Early Bird Gets the Worm

If you own a Discover Online Savings Account, you might have received the good news by now.  Discover Bank has sent out letters notifying certain select customers that they have been upgraded to a Premium Savings Account as of Jan. 31, 2010. 

The Premium Savings Account has the same features as the Online Savings Account, except it has a variable interest rate that will always be equal to or higher than the Online Savings Account.  As of Jan. 31, 2010, the current Premium Savings Account has an interest rate of 1.59% as compared to 1.35% for the Online Savings Account.  Most importantly, this offer is not available to the general public.

But there might still be hope.  If you do not have a Discover Online Savings Account, you can still open one today.  A 1.35% interest rate is comparable or slightly higher than some of the other online saving accounts out there, such as ING Direct, HSBC Direct, and Emigrant Direct (with the exception of American Express’s High Yield Savings which is currently offering a 1.50% APY).  And afterwards (or if you already have an account but have not received the current invitation), you can call customer service and request to be upgraded to a Premium Savings Account.  You may be pleasantly surprised, as Discover is known for its good customer service. 

Once again, the moral of the story is to start savings as soon as possible; but it’s better late than never.  Congrats to the lucky readers!

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