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Five Quick Tips For Discover Bank Savings | discover bank savings

Before many people realize it, not so long ago that all you had to do to find bank savings was to kiss some frogs, get picked up by a carpenter and march across town to their bank branch. Online banks aren't quite as high tech as that, but nonetheless, are just the way to go. And even though they won't give you a credit card like a regular bank, it will save you some trouble, which is usually what bank savings accounts are made for.

You'll find savings accounts at many different places, from major banks, two savings and loan associations (sometimes known as CD's). All banks offer some sort of savings account, and all offer slightly different perks. Discover offers the no-interest-bearing savings and the low-interest-bearing CDs. But where do you start? Here are a few tips:

No Fees. There are a couple of fees involved when you sign up for a Discover bank savings account, and you need to be aware of these because you might be transferred into an account without fees, only to discover that you have to pay a transfer fee. If you know this is coming up, call the bank before you deposit your money and ask them to explain the terms.

o Higher interest rates. If you already have an account at a Discover bank, then chances are you have higher interest rates. Some online banks may have lower rates, but Discover has higher interest rates for that reason. So keep an eye out for that. You can transfer to another bank if you discover that your interest rate will be higher.

o Emergency fund. Many banks will charge an emergency fund fee if you try to get a cash deposit in during a period of time when there are fees. If you discover a Discover bank savings rate that's a lot higher than the competition, this could be the reason – you're trying to get your emergency fund up even if you don't need the extra funds.

o Open an Internet banking account. Many banks don't offer Internet accounts because they believe you'll be a waste of your precious time. But most of today's banks have at least one website, so you can just log on, check your balances and transactions, and make deposits when you're ready. If you don't, then you can save yourself some fees by opening an account on the website. Even though it's not free, you'll often find it easier to conduct business with these types of banks.

o Additional account features. Most banks offer interest rates, cash advances, balance transfers, and other convenience-based services. If you don't have an existing savings account, then you might consider opening one. Some banks offer special savings account just for college students, senior citizens, or those who travel a lot.

o Money market accounts. Banks usually only open money market accounts for customers who've been continuously employed at their job for a certain period of time. This is good news for people who don't have surplus cash to put into their savings, but who'd still like to have access to some of their money in case of an emergency or if they run out of cash due to unexpected expenses.

o No faxing required. Some online-only banks do require you to have a fax machine in order to deposit money. In addition, you may have to have a verifiable bank account number. These types of account require a paper check for each deposit, rather than a debit card. Many online-only banks are members of the Association of American Depositories (AAD). In addition, they offer competitive interest rates.

o No electronic check processing. Savings accounts with no online savings account may be processed by automatic teller machines (OTM), which require a bank account number and routing number. AAD members must also maintain a specified minimum balance. In addition, many online banks will require you to set up direct deposit.

o Additional checking options. Not all banks offer savings accounts that are accessible via the internet. For example, while Discover Bank offers an online checking program, all of the other banks found in the Discover Bank Savings Club include a link to an in-store branch where customers can access their traditional banking services.

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