Discover Bank and ING Direct are both popular names in online banking. Online savings accounts from each bank are easy to use, secure and reliable. So which one should you choose? We take a look at each savings account’ APY, balance requirements, opening deposits and withdrawing options to make the decision easier for you:
Balance requirements: Neither online savings account requires users to maintain a minimum balance
Opening deposits: The reason why ING Direct is ranked a step up from Discover in our online savings account comparison, is because Discover requires a $500 opening deposit, and you can open your ING Direct savings account with a penny.
Withdraw options: Due to federal regulations affecting all online savings accounts, users may not withdraw from either account more than 6 times per month. As far as accessing your money goes, both accounts require you to link to an existing checking account so you can electronically transfer money online. You can also withdraw money by wire transfer or check.
If you have more than $500 to deposit initially, Discover bank is the better choice with their higher APY of .80%. However, if you want to start out your account with less than $500. ING Direct is the way to go. Read full reviews of each service and see how they compare to other online savings accounts on our comparison page.