Discover a comparison between Discover Bank’s CD rates and other rates. To help you generate income with a good Annual Percentage Yield (APY) that you can trust. Comparing CD rates is a good idea. See full details!
Overview of Discover Bank CD rates
Discover Bank’s CD rates are very competitive with other online banks. And it’s always one of the best rates you can find. They have terms that span from three months to 10 years maximum.
The bank also offers strong checking and savings opportunities. This gives it an advantage over other banks. However, the minimum CD deposit of $2,500 may be high for some individuals.
Find bank CD rates
| 3 month CD | 2.00% APY |
| 6 month CD | per year 3.40% |
| CD 9 months | 5.30% per year |
| 1 year CD | 5.20% per year |
| CD 18 months | 5.00% per year |
| 2 year CD | per year 4.40% |
| CD 30 months | per year 4.30% |
| 3 year CD | per year 4.30% |
| 4 year CD | 4.00% per year |
| 5 year CD | 4.00% per year |
| CD 7 years | per year 3.80% |
| 10 year CD | per year 3.80% |
More details about Discover Bank CDs
| Minimum deposit | 2,500 dollars |
| Monthly fee | do not haveThis is normal for CDs. |
| Range of CD conditions | 3 months to 10 years |
| Mating period | Daily. (This details helps you estimate how much you’ll earn using the CD calculator.) |
| Early withdrawal penalties | 3 months interest For CDs with terms less than 1 year 6 months interest For CDs with terms from 1 year to less than 4 years 9 months interest For CDs with terms from 4 years to less than 5 years 18 months interest For CDs with terms from 5 years to less than 7 years 2 years interest For CDs with terms of 7 years or more. The penalty can be more than the actual interest earned if the withdrawal occurs quickly enough. |
| Grace period | 9 days After the CD’s maturity timeline, Discover CD will automatically renew. Therefore, this 9-day time frame is the only time frame to withdraw without paying a penalty. |
| No CDs with penalties? | number; See the best penalty-free CD options. |
| Discover IRA CDs Available? | yes; Compare the best IRA CD rates |
Things to consider when opening a CD
- The interest rate is set. If you apply for a Discover Bank CD today, the annual percentage return will remain the same until the CD term ends. This allows you to lock the CD if the rate is quite high. Although there is a risk of loss if rates continue to rise. Here’s a summary of historical CD rates. Or if you want a sample rate each month, check out the current CD rates.
- You will lose interest if you withdraw sooner. CDs were created to keep your money out of sight and out of mind. If you dip into Discover CD before it expires There will be penalties for early withdrawal. This means losing some or all of the interest you earned.
Pros and cons of Discover Bank CDs
strength
- No fees
- $150 and $200 savings bonus
- 1% Cashback Rewards Verify the account.
- Competitive savings rates
- Large ATM network
weakness
- There is only one physical branch.
Discover bank fees
| Bank rates | National average | |
| No monthly usage | do not have | $6 |
| Insufficient provident fund (Overdraft) | $30 | $30 |
| Stop payment list | 15 dollars | 27 dollars |
| Deposit back | 15 dollars | 13 dollars |
| Domestic money transfer (outbound) | $30 | 22 dollars |
| Domestic money transfer (inbound) | $0 | $10 |
| Non-bank ATMs | $0 | $1 |
Benefits of Discovery Bank
With a wide range of products and services, Discover Bank can support most of your financial needs. Below are some of the benefits:
- Free checking account with online bill payments and check writing
- Competitive interest rates on savings accounts
- There are no minimum balances or monthly fees for checking or savings.
- Cashback rewards from debit card purchases
- CD, savings, and money market accounts under one login.
- 24/7 customer service (Includes chat support for registered customers)
- Opening an account Bonus for new customers
Find out how a bank’s CD rate compares to other rates.
Discover CDs have high rates. Let’s compare it to two other online banks:
| 1-year APY: 2.00% 3-year APY: 2.05% 5-year APY: 2.10% Minimum deposit: $2,500 | 1-year APY: 2.15% 3-year APY: 2.10% 5-year APY: 2.25% Minimum deposit: $500 | 1-year APY: 2.00% 3-year APY: 2.00% 5-year APY: 2.10% Minimum deposit: No minimum |
How to open a Discover Bank CD
Opening a CD is easy. You can do this online, step-by-step, or over the phone.
- visit DiscoverBank.com
- Enter your information: They need a place to live. Your phone number, email, and social security number
- Deposit money into your account: Open for just $2,500. You can send them a check or transfer money from your existing bank account.
- Verify your information: Verify your information and sign the application electronically.
- Email confirmation: They will send you a confirmation email. Then look at the email for your welcome kit.
Things to consider when opening a CD
- Fixed interest rate If you open a Discover Bank CD today, the annual percentage return will remain the same until the CD term ends. This will benefit you if you lock in your CD if the price drops. But on the other hand You’ll earn less from your CD if rates increase. It is difficult to know when CD rates will increase or decrease. Because it depends on the Fed’s interest rate increase and other factors.
- You will lose interest if you withdraw early. CDs were created to keep your money out of sight and out of mind. If you dip into Discover CD before it expires There will be penalties for early withdrawal. This means losing some or all of the interest you earned.
Briefly
We recommend opening a Discover Bank CD with a 10-year term to get the maximum bonus. Put money in that you haven’t wanted to touch for a while, like your child’s tuition or a retirement fund.
Suitable for those with a higher net worth or low income in retirement. Finally, if you found this article informative. Please share this link and subscribe to this page.