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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: Bloomberg/Getty Images June 17, 2019 Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Discover Bank announced today that it is getting rid of all fees on its deposit products. The bank is eliminating these fees on checking, savings, money market and CD accounts: Insufficient fund fees. Excessive withdrawal fees. Stop-payment fees. Minimum balance fee on money market accounts. This is on top of already offering accounts with free checks and replacement debit cards and no monthly maintenance fees. “We consider it a privilege when customers trust us with their money, which is why we put them first by eliminating fees,” says Arijit Roy, vice president of deposits at Discover. What you need to know
The excessive withdrawal fee applied only to its savings and money market accounts; these accounts have a limit for how many withdrawals you can make in a calendar month, . Going forward, if you exceed the six-transaction limit three months in a rolling 12-month period on your online savings or money market account, your account will be closed, according to . Discover Bank’s checking account and savings account previously didn’t have a monthly maintenance fee. However, the bank’s money market account required a $2,500 average daily balance beginning on the third statement cycle. Those who went under that minimum received a $10 minimum balance fee per statement cycle below the minimum. This change may increase accessibility of Discover Bank’s money market account and help more people gain access to the account’s free check reordering. The free checks were in effect before today’s announcement. Discover’s savings account offers 2.1 percent APY on all balances, while its money market account pays 1.95 percent on balances under $100,000 and 2 percent on balances above that mark. Fee-free accounts are plentiful online
If you’re paying fees on your bank accounts, look at other options. Some of the top-yielding accounts have low or no minimum balance requirement. A recent Bankrate study of online savings deposit accounts, including savings accounts and money market accounts, found that 77 percent of the accounts surveyed don’t have a monthly fee or balance requirements to avoid a maintenance fee. Of the 13 highest-yielding accounts in Bankrate’s survey, six had a minimum deposit of $100 or less. So, it’s possible for nearly everyone to take advantage and get a competitive yield on their savings. You can to find the right one for you. Learn more
SHARE: Matthew Goldberg is a consumer banking reporter at Bankrate. Matthew has been in financial services for more than a decade, in banking and insurance. Related Articles