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Discover Bank CDs

Monday, January 24, 2011 22:22

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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.

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