Alliance with American Association of Individual Investors Will Boost Discover’s Growing Deposit Base
RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover Bank is now offering its popular savings products to members of the American Association of Individual Investors (AAII) through a co-branded effort exclusively designed for the organization.
“Our products are a good match for the AAII’s members who want to build wealth and manage their assets conveniently and easily with the high standards of service that they expect from their organization and its partners.”
AAII’s 150,000 members can use a dedicated Web site and toll-free telephone numbers to invest in certificates of deposit, money market accounts, online savings accounts and retirement products such as IRA CDs and Roth IRAs. Discover Bank’s deposit rates have consistently beat the national average, according to Informa Research Services.
“Adding strong affinity partners helps drive Discover toward our goal of being the leading direct bank in America,” said Discover Bank President Christina Favilla. “Our products are a good match for the AAII’s members who want to build wealth and manage their assets conveniently and easily with the high standards of service that they expect from their organization and its partners.”
“AAII is pleased to offer our members access to the deposit products and preferred interest rates that the Discover Bank program affords,” said John Markese, AAII's president and chief executive officer.
Discover Bank is one of the leading direct banks in the country. Direct-to-consumer deposits more than doubled in the past year, exceeding $12.6 billion at the end of 2009. Savings products are available to consumers at www.discoverbank.com. AAII members may go to www.aaii.com or call 1-800-388-1302.
The independent, non-profit AAII was formed in 1978 to provide education, information and research to help people manage their own assets.
Discover also has an affinity relationship with AAA, which has generated more than $1 billion in new deposits from its members in the past two years.
About AAII
The American Association of Individual Investors is an independent nonprofit corporation formed in 1978 for the purpose of assisting individuals in becoming effective managers of their own assets through programs of education, information and research. For more information, visit www.aaii.com.
About Discover
Discover Financial Services (NYSE: DFS) is a direct banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers personal and student loans, online savings accounts, certificates of deposit and money market accounts through its Discover Bank subsidiary. Its payment businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in more than 185 countries and territories. Visit www.discoverfinancial.com.
Contacts
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