Start Online Savings Accounts with a handy, fee-free high-yield account.
Dan Stous is a wealth manager and financial planner. When he first noticed that online savings accounts’ interest rates were continuously increasing, he became interested in them.
The entire reason Stous, the director of financial planning for a financial planning and investment management firm in Lincoln, Nebraska, was seeking an online account was that deposit rates at conventional brick-and-mortar banks had remained low despite growing interest rates.
He and his wife decided to open a Discover® Online Savings Account and began making deposits into it on a regular basis in order to accumulate money for a car. The funds were rising swiftly, and they were happy to see it due to the account’s high-interest rate and annual percentage yield (APY).
An online savings account could be your key to success, whether you’re saving for a new set of wheels like Stous and his wife, a down payment on a home, an emergency fund, or [insert your next major financial goal here]
Read More: What You Should Know About Current Accounts
1. Online Savings Accounts By using a high-interest rate
Whatever your financial objective, you’ll want your savings to grow (and then you’ll want that growth to grow even more). One advantage of a Discover Online Savings Account is the ability to increase your savings with an interest rate that is more than five times the national average.
Stous suggests online savings accounts to his clients as a financial strategy because they offer better yields than traditional banks. Because the rates have been so substantially better, Stous explains, “We have started directing customers to online accounts.”
2. You can avoid the inconvenience of paying fees.
A few little bank account fees can add up quickly. Who wants their hard-earned cash to be eaten away by sly fees? You won’t be assessed an account fee if you open a Discover Online Savings Account, which is one of its top advantages. * Fees for the following are typical fees that your Discover Online Savings Account will not incur:
- month-to-month upkeep
- Official bank check; there is also no charge for expedited check delivery.
- a returned item from the deposit
- money is insufficient
- Order to stop payments
- Closing of accounts
You shouldn’t worry about starting particular account behaviors (like a regular direct deposit) to avoid a cost that could reduce your savings because Discover Online Savings Accounts do not levy maintenance or activity fees.
3. Online Savings Accounts No balance is necessary.
Add no minimum balance requirement to the list of crucial details regarding a Discover Online Savings Account. It can be difficult to put aside a sizable sum of money just to avoid a balance requirement fee if you are just getting started with your savings (congrats!). Because there is no minimum balance requirement for the Discover Online Savings Account, you can begin small and grow your savings as your budget allows.
Prepared to make a sizable withdrawal for a thrilling sizable purchase? No issue. If you have accomplished a goal and need to use your savings, go ahead. Your Discover Online Savings Account’s reduced amount won’t be subject to charges, so you may start saving again for the next big purchase without worrying.
4. You can handle account management on the go and online.
Your savings account ought to accompany you everywhere you go because your life is online and mobile. In just three simple steps, you may open a Discover Online Savings Account from the convenience of your sofa (or while riding in your rideshare):
here are the necessities (personal information like your address and Social Security number).
Choose the beginning balance you want to put in the account (or come back and do it later if you prefer).
You should have a confirmation email in your inbox.
Once everything is set up, you can quickly transfer money between various accounts—both Discover accounts and outside ones—and set up automatic payments into your savings account to allow your savings to grow on their own.
5. You can receive excellent customer service.
Although it can be challenging to gauge effective customer interactions, having access to real people fast is undoubtedly one indicator.
People are especially drawn to value-added services, I’ve noticed. According to Vazza, the first is customer service.
Discover’s customer service is entirely based in the United States and provides 24/7 live chat access without a long series of automated questions. The advantages of a Discover Online Savings Account are enhanced by the educated and welcoming customer service.
