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Discover Bank Money Market AccountRates and Account Review Last Update: November 25, 2008
Discover Bank offers a high interest Money Market Account that can be linked to the Discover Card for easy cash access at over 150,000 participating ATM locations.
Account Features
*$10 fee if balance falls below $2,500.
Account Reviews
Rates on the Money Market Account had been among the highest offers available thanks to the account's tiered balance structure. A balance of at least $10,000 was required to get a rate that was competitive with other online money market accounts. Balances of $25,000 and more got one of the highest rates available on any Internet savings account.
Unfortunately, rates cuts by the Federal Reserve bank took its toll on the Discover Bank Money Market Account. Rates have fallen to levels where better deals can be had at no minimum balance accounts like E-LOAN.
Hardcore online savers may wish to avoid this account due to the lack of ability to initiate an ACH transfer. The leading online savings / money market accounts give depositors the ability to link their savings account to their checking account at another bank. This makes for an easy electronic funds transfer experience. Discover Bank doesn't currently have this feature, but a bank representative said that it is in the works.
If you've heard of Discover before, it's probably because of the Discover Card which gets advertised heavily on television. As an added benefit to Discover Card holders, the Discover Card can be linked to the Money Market Account to get cash at participating ATM locations.
Using the Discover Card used to be the only way to gain ATM access, but according to Discover Bank's web site, a Discover Debit Card is now available. This card can be used at participating ATM locations as well as participating retail locations.
The Money Market Account also comes with check writing privileges. Customers get their first set of checks for free. There is a limit of three checks per statement cycle allowed.
The minimum deposit needed to open the Discover Bank Money Market Account is $2,500. There will be a $10 fee if the balance falls below $2,500. A $20 fee is charged if the account is closed within the first 90 days.
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