Why we are loving our Discover Savings Account

Julia and I both agree that paying off debt is a very important goal in our life.  But we also do not want to fail to save for our future. We are both strong believers in paying off debt aggressively while aggressively saving for our future.  Saving more than an emergency fund is not usually something one sees when a family/person is paying off debt quickly, but we look at this very differently.  We want to retire and enjoy our lives.  We also know that saving way before you retire can result in a much better retirement.  So in addition to what we save with our work retirement plans, we also have several savings account.  There is one in particular that we are very fond of.   

Very recently, we uncovered the Discover Savings Account.  It has one of the highest interest rates offered, and the company seems to improve all the time.  When we started researching the Discover Savings Account, the interest rate annual yield was just under 1%.  Now, according to the Discover website, the annual yield is 1.90% compounding interest.  It is one of highest interest rates we have seen in the search for a better savings account.  There are other great things about the account.  There is no minimum to open the account, no monthly fee, and no required monthly balance.  It is a great option to have money that is just going to sit there work for you a little bit.    

It is not perfect system.  We are not able to have our cash back from our Discover Credit card directly deposited into the account.  We have to have the funds sent to our bank account and then transferred over to the Discover Savings account.  There is also a minimum transfer of $25.  But for us, the few kinks in the system are well worth the added benefit.