Discover Bank CDs

In addition to having an Online Savings Account that pays 1.25% APY, Discover Bank also has a line of CD products with terms from 3 months to as long as 10 years. Though I don’t expect anybody get locked in that extreme long CDs in what is basically a low rate environment (Fed benchmark rate has stuck at close to zero for more than 2 years now), their short term CDs do offer savers an option to earn stable income while maintaining the safety of their hard earned money because Discover Bank is a FDIC insured bank.

If you are interested in the Discover Bank CD offers, check out their current rates, which are listed in the following table, to get a better idea of which product meets your requirement on both return and liquidity.

Discover Bank CD Rates

TermInterest RateAPY
3 Months0.60%0.60%
6 Months1.00%1.00%
9 Months1.04%1.05%
12 Months1.29%1.30%
18 Months1.34%1.35%
24 Monthss1.49%1.50%
30 Months1.59%1.60%
3 Years1.78%1.80%
4 Years2.03%2.05%
5 Years2.37%2.40%
7 Years2.66%2.70%
10 Years2.96%3.00%

As you can see, their 1-year CD has a better yield than their Savings Account. Generally, a short-term CD is a good option for savings goals that don’t exceed the 5-year time frame.

Discover Bank require a minimum deposit of $2,500 to open a CD account.

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