CD from Discover Bank
Discover Card offers both long and short term CDs at bank rates consistently above the national average. Terms range from 3 months to five years. You can accumulate interest in your CD account or transfer it to the account of your choice.
CD for 3.35% APY
The Discover Bank unit of Discover Financial is now offering 3.35% APY on 5 year CDs. This certificate of deposit requires a $2,500 minimum initial deposit. Interest is compounded daily and credited monthly.
The recent game among major online and offline banks is to find a competitive rate and term and drive it home. Discover has taken a big step over rivals Wachovia, Bank of America and Washington Mutual in putting their chips down on 5-year rates. These companies have been pushing 6-month and 12-month CDs. Discover, whose core business is unsecured credit card debt, may be looking at a longer drain than companies making loans against falling home values.
Such a long-term lock-up requires a dour outlook on the U.S. economy and the assumption that the Fed won't make any major interest rate moves in the near future. If you share those feelings or want some real inflation-beating security, jump on in.
National CD Rate Trends
| Type | Today | Week Ago |
|---|---|---|
| 6 month CD |
0.83%  |
0.84% |
| 1 year CD |
1.11% |
1.12% |
| 5 year CD | 2.44% | 2.44% |
| 5 year IRA | 2.40% | 2.40% |
The rate information on this page is powered by Informa Research Services, Inc. © 2009. This information has been obtained from various financial institutions, and Informa Research Services cannot guarantee its accuracy. The information includes financial product data that was in the Informa Research Services database at the time of publication, and may not reflect all of the products available in your region. Before acting on the information shown on this page, contact the financial institution to verify the accuracy of the data. When contacting financial institutions, always mention FiLife to ensure you receive the preferred Internet rate. Contact links@informars.com to have your rates included in this chart.
CD Reviews
BANKMODE.com said 2 months ago
Discover Bank is a popular bank when it comes to investing in CD's. Now, they're even offering a $25 bonus when you open a new 12 month CD. Visit http://bankmode.com/discover-bank-25-cd-bonus/ to read more about this promotion. Worth a shot!
-Bankmode.com
EmilyP said 11 months ago
I have not invested in other CDs before, but last year I made a 3 month Discover CD and for about 2 years I have had a 1 year Discover CD which I carried over. I do like that all the steps are online and are easy to follow, because other sites I looked at did not offer this. CapitalOne for instance asks that you come to a main office, which sometimes is not feasible. The only difficulty I had was when I wanted to cash out my short-term CD, I had been unaware of the fees associated with withdrawing my money - even though it was not early. They will mail you a check for free, but you must fax them. If you want an electronic transfer it will charge you a fee which sometimes takes all of your interest.
girlyman said about a year ago
I put my money in this cd about 6 months ago. The interest rates are very good, with the current economy i feel this is a safe place to keep a large amount of money.
Rate and Review CD from Discover Bank
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