Discover Bank

When you make eligible debit card purchases each month with your Discover Bank® checking account, you can get cash back, and it also gives you free access to a large ATM network. Additionally, the online bank provides a reliable high-yield savings account. But the fact that Discover® only has one physical branch will annoy customers who want to bank in person. The yearly percentage yield of the Discover online savings account is competitive with the national average of 0.30%, and there are no account maintenance fees. Additionally, there is no minimum balance need to qualify for interest.

Information about Discover's online savings account: "Yield in Annual Percentage (APY). As of 12/21/2022, the Annual Percentage Yield (APY) is correct. only applies to individual accounts. Before or after the account is opened, the APY may change. No opening deposit is required." Details of Discover's bonus offer: "How to receive your $150 or $200 Bonus: Steps to take: Online, via the Discover App, or over the phone, submit an application for your first Discover Online Savings Account. When applying, enter Offer Code NW323. For a $150 bonus, deposit a minimum of $15,000 into your account; for a $200 bonus, deposit a minimum of $25,000 into your account. Within 30 days after the account opening date, the deposit must be posted to the account. The maximum bonus allowed is $200."

Best for: Clients that favor ATM access over branch locations, competitive rates, and checking benefits and who occasionally overdraw their accounts.

Pros:

• No monthly fees on checking and savings accounts.
• Cash back rewards checking account.
• Solid rate on savings.
• Large ATM network.
• Paychecks available up to two days early with direct deposit.

Cons:

• Only one physical branch location.
• Doesn't accept cash deposits.