The first purchase with a Discover card was in 1985 at a Sears store in Atlanta. It officially launched in 1986 as a payment services company and has become one of the largest card issuers and banking providers with 15,000 employees and $57 billion in consumer deposits.
The number of U.S. digital banking users topped 160 million last year. With so many frustrating banking experiences, it’s no wonder people are moving away from traditional banks. Customers want total transparency without being nickel and dimed or slapped with another hidden fee.
The 2008 financial crisis weakened the trust people had for big banks. Consumers felt overwhelmed, underappreciated, and confused. Online banking filled the gap offering high-yield account options and friendlier customer service as a low-cost alternative.
Business banking is crucial when you need to separate it from personal income. Without proper assistance, your finances get complicated. Small businesses, freelancers, and entrepreneurs should be mindful.
American Express is known mostly for their credit cards, but they also offer Personal Savings options. Their online banking service lets them provide competitive interest rates well above the national average. We were curious to determine if a credit card company could compete in the world of online savings accounts.