Discover Bank is one of the most trusted financial institutions in the United States. Because of its reputation and quality service, many American families choose to bank with Discover. The services they have are committed to excellence and convenience which makes it easy for people to go directly to them and inquire about their products. One of their most popular services are certificates of deposits.
Those who want to have a safe place to put their money can almost always find security and reliability in certificates of deposits. CD’s provide a fixed interest rate which often gets higher with a longer term. Discover Bank offers great certificates of deposit rates that guarantee amazing returns. The terms are flexible and in varying ranges for more choices. Another benefit of opening a CD account with Discover Bank is that once the deposit matures, the owner can easily transfer it to other accounts.
Discover Bank’s CD Terms and Conditions
The minimum deposit for those who are planning on opening an account is only $2,500 which is lower compared to other bank requirements in the country. In terms of rates, the latest they have as of June 12, 2012 is 1.75 % APY for the five year term. For those individuals who want shorter terms like six months, the interest rate is 0.75% with an APY of also 0.75% while for those who want the 12 months term, the APY and interest rate is 0.90%. The three years term will have an interest rate of 1.34% with an APY of 1.35% and the four years term will have an interest rate of 1.54% and an APY of 1.55%. When a certain CD will mature, Discover Bank will notify the account holder three weeks before the maturity of the CD so that the owner can decide whether to continue for another term or withdraw the amount.