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
| Term | Interest Rate | APY |
|---|---|---|
| 3 Months | 0.60% | 0.60% |
| 6 Months | 1.00% | 1.00% |
| 9 Months | 1.04% | 1.05% |
| 12 Months | 1.29% | 1.30% |
| 18 Months | 1.34% | 1.35% |
| 24 Monthss | 1.49% | 1.50% |
| 30 Months | 1.59% | 1.60% |
| 3 Years | 1.78% | 1.80% |
| 4 Years | 2.03% | 2.05% |
| 5 Years | 2.37% | 2.40% |
| 7 Years | 2.66% | 2.70% |
| 10 Years | 2.96% | 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.
Related posts:
- Discover Bank Savings Account 1.25% APY
- Recent Bank Findings: Redneck Bank 3.10% APY and Danvers Bank 3.00% APY
- Recent Bank Findings: Doral Bank Direct 3.50% APY, CNB Bank Direct 3.40% APY, Chesapeake Bank Clear Sky 3.15% APY
- Ally Bank Has an CD That Raises Your Rate
- Ally Bank, Formerly GMAC Bank, Has Good Rates
Original Post on The Sun’s Financial Diary
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