Discover has just sent out a survey to some members asking how they would feel about changes to the high yield savings account that Discover currently offers. Basically the current account would be replaced with a new account that earns 1% APY (currently 2.05% APY). It would also features such as:
- 10% bonus on cash back when auto-transferred to savings account. I believe this is only from the Discover checking account that currently earns 1% cash back on debit card purchases capped at $3,000 in spend per month.
- Weekly savings transfer goals. Basically the ability to set a recurring transfer with a different amount each week. Discover considering offering a bonus for completing 52 weeks of transfers.
The 2.05% APY rate isn’t currently competitive with top tier rates, so it dropping down to 1% APY doesn’t really matter if you’re willing to chase rates or have an account that earns at a better rate. That being said the things they are trying to replace it with aren’t great either. If you haven’t already I’d complete the Discover savings bonus for an easy $150/$200 before they mess with that as well.
Hat tip to reader Will From Boston
