Discover savings account?

[Anonymous]

Hello, I am just wondering if Discover is pretty good for an online savings account?

[Siopao]

I've never had any experience with Discover bank.  But if you're looking for high yield savings you may want to look into Alliant CU.  They have a slightly higher rate and it's a CU 

[Anonymous]

@Anonymous wrote:

Hello, I am just wondering if Discover is pretty good for an online savings account?

---

Yes, It's great! and also get the free checking that pays back 10 cents for every paid check or bill payment/atm debit !!!

[Anonymous]

Thank you for the responses. I opened one yesterday before I had seen everything on here about alliant credit union. I didn't even know last week that online savings accounts had existed.. I left some money in my banks savings so in case of emergencies I had quick access to funds. And using my online as my big savings for hopefully my down payment on a house. I'll have to also look into the checking account. It would be nice to have accounts where you actually get paid something for using rather than me having to use my accounts to avoid paying the bank (fees). Lol

[Anonymous]

---

@Anonymous wrote:

Thank you for the responses. I opened one yesterday before I had seen everything on here about alliant credit union. I didn't even know last week that online savings accounts had existed.. I left some money in my banks savings so in case of emergencies I had quick access to funds. And using my online as my big savings for hopefully my down payment on a house. I'll have to also look into the checking account. It would be nice to have accounts where you actually get paid something for using rather than me having to use my accounts to avoid paying the bank (fees). Lol

---

Yes,  discover Bank has been great to me. They give you free ATM card they give you nice quality free checks with the checking account and any normal bill you pay if you use their bill bill pay online they pay you $.10 per transaction. I get about $1.60 a month which could be added to my Discover credit card Cashback just for paying my normal utility bills and credit cards.  Also you can use the ATM card for a few dollars a month to get more cash back.  I prefer this over many banks that they charge you monthly fee to give them your money and every time we need to order checks they charge you also, and every time I need to transfer money to another bank they charge you also like B of A.

[Anonymous]

Exactly! I bank with wells fargo.. So in order to waive the fees you have to have monthly deposits and use your card 10x every month. Which isnt an issue because we do but its more the principle.. I have two savings accounts with them one with a monthly withdrawal from our checking .. And the other is a dollar transfer every time we use our debit card. Thats just to avoid the $5-$15 monthly fee. I'll look into switching. Thank you for the info!
But another question with direct deposits does it take a while to clear or can you access the funds right away?

[Anonymous]

---

@Anonymous wrote:
Exactly! I bank with wells fargo.. So in order to waive the fees you have to have monthly deposits and use your card 10x every month. Which isnt an issue because we do but its more the principle.. I have two savings accounts with them one with a monthly withdrawal from our checking .. And the other is a dollar transfer every time we use our debit card. Thats just to avoid the $5-$15 monthly fee. I'll look into switching. Thank you for the info!
But another question with direct deposits does it take a while to clear or can you access the funds right away?

---

I haven't tried direct deposit like a pay check because I own my own business, but when I transfer money from my credit processing with PayPal it doesn't take any longer than the usual banks, and transfer from other banks can take 2 business days. I had the account for a little over a year. Perhaps on any a brand new account, they make take longer to credit your deposits the first 90 days, but direct deposits from an employer should appear right away! Good luck! 

[mongstradamus]

---

@Anonymous wrote:
Exactly! I bank with wells fargo.. So in order to waive the fees you have to have monthly deposits and use your card 10x every month. Which isnt an issue because we do but its more the principle.. I have two savings accounts with them one with a monthly withdrawal from our checking .. And the other is a dollar transfer every time we use our debit card. Thats just to avoid the $5-$15 monthly fee. I'll look into switching. Thank you for the info!
But another question with direct deposits does it take a while to clear or can you access the funds right away?

---

I used to have checking/savings account with WF and having to jump thru all those hoops to not get charged monthly fee was too much for me. That and the fact that there savings rate is about 1/50 th of what i am getting now is what made me switch from WF very easily.

[Anonymous]

Alliant is the better option and they are easy to join. I signed up (for free) for the Freelancers Union and that got me in the door with them. Alliant will call and welcome you as a member and they are very good about steering you to the right products they offer. You get a large package of free checks with a checking account and can easily start the high rate savings account right from their account portal. It took me about 10 seconds. 

Their banking app is also very user-friendly and they don't hassle you about imperfect photos of check deposits like some. If they can make it out on their end, it is good enough. Some apps drive you nuts making you take pictures over and over. Also, once you are established with them for a few months, your deposit shows up instantly available. Some other places put random holds on deposits for all sorts of reasons. Once you demonstrate you are an honest member, they don't hassle you.

You can get 1.15% on a 12 month CD starting at $1,000 up to 1.85% if you have a space $25k you don't mind locking down for 5 years. CDs just don't make much sense at these piddly rates, because you essentially lock your money up.

[baller4life]

+1 Alliant. I can't recommend them enough for banking needs.