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Discover® CDs rates review

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Discover® CDs
3.8
★★★★★
Finder score
On Discover's secure site
1-year APY
4.70%
3-year APY
3.75%
5-year APY
3.75%

Summary

Get competitive interest on most terms, but you’ll need a high deposit.

Discover CD terms range from three months to 10 years. The best rates are for terms above one year, but you’ll have to put down a high $2,500 deposit. Discover CDs are best if you’re looking to maximize interest on a high dollar amount.

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Overview of Discover® Bank certificate rates

Discover offers competitive rates on all of its CDs, but you’ll earn the most if you go for a term of one year or longer.

CD termAPYMinimum deposit
3 months2.00%$2,500
6 months4.25%$2,500
9 months4.25%$2,500
1 year4.70%$2,500
18 months4.40%$2,500
2 years4.00%$2,500
30 months3.75%$2,500
3 years3.75%$2,500
4 years3.75%$2,500
5 years3.75%$2,500
7 years3.75%$2,500
10 years3.75%$2,500

More about Discover Bank CDs

Scan the key details about a Discover CD’s opening deposit, early withdrawal penalties and more before opening up an account.

Type of detailDetailsDoes it matter?
Minimum opening deposit$2,500Yes, this is higher than most CDs that require deposits of $500 to $1,000.
Term range3 months to 10 yearsYes, Discover offers wide-ranging terms, while most banks only offer terms up to five years.
CompoundingDailyNo, most CDs compound on a daily basis.
Early withdrawal penalties
  • 1 to 11 months: 90 days of interest
  • 12 to 47 months: 180 days of interest
  • 48 to 59 months: 270 days of interest
  • 60 to 83 months: 540 days of interest
  • 84+ months: 720 days of interest
No, this is similar to competitors, like Capital One, which charge 6 months’ interest on terms of 12+ months.
Grace period9 daysYes, this is slightly lower than the typical 10 days grace period most banks have.
Cashout details

Call customer service at 1-800-347-7000 24/7 to request a withdrawal before your CD matures.

You can withdraw interest from your account at any time, though doing so will affect your APY.

No, you have to contact most banks to withdraw from your CD.
Rollover detailsYour CD will renew automatically if you don’t make any actions.No, most CDs roll over into another CD automatically.

How Discover Bank’s interest rates compare

Discover Bank consistently offers some of the most competitive CD rates that we’ve seen on the market. You’ll earn an APY over 3.80% on any CD you choose with a one-year term or longer.

See how compound interest works in your favor when you choose a long-term Discover CD with a high APY.

TermOpening depositAPYEarnings after one yearTotal interest earned
1 year$2,5004.70%$117.50$117.50
3 years$2,5003.75%$93.75$291.93
5 years$2,5003.75%$93.75$505.25

Discover also offers a wider range of terms than most banks, going up to 10 years for maximum flexibility. We also like that you can withdraw interest at any time without getting penalized, a plus if you need emergency cash.

However, you’ll need to deposit at least $2,500 to open one of Discover’s CDs, a much higher amount than most banks require. If you’re convinced Discover CDs are for you, apply today.

Compare Discover Bank to competitors’ interest rates

Select Compare to see up to four competitors side by side, comparing the term length and minimum deposit that suits you.

Name Product 6-month APY 1-year APY 5-year APY Minimum deposit to open
Crescent Bank CDs
Finder Rating: 4.8 / 5: ★★★★★
Crescent Bank CDs
N/A
4.85%
3.90%
$1,000
Earn competitive rates up to 4.85% APY (annual percentage yield) on terms ranging from 1 to 5 years. Pay $0 maintenance fees. Member FDIC.
Alliant Credit Union CDs
Finder Rating: 4.8 / 5: ★★★★★
Alliant Credit Union CDs
5.00%
5.15%
4.00%
$1,000
Lock in rates as high as 5.15% APY with a low $1,000 minimum deposit. Compounded monthly. FDIC insured.
Western Alliance Bank 12 months CDs through Raisin
Finder Rating: 4.7 / 5: ★★★★★
Western Alliance Bank 12 months CDs through Raisin
N/A
5.05%
N/A
$1
Get 5.05% APY on a 12 month CD, and earn an APY that’s higher than the national average. Pay no fees and just a $1 minimum deposit. FDIC insured.
Valley Direct Online CD
Finder Rating: 5 / 5: ★★★★★
Valley Direct Online CD
N/A
4.50%
N/A
$500
Earn 4.50% APY on a 12 month CD. FDIC insured per depositor, per account ownership category.
Quontic Bank CDs
Finder Rating: 5 / 5: ★★★★★
Quontic Bank CDs
5.05%
4.50%
4.30%
$500
Lock in a high rate. Minimum of $500 required to open. Open your account in 3 minutes or less. Member FDIC.
Ponce Bank CD through Raisin
Finder Rating: 4.9 / 5: ★★★★★
Ponce Bank CD through Raisin
4.00%
N/A
N/A
$1
Snag the highest APYs on the market for the shortest CD terms via Raisin. FDIC insured.
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Sarah Finder

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shirley

March 11, 2020

are your cd’s goverment insured


Avatar

nikkiangco

March 11, 2020

Hi Shirley,


Thanks for your comment and I hope you are well.


Discover CDs are insured by the FDIC up to the $250,000 legal limit. Established by the Banking Act of 1933, the FDIC protects your money in the event of bank failure.


I hope this helps and feel free to reach out to us again for further assistance.


Best,

Nikki


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