Discover Bank is one of the nation’s most popular banks because of its many credit card rewards and promotions. And it’s not just the credit cards that you need to unveil with Discover Bank, but their CD rates are also something worth considering.
Discover Bank currently holds some of the nation’s top rates for certificates of deposit in many categories. Below are the CD rates of Discover Bank as of January 2012:
3 Months – 0.40%
6 Months – 0.75%
9 Months – 0.85%
12 Months – 1.00%
18 Months – 1.10%
24 Months – 1.20%
30 Months – 1.25%
3 Years – 1.40%
4 Years – 1.60%
5 Years – 1.80%
7 Years – 2.05%
10 Years – 2.50%
How These Rates Compare
Discover Bank’s rates are certainly comparable with other banks that are currently on the leader board for the nation’s highest CD rates. Whether for short term or long term deposits, Discover Bank’s rates shows just how much Discover can offer back to their customers.
Discover’s rate of 0.75% for a 6 month CD is the second highest rate nationally available, after VirtualBank’s 0.85%. Discover’s 5 year CD is just also slightly lower than Intervest National Bank’s 1.95% rate. Other interesting rates from Discover is their 7 year and ten year term at a good 2.50%.
How To Start A CD Account with Discover
Starting your savings is easy with Discover. All you have to do is choose an account type, (you can even choose five at a time), enter your personal information, fund the account using any checking or savings account with either a personal check or wire transfer, and once you’ve verified your information, you can submit your application.
Managing Your CD
Once you already have your CD account opened, it doesn’t mean that you don’t have to see it up until it matures. Discover allows you to track and manage your account 24 hours a day using either phone or Internet. You can choose to accumulate interest in your CD account, and you also have the option to transfer the interest to another account. The advantage of this is that if you need to use the earnings made by your CD, you don’t have to withdraw your whole CD and suffer a penalty. It’s as if your money is really earning for you.
Discover Bank is well known for offering credit cards with great promotions for their users, but their CD rates aren’t too bad as well. If you’re looking to invest with a stable bank that offers fixed returns, then Discover Bank is a good choice.