Discover Bank Checking is a Step Above

Discover Bank is consistently recognized as one of the best online banks. Many of their products boast some of the highest interest rates in the industry; their high interest money market account is no exception. As you compare online money market accounts, the current 1.20% APY rate is hard to beat.

Uncovering Discover Bank’s Money Market Account

The Discover Bank money market account is fairly easy to understand. An opening deposit of $2,500 is required and the balance must be maintained to earn interest. The interest rates are graduated according to your average daily balance so the higher your balance the greater return. However should your account dip below $2,500 the $10 fee will affect your rate of return. While the money market… » Read more

Services at Discover Bank also include Money Market Accounts with APY as high as 1.30%. In order to earn this high of APY, obviously a large sum of money is needed. $100,000 to be exact. However, if you are looking at the APY at somewhere closer to $10,000, then your APY will be 1.20%. An initial deposit of $2,500 is needed to open the account, and then that same amount is the minimum you must have in your Money Market Account at the end of each day to avoid fees. You can view a full table of amounts and APYs on their site, along with a calculator that will help you see your… » Read more