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 interest rates are easily accessible via www.discoverbank.com, the rules and fee schedules are several clicks away or buried in tiny fonted footnotes at the bottom of the page. But for money market interest rates that are generally five times greater than the national average perhaps the search is worth the rate of return but it doesn’t seem to be customer-friendly. The rules of this high yield money market account are not dissimilar from the competition so it is curious they are so hard to find.

How’s the Access?

One of the strengths of an online money market account from Discover Bank is being able to access your money with a Discover Card, which as you know has near-universal acceptance. You can also use the Discover Debit Card or paper checks for purchases and bill paying. Online money transfers are also a breeze. But as with the fee schedule and rules of the account readily finding the transaction rules is a bit of a search from the website. Buried in a footnote you find the account is allowed six transfers per statement cycle but it is not until you click through the fee schedule and squint to read another footnote that you “discover” only three of the six transfers can be made offline in the form of a check, debit or draft from the account.

The Wrap-Up on Discover

If you are willing to take the time to uncover the account rules and fees the Discover Bank money market account consistently out-paces the money market rates of other online banks. The current money market rates are up to five times that of the APY of other banks so you are certainly going to earn the best money market rates available. If you decide the search is worth the great rates, opening a money market account with Discover Bank is really simple and their customer service department is very helpful.

• Using your Discover Debit Card at ATM machines
• Using your Discover Debit Card while making purchases
• Writing checks from your account
• Transferring in person or wire

And these are just some of the ways. For a full list, check out Discover’s Money Market Account FAQs. Also, just like other Money Market Accounts, the interest is compounded daily and then credited to your account monthly.

If you are looking at some of the fees that might cost you, it might be a good idea to take a peek at the organized chart that has everything listed that you need to know so you don’t find yourself paying for certain wires or excessive transfers.

See also Discover Bank Savings Rates and CD Rates.

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Discover Bank is FDIC insured