Discover Bank CD
Minimum deposit $2,500 Member FDIC
1-year APY 3.25%
3-year APY 3.40%
5-year APY 3.50%
Why we like it
Overview: The credit card issuer and online bank Discover offers a wide range of CDs. CD terms start at three months and extend to 10 years, though there tend to be better rates on terms from one to five years. The minimum to open is $2,500, which is somewhat high.
Fees: The penalty for withdrawing early from a Discover CD depends on the CD’s term, starting with three months of interest for terms of less than one year. The biggest penalty is two years of interest for terms of seven to 10 years. Like most CDs, there are no monthly or opening fees.
Other products: Discover also boasts CDs for individual retirement accounts (or IRA CDs), an online savings account and a cashback checking account. There are also highly rated mobile apps and 24/7 live customer service.
Full list of Discover CD rates:
3-month CD: 1.00% APY
6-month CD: 1.75% APY
9-month CD: 1.85% APY
1-year CD: 3.25% APY
18-month CD: 3.25% APY
2-year CD: 3.30% APY
30-month CD: 3.30% APY
3-year CD: 3.40% APY
4-year CD: 3.40% APY
5-year CD: 3.50% APY
7-year CD: 3.50% APY
10-year CD: 3.50% APY
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