It’s been a while since we here at Peak Personal Finance had a look at Discover Bank CD rates, so we thought we’d bring you up to date.
Riverwoods, Illinois-based Discover Bank specializes in credit cards and Certificates of Deposits. Discover CD rates follow the national pattern and market standard but are generally priced at higher rates. Discover bank offers a 6-month fixed term investment with certificate of deposit rates at 1.00% APY. The minimum deposit required for any certificate is $2,500 and it can be as high as $100,000 or even more in some cases. The bank also allows for a basic investment for a short period of three months and it would yield 0.75% APY.
The bank CD rates for 1-year term are priced at 1.70% APY. The rates go higher with long term investments with a 2-year certificate yielding 2.15%. Yields for 3-year and 4-year certificates are 2.50% and 2.65%, respectively. CD rates at Discover Bank for a 5-year investment can bring as high as 3.20% APY. The certificate of deposit rates for the maximum term limit of 10-year CD will return 3.70%. The company also offers a 7-year CD investment with an APY of 3.40%.
Discover Bank CD rates for IRA are the same as in the case of fixed-term investment. The only difference is that of tax-related regulations and benefits. The bank does not charge any penalty on early withdrawal of money from these accounts.
The bank rates are flexible in case the customers have opted for the flexible option. All CD accounts are operated online and customers can use all the online banking features offered by Discover Bank.
