Discover’s 10-year IRA CD is currently earning an incredible rate of 0.60% 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.
|Discover Bank Online Savings||0.40% APY||Review|
|Discover Cashback Debit||$360 Cash Back||Review|
Table of Contents
Discover Bank IRA CD Summary
- Direct Link to Offer
- Account Type: IRA CD
- Availability: Nationwide
- Expiration Date: None
- Monthly Fee: None
- Additional Advice: Choose a longer IRA CD term to earn more money!
Discover Bank IRA CD Rates
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 Contributions can be withdrawn without IRS penalty at any time. Earnings can be withdrawn without penalty at age 59½ if your account is at least 5 years old.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- Withdrawals: Contributions and earnings can be withdrawn without IRS penalty at 59½.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 high interest rate of 0.40% 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
With the Discover Cashback Debit Account:
• Earn 1% cash back on up to $3,000 in debit card purchases each month, which lets you earn up to a total of $360 Debit Card Cashback Bonus per year.
• Anyone can open a Discover Cashback Debit account online
• No monthly fees or monthly balance requirements
• With over 60,000 no-fee ATMs in the U.S., Discover is always nearby.
• Move money easily and securely with just a few clicks or taps (transfers to existing discover accounts are immediate)!
• Manage your account and avoid late fees by paying bills online.
• Deposit checks on the go with your phone or automatically with direct deposit.
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!
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