money Market account
Discover Bank's Money Market account is designed to give you the flexibility to save and manage your money in a convenient way. To open it, you will need to deposit at least $2,500 and you can earn interest at 4.20% APY (balance under $100K) or 4.25% APY (balance over $100K).
What are the fees for this money market account?
Like other financial products from this bank, you do not have to pay fees that are common in other banks.
This applies to maintenance, card replacement, use of Bill Pay, returned deposit, stop payment order, account closure, insufficient funds, excessive withdrawals, standard checks and ATM withdrawals.
You should also know that the Money Market account accrues daily compound interest and to generate it you only need to have $1 in your balance. On the other hand, the limit of monthly operations is 6, something usual for this type of product.
What are the requirements for this bank account?
To be eligible to open this Discover online bank savings account, you must be over 18 years of age.
Although you do not have to be a U.S. citizen, you must provide some personal information, such as tax ID or Social Security number, proof of employment, active telephone or cell phone number, and current address.
How to open a Discover Bank Money Market account?
To open a Money Market account, you must do it on their website or by calling 800-347-7000, since Discover does not have physical branches. Even so, it is a quick process and a tool that can help you with your future plans.
Despite being an online bank, you have at your disposal all the ATMs of the AllPoint and Moneypass network, which you can use for free.
With Discover Bank you can also sign up for a checking account with cashback and an online savings account that offers an excellent return well above average.
Español: Cuenta Money Market de Discover