Discover Bank Review | Best Bank In 2021 Part Three

Discover Bank Review:

▽MY FINANCIAL TOOLS▽

➤ SoFi Complete Money Management
1) 💸 SoFi - Banking App - Get $50 When You Open a SoFi Invest Account
https://www.sofi.com/share/invest/3541406

Get $50 When You Open a SoFi Money Account
https://www.sofi.com/invite/money?gcp=ace145a4-d1fe-4ff5-a123-e63d2b66b525

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➤ POINT Cash Back DEBIT CARD
2)💳 POINT - Get $100 for FREE when you make your first purchase!
SIGN UP HERE: https://link.point.app/MAGNIFIEDMONEY

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➤ Wealthfront Automated Investing
3) 📊 Get Your First $5,000 of Investments Managed for FREE
https://www.wealthfront.com/c/affiliates/invited/AFFD-QB0P-ONHX-7R0L

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➤ Yotta Savings
4) 💵 Yotta - Use code MAGNIFIED to Get 100 FREE Tickets
https://withyotta.page.link/j769cHLe1ArthPiB8

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➤ Chime Bank
5) 💰 Chime - Banking App - Get $50 When You Open an Account:
https://chime.com/r/erinkaliszak

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➤ ROBINHOOD
6) 📈 Robinhood - Investing App - Earn 1 Free Stock when you open an account.
https://join.robinhood.com/brendap549

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➤ MY CAMERA GEAR
7) 📸🎤💡Camera, Microphone, and Lighting Kit
My Camera: https://amzn.to/3e6VSdg
My Microphone: https://amzn.to/2HHT5eN
My Lights: https://amzn.to/31PJp8V

Right off the bat discover has no fees just like all the other banks that we've looked at and as always that means no monthly maintenance fees, no minimum balance fees, no foreign transaction fees, and no overdraft fees which is something that drives me crazy about large national banks who charge $35 or more for overdraft fees. Now outside of that their savings accounts currently offer 0.95% which is really good and comes in over three times higher than Robinhood's cash management and significantly higher than the national average which is currently 0.06%. And also there's no minimum balance requirement meaning it doesn't matter if you have $1 in your account or $1,000,000 you qualify for that percentage and there's no maintenance fees just because you don't meet a certain minimum balance.

Now as far as checking features go, discover offers very similar features to competitors including a debit card, peer to peer payments, and a network of over 60,000 free to use ATMs which give you the ability to withdraw cash if you need it. But the place that Discover's checking account really shines is in there 1% cashback on qualifying purchases up to $3000 in purchases each month. So for some perspective on what exactly that means if you were to max out that $3000 on your regular everyday purchases then that means you would earn $30 per month for free and 360 dollars per year on top of the 0.95% that you earn from all of your money in your savings account.

While discover does not have the ability to invest at the moment, they do have a slew of other features that I think you're really going to like. First of all, they have money market accounts which might sound like a really old outdated option but a money market account combines the high earnings of a savings account with the benefits of having a checking account. What this means is you're still able to earn 0.8% interest on all of your money while simultaneously having access to that free network of ATMs, a debit card, and the ability to write physical checks which is another area that a lot of competitors are lacking in. They also offer a CD in various lengths. If you're not familiar with this type of account, a CD or certificate of deposit allows you to lock your money in for a predetermined amount of time at a guaranteed rate of return.

So at the end of the day if you really value customer service, and you feel like you might want access to some other account options like that CD or money market account then discover bank is a really great option. And since I'm always advocating for having all of your finances under one umbrella, if you do have a discover it credit card then it might also make sense to have a discover bank account since at least your credit card payments and your banking will be together. As always I strongly encourage you to open a few different accounts and try them out and see which one you like the best. That may sound ridiculous but everyone has different needs and with all of these banks being free to open and offering excellent sign-up bonuses, it doesn't hurt to open more than one get your free money, and then decide which one you want to keep.

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I am not a Certified Financial Planner®. The topics presented in this video are for entertainment purposes only. You, and you alone, are responsible for the financial decisions that you make.

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