bank rates credit cards insurance finance calculators

Bonus Makes Discover MMA Competitive

Woman holding a piggy bank with her right handOpen a money market account for $10,000 with Discover Bank by March 31 and you’ll score a $25 bonus.

Yes, the bonus is small.

But, combined with Discover’s money market acccount rates, you could earn almost as much with this account in one year as you would with EverBank (www.everbank.com), which offers the top nationally available money market rate.

The Discover offer is good for new customers. The first step is to put $10,000 in a MMA, which pays 0.70% APY on balances to $100,000. Amounts above that earn 0.80% APY.

This deal is also good on Discover’s savings account, which pays a slightly higher 0.80% APY.

When you open the account online or by phone, you must use the code PDOFFSAV to get the bonus.

You need to have $10,000 in the account on April 15, and then the $25 bonus will be deposited into your account within eight weeks.

Once the eight weeks is up, you won’t have to maintain a $10,000 balance, but if it falls below $2,500, you’ll have to pay a $10 monthly fee.

If you kept that $10,000 in the account for a year, assuming rates don’t change, you’d get about $90 from the interest you earn plus the $25 bonus.

That puts it nearly on par with EverBank’s Yield Pledge Money Market. That account pays you a guaranteed rate of 1.25% APY on balances to $50,000 for six months. After that time, you’ll earn the standard rate, which currently is 0.76% APY.

You need to make a $1,500 minimum deposit to open an account.

If you kept $10,000 in a Yield Pledge Money market for a year, you’d earn about $100 in interest from the Jacksonville, Fla.-based bank.

Discover Bank (www.discoverbank.com) is based in Greenwood, Del., and owned by the credit card company.

Don't miss out on the next bank deal. Get the newest deals delivered straight to your inbox!

Comments (0)
1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 4.00 out of 5)
Loading ... Loading ...
No Existing Comments