The offer:
https://www.discover.com/online-banking/savings-account/
Overview:
Discover Bank offers 0.95% on deposit savings account with minimum deposit balance of $500. For $5,000 that's almost $50 yearly. Much more than the rest of the banks. To add a cherry on top, they give you $100 if you deposited $15,000 or more.
Pros:
Highest interest paid to savers on the market today.
$100 bonus for the heavy savers.
Easy to set up.
6 withdraw transactions for free a month (Bank check is not considered a withdraw transaction)
No hidden fees.
Cons:
If you need the money, this one isn't for you.
If you don't bank with Discover the account might feel lonely...
Bottom line:
I think it's a great offer, and I sure did take it.
The "HERO" smartcoin has its stable value increased by 5% a year. It's not a bank but a cryptocurrency, no need to trust anyone. Every coin is provably backed by 200% of its value on the Bitshares blockchain. Who can beat that ?
Here is the official website, they plan on doing much more than just a coin.
billionherocampaign.com
@glitterfart I agree with you! No one can beat cryptocurrency upside, and this crypto you mention together with smartcash and others, offer a good monthly percentage when just staking. Thanks for sharing about this one. upvoted your comment. @gold84
Guys, this is a SAVINGS account, not an investment.
HERO is a saving account, not an investment ;)
@glitterfart please ?
For Crypto community 1% is nothing :)
Personally I would rather own bitcoin :)
It's not a contradiction....
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@bellyrubbank give you 45% APR , 20 SBD minimum.
Such a good deal with Discover
One of the best...
Good post but I don't think that it's a great offer.
Annual inflation is usually between 1% to 2%. For the next couple years, it will probably be even higher. With 0.93%, you are actually losing money.
If you plan on using this as your main savings account, and invest your money somewhere else, you are much better off somewhere else.
If you want to open a savings account solely to dump money in there and leave it, you should spend it on mutuals, stocks, even just inflation protected bonds.
Doesn't sound like a terrible idea for some people
I think their online saving account translates into a 1.20% APY and requires no minimum deposit or monthly maintenance, which is great. That said, other things I'd consider is that they have only 1 physical branch (though there are 60k surcharge free ATMs), and may not be for people who have a need to transact in a physical branch and their $15 withdrawal fee for > 6 transactions is a little pricey.
The withdrawal fee is technically not their fault. You have to love US banking laws...
yeah but it generally ranges between $3-$15 for most banks, so towards the high end of the range.
It's not a checking account. So you need not really transact on a daily basis. Thus you not need a physical branch as well. Also, 0.95% is 1% APY.
However, mobile one could be, there will always be a reason to visit a physical branch. In a study conducted by big banks, 90% of people prefer to visit bank branches to conduct financial transactions (purchase certified checks, get docs notarized, convert bills, changes etc) and more importantly learn and understand about other financial products. And not to deny the benefit it brings to certain sections of the society (e.g. Seniors), who are not as comfortable with mobile banking. Also the APY is 1.20% and not 0.95%. Thanks
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@frugal-not-cheap nice one back then but currently, holding a $500 worth in a good coin can make one very rich in a year. even powering it up in steem one can earn good returns in a year delegating it as steem power. good enough decentralized cryptos are exposing reap offs from banks now. imagine, $100 for a 15K deposit! with 15K spot buy and sell of crypto, one can make huge returns every hour.
Holding money in a coin can make you rich or poor. This is a SAVINGS account. It supposed to keep you about the same way before you opened it.
sure. savings account are good but better to trade and keep it with banks. and yes, one can be rich or loose all money in coins but for banks, one can be stagnant or loose all as some banks do go under. good enough most US banks were rescued during the depression period if not...
thanks anyways for sharing and hey, btc got above $9k today. posted on same, check it out!
Why do banks? do steemit!
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STOPYes, lovely. Interest and debt are the stuff civilizations are made of. 1% is a fair return for giving my bankers full control of your value.
Best of luck, my son. Keep up the good work!
I would probably rather buy some crypto or invest the money somewhere else. Sure it is better tha most of banks, but still there are lot of ways to invest your money.
Savings is not an investment.
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Great information on the payment of annual translates into a 1.20% APY and the possibility of withdrawal from the account.
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