Discover Bank - read the fine print before getting an account
Written: Sep 25 '07
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Pros: free checks, online access
Cons: see review
The Bottom Line: There are better options that the Discover Bank.
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| hamburgerman's Full Review: Discover Card |
I have been a Discover Card user for over a decade now. It has been my favorite card.
This review is for Discover Bank, which is a part of Discover Card. I could not find a category for Discover Bank, so I put it here.
I recently became aware of Discover Bank through a promotional email I received from them. The ad boasted a 5.20% interest rate. I jumped on the opportunity without reading the fine print. This is what I learned today:
I am receiving 4.17% on my $2,500 balance. To get the 5.20%, I must put in over $10,000.
If I close my Discover Bank Money Market account during the first 90 days, I must pay a $20 fee.
I cannot go below a daily balance of $2,500 in my Discover Bank Money Market account or I have to pay a fee.
For these three reasons, I will be closing my Discover Bank Money Market account exactly at 90 days.
I am getting 5.00% from my Washington Mutual savings account with no daily balance minimums. I am getting 5.21% on my funds in my PayPal Money Market account, with no minimums or restrictions.
I did receive 25 complimentary checks for my Discover Bank Money Market account, but I would only be allowed to write three checks per month on this account. I understand that is federal regulation, but since I earn a higher percentage rate on my Washing Mutual savings account, it just makes more sense to keep my money in my Washington Mutual account, which has similar withdrawal restrictions.
Sorry, Discover, your Money Market just doesn't measure up.
Recommended:
No
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Epinions.com ID:
hamburgerman
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Member: Brazil (Joe) Grisaffi
Location: Houston, TX
Reviews written: 38
Trusted by: 26 members
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