If you are thinking about retirement, consider getting Discover Bank’s IRA CD to earn a guaranteed rate to offset your risk for the future.
Discover’s 10-year IRA CD is currently earning an incredible rate of 4.30% APY. This is much higher than any savings account I have seen and could be quite a good investment in the long run. With Discover Bank, you can choose an IRA term as low as 3 months or as long as 10 years.
They also provide 24/7 phone service so you can always call them if you have any further questions! Member FDIC.
| PROMOTIONAL LINK | OFFER | REVIEW |
| Discover Bank Online Savings terms apply | Up to $200 Cash + 3.30% APY | Review |
| Discover Bank CD | Up to 4.30% APY | Review |
| Discover Bank Money Market | Up to 3.25% APY | Review |
| Discover Bank IRA CD | Up to 4.30% APY | Review |
Table of Contents
Discover Bank IRA CD Summary
- Account Type: IRA CD
- Availability: Nationwide
- Expiration Date: None
- Monthly Fee: None
- Additional Advice: Choose a longer IRA CD term to earn more money!
(Visit Discover for more details)
Discover Bank IRA CD Rates
| IRA CD Term | APY Rate |
|---|---|
| 3-Month Term | 2.00% APY |
| 6-Month Term | 3.00% APY |
| 9-Month Term | 3.00% APY |
| 12-Month Term | 4.25% APY |
| 18-Month Term | 4.25% APY |
| 24-Month Term | 4.30% APY |
| 30-Month Term | 4.30% APY |
| 3-Year Term | 4.30% APY |
| 4-Year Term | 4.30% APY |
| 5-Year Term | 4.30% APY |
| 7-Year Term | 4.30% APY |
| 10-Year Term | 4.30% APY |
Which IRA CD Should You Choose
Opening a new account is simple because it’s just filling out basic information! If you apply online, just click on open an account, and fill out the information required.
Applying by phone is easier because you have an associate talking you through everything. You do have to have the starting amount of $2,500.
If you don’t know what account is better for you, Roth or Traditional, here’s how you can tell which is better.
There are two different IRA CD to choose from, Roth and Traditional.
- Pay Now Save Later: Funded with after-tax dollars, Earnings and withdrawals are tax-free, Contributions are not tax deductible
- Get Taxes Out of the Way: If you expect tax rates to be higher when you begin making withdrawals, go with a Roth IRA.
- Eligibility: Taxable earned income within IRS Limits; Limits are based on income and tax filing status.
- Withdrawals: Anytime you wish. Contributions can be withdrawn without IRS penalty at any time. Earnings can be withdrawn without penalty at age 59½ if your account is at least 5 years old.
- Earn Now, Pay Later: Funded with pre-tax dollars. Earnings are tax-deferred.Tax-deductible up to certain income limit
- Wait to Pay Taxes Later: If you expect to have a lower tax rate when making withdrawals, choose a Traditional IRA.
- Eligibility: Anyone under 70½ with taxable earned income
- Withdrawals: Contributions and earnings can be withdrawn without IRS penalty at 59½. Distributions are required by age 70½.
Other Discover Accounts To Consider
 Open a Discover Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code HMB323 by 03/15/2023 • Earn high interest rate of 3.30% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB323 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. |
 • Get started and open a Discover Money Market Account in 3 easy steps. • Available nationwide online • Earn high yields with flexible access to your cash. • Earn 3.25% APY balances $100,000 and over • Earn 3.20% APY balances under $100,000 • Open with as little as $2,500. • No hidden fees. No surprises. • Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs |
• 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 2.00% APY up to 4.30% 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. |
Bottom Line
I really recommend Discover Bank’s IRA CD if you are a saver with a high net worth, have low income needs in retirement, or a combination of both.
If that describes you, then the annual interest yield you get could really help you cover your expenses.
Plan for the future now and check it out! If not, then don’t forget to check out full list of Brokerage Bonuses!
For more from Discover Bank, see our list of their latest promotions here.
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