
Best Of Product
Discover Bank CD
Would you recommend Discover Bank CD to your friends?
Community Rating | Strongly recommended |
APY (Annual Percentage Yield) |
2.00% - 4.30% (Verified 02/02/2023)
|
Minimum Opening Deposit | $2,500 |
Certificate Term |
|
Number of Reviews | 5 |
Discover Bank CD Review
Discover Bank CD are offered by Discover Bank, a bank founded in 1985 and based in Riverwoods, IL. Discover Bank CD are available in 50 states (and Washington, DC).
Key Takeaways
- Small selection of CD account types. Discover Bank only offers IRA and traditional CDs.
- Very high annual percentage yield (APY). This account offers an annual percentage yield of up to 4.30%, which is much higher than the national average for a CD account.
- High minimum deposit. You must deposit a minimum of $2,500, which is high compared to most CD accounts.
- Wide selection of CD terms. Discover Bank allows you to create a CD ladder by spreading your cash across certificates with different terms. This combines the benefits of frequent access to funds and higher rates of return on your savings.
Pros & Cons of Discover Bank CD
Pros | Cons |
---|---|
|
|
Discover Bank CD FAQ
Are CDs from Discover Bank federally insured?
Yes, your Discover Bank CDs are insured up to $250,000 per person by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government that protects you against the loss of your insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What types of CDs does Discover Bank offer?
Discover Bank provides the following types of CDs.- Traditional CDs. These CDs pay a fixed interest rate if you deposit a fixed amount of money for a specific term. Once the maturity date arrives, you have the option of cashing out or automatically renewing the CD for another term.
- IRA CDs. An IRA CD is a type of IRA that consists entirely of CDs. In general, you can invest in CDs in any IRA, but Discover Bank offers a CD that is specifically for retirement.
What CD rates does Discover Bank offer on its CDs?
Discover Bank offers an APY starting at 2.00% and ranging up to 4.30%. APY stands for annual percentage yield and shows the interest rate paid by the CD after taking into account compounding. This is higher than the typical interest rate for online-only checking accounts, which is around 1% APY.
What terms does Discover Bank offer?
Discover Bank offers CD terms of the following lengths:Description | |
---|---|
APY (Annual Percentage Yield) | 2.00% - 4.30% |
3-Month APY | 2.00% |
6-Month APY | 3.00% |
9-Month APY | 3.00% |
12-Month APY | 4.25% |
18-Month APY | 4.25% |
2-Year APY | 4.30% |
30-Month APY | 4.30% |
3-Year APY | 4.30% |
4-Year APY | 4.30% |
5-Year APY | 4.30% |
7-Year APY | 4.30% |
10-year APY | 4.30% |
What is the minimum deposit to open a CD account with Discover Bank?
Discover Bank requires a minimum deposit of $2,500 to open an account.
What is the grace period for Discover Bank?
There is a 9-day grace period for Discover Bank. A grace period is a period of time during which you can withdraw the money in your CD without paying an early withdrawal penalty. A grace period starts the day after a CD’s maturity date, or the final day a CD is opened. Standard CDs renew automatically at the same term if you don't withdraw your money after the 9-day grace period. Note that the new CD rates probably won’t be the same as the original.
What types of fees, such as early withdrawal penalties, does Discover Bank charge?
Financial institutions don't typically charge many fees on CDs. However, most charge a fee if you choose to withdraw your money before the CD term ends.
Discover Bank charges an early withdrawal fee.
Description | |
---|---|
Annual Fee | $0 |
No Early Withdrawal Fee? |
Contact
- Headquarters
-
2500 Lake Cook Rd
Riverwoods, IL 60015 USA - (800) 347-7000
- Visit Site
- Email Support
Other Services by Discover Bank
Availability
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington, DC
- West Virginia
- Wisconsin
- Wyoming
Feature Breakdown
Annual Fee | $0 |
No Early Withdrawal Fee |
Discover Bank CD Community Reviews
Would you recommend Discover Bank CD to your friends?
- Adventure Credit Union Save Up CD
- CIT Bank No-Penalty CD
- Citizens National Bank Certificate of Deposit
- Digital Federal Credit Union Jumbo CD
- First Bank and Trust Certificates of Deposit
- First Horizon Bank Add On CD Account
- MECU Bump-Up CD
- Members First Credit Union of Utah Certificate Accounts
- Navy Federal Credit Union SaveFirst Account
- PenFed Credit Union Certificates
- Schools First Federal Credit Union Share Certificate
- U.S. Bank CD Special