-
Financial Rates:
4.5
-
Customer Service:
4.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- No monthly fees or required balances
- Personal deposit accounts offered
- Can open all accounts online
- Competitive interest rates on accounts
Cons:
- Only personal deposit accounts
- Not wide variety of accounts
- Outgoing wires have a high fee
- MMA has high opening balance and fee
-
Financial Rates:
5.0
-
Customer Service:
3.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- Competitive interest rates on CDs
- Interest rates are not tiered
- No fees and low opening required amounts
- Everything for an account is online
Cons:
- Limited accounts offered
- Customer service not available 24/7
- No business accounts offered
- Link CD accounts to external accounts
Most Discover online bank accounts do not have monthly fees. They also do not have required balances to keep in the accounts. The online checking account, savings accounts, and CDs do not have a monthly fee. They are completely free. Only the money market account has a fee if your balance falls below $2,500.
Personal deposit accounts are available through Discover. They offer online savings, money market, and checking accounts. Their CDs range in terms from three months to ten years. Discover offers IRA CD terms as well as regular CDs.
These Discover accounts are entirely online accounts. Open the savings, money market accounts, and CDs online or by calling customer service. The checking account can only be opened online. Everything for these accounts is done online.
Discover accounts offer competitive interest rates. The rates for every account are much higher than your typical brick and mortar bank rates. The rates are competitive with other online accounts. The only account that has tiered interest rates is the money market account. The difference between the two-tiered rates is very small. Balances over $100,000 in the money market account earn a slightly higher rate. All balances earn competitive rates.
Discover Bank offers only personal deposit accounts. Those accounts include a savings, checking, and money market account, as well as CDs. Discover Bank does not offer any business accounts.
There is not a wide variety of personal deposit accounts offered through Discover. Discover offers one savings, one money market, and one checking account. No business accounts are available. CD terms range from three months to ten years.
One way to access your money in your Discover accounts is through a wire transfer. There is a fee to complete each wire. That fee is $30 for each outgoing wire sent from your Discover account. There is not a fee for domestic wire transfers received into Discover accounts. There may be a $20 fee for wire transfers received in a foreign currency.
The Discover money market account has a high opening required amount. That account requires $2,500 to open. There is a monthly fee of $10. Waive that fee by keeping $2,500 in the money market account.
The interest rates on Limelight CDs are competitive. They are competitive with other online CD accounts. Limelight interest rates are much higher than typical brick and mortar bank rates.
Limelight interest rates are not tiered. Any amount in the CD earns the most competitive rate offered. There is no set balance required to earn the most competitive rate.
Each of the Limelight CDs only requires $1,000 to open. There are no monthly fees. The only fees with Limelight CDs are from withdrawing money before the account reaches maturity. You can withdraw money during the grace period without a fee.
Limelight Bank is an entirely online bank. There are no branch locations. You open your account online, and everything for your account is online. Any U.S. citizen, who is 18 years or older, with an SSN or ITIN can open an account.
Limelight Bank offers limited options for personal deposit accounts. They only offer personal deposit CDs. Those CD terms include a six-month term, 12-month term, or 18-month term. Limelight Bank does not offer a savings, checking, or money market account.
Limelight customer service is not available 24/7. The most common way to reach customer service is through email. There is a phone number listed on the website. Customer service hours are not listed on the website.
Limelight Bank does not offer business accounts. The only account offered are personal deposit CDs. Those terms include a six-month, 12-month, and 18-month terms.
Limelight does not offer a checking or savings account. To fund the CDs requires the accounts to be linked to an external account. Once the account is linked to an external bank account, you can easily make transfers into and out of the CDs. Transfer money during the CD grace period or when the CD reaches maturity to avoid a fee.
Sponsored Offers
| Savings (Rate as of 4/16/2024) | |
| APY | 5.25% |
|---|---|
| Rate | 5.25% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC. No fees. Easy deposits and quick withdrawals. | |
| Savings (Rate as of 4/16/2024) | |
| APY | 4.30% |
|---|---|
| Rate | 4.21% |
| For APY | $1 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/16/2024) | |
| APY | 5.00% |
|---|---|
| Rate | 5.00% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC Plus, no monthly fees and unlimited free external transfers | |
| Savings (Rate as of 4/16/2024) | |
| APY | 5.15% |
|---|---|
| Rate | 5.02% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 4/16/2024) | |
| APY | 5.05% |
|---|---|
| Rate | 4.93% |
| For APY | $5,000 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC CIT Bank, a division of First Citizens, 125+ years of experience. | |
| Savings (Rate as of 4/16/2024) | |
| APY | 4.35% |
|---|---|
| Rate | 4.35% |
| For APY | $0 |
| Monthly Fee | $0.00 |
| Checkbook | No |
| Member FDIC | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.