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 3.10% APY. This rate is higher than many other competitors in the market.
You can choose CD terms as low as 3 months for a lower APY rate or 10 years for the maximum bonus. Enjoy 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.
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Table of Contents
Discover Certificate of Deposit Summary
• Available nationwide online, Discover offers CDs with some of the highest & most competitive rates! with select terms as short as 3 months up to 120 months
• Rates ranging from 0.35% APY up to 3.10% APY.
• Opening a Discover Bank Certificate of Deposit is extremely quick and easy.
• Funds on deposit are FDIC-insured up to the maximum allowed by law.
• Start today with a minimum deposit of $2,500!
• Get started and open a Discover CD in 3 easy steps.
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. The rates change accordingly on the type of contract.
How To Open Discover Bank CD
Opening a CD is simple. You can do it 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 your information: Verify information and electronically sign your application.
- Confirmation email: They’ll send a confirmation email, then watch the mail for your Welcome Kit.
About Your Account
Your account is FDIC-insured, up to the maximum amount allowed by law.
When you open your account, you won’t receive a certificate for your CD. However, you will receive a welcome kit, and you can access your account information anytime via the Account Center.
You can find your CD maturity date in your account online. When you log in, select your CD Account on the “Account Summary” page. Your maturity date will be displayed in the CD account details.
Before your CD matures, Discover will send you a notification 30 days prior. When your CD matures, you may make a deposit or withdrawal and change the term of your CD during the grace period. The grace period lasts for 9 days immediately following the maturity date.
Your CD will automatically renew if you don’t take any action during the grace period and interest withdrawn on the account will not affect the grace period. Any term change, deposit, or withdrawal of principal during the grace period will end the grace period. In some cases, the Early Withdrawal Fee may reduce the principal in the CD.
The only fee associated with your CD account is a $30 Wire Transfer Fee for outgoing transfers.
There are early withdrawal penalties associated with CD accounts. You can find more information here on early withdrawal penalties for CDs.
You can fund your CD Account in the following ways:
- Online transfer from an eligible Discover Bank Account or an external bank account
- Phone Transfers (available for initial funding only)
- Mail a check that includes your CD Account number, made payable to you to:
PO Box 30417
Salt Lake City, UT 84130
Please note that Travelers Checks will not be accepted for deposit.
Additional deposits cannot be made during the term of any CD. However, once your CD matures, you can deposit additional funds once during the grace period.
You can withdraw money from your CD Account in the following ways:
- After your CD maturity date, there is a grace period of 9 days when you can make changes to your CD, including a withdrawal without an Early Withdrawal Fee. Please note that any term change, deposit, or withdrawal of principal during the grace period will end the grace period.
- Interest can be withdrawn from your CD at any time without a penalty.
- Principal withdrawals can be made outside of the grace period, however, an Early Withdrawal Fee will apply.
In order to receive interest from your CD, you can allow the interest earned to remain in your account and take advantage of compounding or have the interest transferred to an eligible Discover Bank Account.
On new deposits, you will start to earn interest on the business day your deposit is received.
If Discover receives your deposit within 10 days of submitting your application, you will receive the highest interest rate offered for non-IRA CDs one of the following days: the date you submit your application, the date your account is opened, or the date we receive your funding deposit.
If Discover receives your deposit after 10 days, you will receive the current interest rate on the date of receipt. Please note that if Discover doesn’t receive funding within 45 days, your CD Account will be closed.
Interest is compounded daily and credited to your account monthly.
I recommend opening Discover Bank CDs with the term of 10 years for the maximum bonus. Put money you don’t want to touch for a while, like your child’s 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!
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