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Discover offers competitive rates and a selection of standard and IRA CD terms that range from three months to 10 years. These CDs offer higher interest rates than a typical savings account, and if you have a tendency to make multiple withdrawals, they can encourage you to lock your funds away for long-term growth.
0.5%
1-year APY
0.55%
3-year APY
0.6%
5-year APY
Minimum deposit to open | $2,500 |
---|---|
Interest compounding | Daily |
3-month APY | 0.2% |
6-month APY | 0.25% |
9-month APY | 0.3% |
1-year APY | 0.5% |
18-month APY | 0.5% |
2-year APY | 0.5% |
3-year APY | 0.55% |
30-month APY | 0.55% |
4-year APY | 0.55% |
5-year APY | 0.6% |
7-year APY | 0.6% |
10-year APY | 0.6% |
Early withdrawal penalty | 90 days interest for terms of 1 to 11 months 180 days interest for terms of 12 to 47 months 270 days interest for terms of 48 to 59 months 540 days interest for terms of 60 to 83 months |
Review by
Peter Carleton is a writer that covers banking and investing, breaking down what you need to know about where you put your money. When Peter's not thinking about cutting-edge banking apps and robo-advisors, he runs a creative agency and spends his spare time cooking or reading.
Discover’s CDs are best for those looking for a long-term CD. Discover offers a wide selection of term lengths and you’ll earn up to 0.6% depending on the term.
There are no fees to open or maintain the account, but you’ll need to deposit at least $2,500 to open one, and you won’t be able to visit a branch.
It’s easy to open Discover CDs online or by phone:
You can also call 800-347-7000 any time to speak with a US-based representative and open an account.
To open a Discover Bank CD, you’ll need to meet these eligibility requirements:
Regardless of how you choose to open your Discover CDs, you’ll be asked for the following information:
When you open this account, choose whether you want to fund it during the application or within 10 days using the following options:
You’ll have two main products to choose from:
Regardless of which option you prefer, Discover CDs offer many benefits:
While Discover CDs offer many benefits to help you save, there are a few potential drawbacks to look out for:
If you prefer a CD with the option of in-person banking, you’ll want to keep looking. As always, compare your options when choosing a CD.
You’ll be notified 30 days before your CD reaches its maturity date and you’ll have a nine-day grace period to choose between the following options:
Your CD will automatically renew at the end of the grace period if you don’t take any action. In this case, you’ll be locked into the CD term and will be charged an early withdrawal penalty if you want to access your money.
If you withdraw your money before your CD reaches its maturity date, you’ll be charged an early withdrawal penalty, which varies depending on the term: