Discover Bank is one of the largest banks mostly known for their credit cards. Discover is offering Certificates of Deposits (CDs) with rates up to 2.20% APY. This rate is much higher than any other competitors I’ve seen. You can choose CD terms as low as 3 months, for a lower APY rate, or 10 years for the maximum bonus. They provide great service and 24/7 phone service. Interest rates on traditional Savings account can change the next day, however, CDs guarantee the rate for the length of the term. To open the account you need at least $2,500 to open your account and lock in your rate. Find all the best Discover Bank Promotion Codes!
Discover CD Rates and Information:
Opening a new CD account with Discover is great because you can earn money just by saving it over time. Let’s just say for example you want to save your child’s college fund. If you put in $25,000 in for 10 years, you’ll have an additional $6,000 once the time has passed. The rate change accordingly on the type of contract.
How To Open Discover Bank CD:
Opening the CD is a simple process, and could be done online step by step, or on the phone.
- Visit DiscoverBank.com
- Enter your info: They need your address, phone, email and social security number
- Fund your account: Open with as little as $2,500. You can send them a check or transfer funds from an existing bank account.
- Verify Information: Verify information and electronically sign your application.
- Confirmation Email: They’ll send a confirmation email, then watch the mail for your Welcome Kit.
I recommend to open a Discover Bank CDs with the term of 10 years for the maximum bonus. Put money you don’t want to touch for awhile like your childs college tuition or your retirement fund. This is great for people with higher net worth or low income in retirement. If that sounds like you that you should open a account and start saving now! See our full list of Best CD Rates today!
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