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.
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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EverBank Money Market Account 1.25%: Open an EverBank Money Market Account with a minimum balance of $1,500 and earn 1.25% bonus rate for the first six months. The first year APY is 1.01% for account balance up to $50,000. Find out more about this offer.