It’s great to discover that CD rates are going up, and it seems that Discover Bank just topped the 5 year CD term with a 2.00% APY rate. Other banks that offer this rate is First Internet Bank of Indiana and Intervest Bank. Discover Bank is also one of those banks who offer several terms for CD’s allowing you to choose the term that fits to your investment needs. Below is a list of Discover Bank’s competitive CD Rates
Discover Bank’s CD Rates
3 month CD – 0.40% APY
6 month CD – 0.80% APY
9 month CD – 0.90% APY
12 month CD – 1.00% APY
18 month CD – 1.15% APY
24 month CD – 1.25% APY
30 month CD – 1.35% APY
3 year CD – 1.50% APY
4 year CD – 1.75% APY
5 year CD – 2.00% APY
7 year CD – 2.25% APY
10 year CD – 2.50% APY
How Does Discover Bank Compare to Other Bank’s CD’s?
First of all, let’s start with the short term CDs. The highest 3 month CD term is currently from OneWest Bank and Virtual Bank with a rate of 0.60%. This puts Discover Bank’s rate a little behind, but still competitive. Again both OneWest Bank and Virtual Bank are at the top of the 6 month term with a rate of 0.85%. Since Discover Bank’s rate is 0.80%, it’s almost comparable.
As for 1 year CDs, the leading rate for banks is 1.15% from Popular Bank. Discover is also offering this rate, but for an 18 month CD. Discover Bank is also consistently doing well with their long term CD’s since the highest for the 3 year term is from CIT Bank with 1.54%, this leaves Discover’s rate only 0.04% behind.
About Discover Bank
Discover Bank has had its roots ever since 1911, showing their experience and strength in the banking industry. Today, they manage an incredible amount of over $34 billion in deposit accounts. Discover Bank has also stayed ahead of the field with their 24/7 online banking showing that their roots may be traditionally brick and mortar, but that they can also keep up with the changing times. They also have an online security guarantee.
Discover Bank accounts are FDIC insured, meaning your money is safe up until the amount of $250,000. Aside from that, they also insure “non-interest bearing” transaction accounts to the full amount beginning from December 31, 2010 up until December 31, 2012.
With Discover Bank’s reputation and years of experience, banking with them at such generous rates should be worth your while.