Discover® CDs rates review
- 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.
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 term | APY | Minimum deposit |
|---|---|---|
| 3 months | 2.00% | $2,500 |
| 6 months | 4.25% | $2,500 |
| 9 months | 4.25% | $2,500 |
| 1 year | 4.70% | $2,500 |
| 18 months | 4.40% | $2,500 |
| 2 years | 4.00% | $2,500 |
| 30 months | 3.75% | $2,500 |
| 3 years | 3.75% | $2,500 |
| 4 years | 3.75% | $2,500 |
| 5 years | 3.75% | $2,500 |
| 7 years | 3.75% | $2,500 |
| 10 years | 3.75% | $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 detail | Details | Does it matter? |
|---|---|---|
| Minimum opening deposit | $2,500 | Yes, this is higher than most CDs that require deposits of $500 to $1,000. |
| Term range | 3 months to 10 years | Yes, Discover offers wide-ranging terms, while most banks only offer terms up to five years. |
| Compounding | Daily | No, most CDs compound on a daily basis. |
| Early withdrawal penalties |
| No, this is similar to competitors, like Capital One, which charge 6 months’ interest on terms of 12+ months. |
| Grace period | 9 days | Yes, 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 details | Your 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.
| Term | Opening deposit | APY | Earnings after one year | Total interest earned |
|---|---|---|---|---|
| 1 year | $2,500 | 4.70% | $117.50 | $117.50 |
| 3 years | $2,500 | 3.75% | $93.75 | $291.93 |
| 5 years | $2,500 | 3.75% | $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.
Your reviews
Sarah Finder
Writer
Hi there, looking for more information? Ask us a question.
You are about to post a question on finder.com:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked
Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.
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
Show more Show less
shirley
March 11, 2020
are your cd’s goverment insured