Discover Bank CD Rates 2023: How They Compare

The credit card issuer Discover has high-yield CDs with a somewhat hefty opening minimum.
Spencer Tierney
By Spencer Tierney 
Edited by Sara Clarke
Discover Bank CD Rates: How They Compare

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Discover Bank CD rates

  • 1-year: 4.50% APY

  • 3-year: 4.30% APY

  • 5-year: 4.10% APY

  • 10-year: 4.10% APY

Discover Bank CD
NerdWallet rating 

at Discover Bank, Member FDIC

Discover Bank’s CD rates are competitive with other online banks and consistently are among the highest you can find. The range of terms is extensive, from three months to 10 years. The bank also has strong checking and savings options, which give it an edge over other banks. But the minimum CD deposit of $2,500 may be hefty for some.

Discover Bank CD rates

3-month CD

2.00% APY.

6-month CD

3.40% APY.

9-month CD

3.50% APY.

1-year CD

4.50% APY.

18-month CD

4.75% APY.

2-year CD

4.30% APY.

30-month CD

4.30% APY.

3-year CD

4.30% APY.

4-year CD

4.10% APY.

5-year CD

4.10% APY.

7-year CD

4.10% APY.

10-year CD

4.10% APY.

APYs shown are as of March 22, 2023.

CD details from Discover: "Annual Percentage Yield (APY) is accurate as of 02/24/2023, is subject to change without notice, and will be determined and fixed for the term at funding. Applies to personal accounts only. A penalty may be charged for early withdrawal. Minimum deposit to open is $2,500."

» Want more options? See the best CD rates

More details about Discover Bank CDs

Minimum deposit


Monthly fee

None, which is common for CDs.

Range of CD terms

3 months to 10 years.

Compounding period

Daily. (This detail helps you estimate what you can earn using a CD calculator.)

Early withdrawal penalty

  • 3 months' worth of interest* for CDs of terms less than 1 year

  • 6 months' worth of interest* for CDs of terms 1 year to less than 4 years

  • 9 months' worth of interest* for CDs of terms 4 years to less than 5 years

  • 18 months' worth of interest* for CDs of terms 5 years to less than 7 years

  • 2 years' worth of interest* for CDs of terms 7 years or longer

  • *The penalty can include more than actual interest earned if the withdrawal occurs early enough.

    Grace period

    9 days after the CD's maturity date. Discover CDs automatically renew, so this 9-day window is the only time to withdraw without paying a penalty.

    No-penalty CDs available?

    Discover IRA CD available?

    Yes; compare the best IRA CD rates.

    » Learn more about accounts on our Discover Bank review

    What to consider when opening CDs

    • Interest rates are fixed. If you open a Discover Bank CD today, its annual percentage yield will remain the same until the CD term ends. This enables you to lock in a CD if rates are relatively high, though there is a risk of losing out if rates continue to rise. It’s hard to know when CD rates go up, but CD rates are trending upward thanks to multiple Fed rate increases since March 2022. Here’s a quick look at historical CD rates. Or, if you want a sample of rates each month, see current CD rates.

    • You lose interest if you withdraw early. CDs are built to keep your money out of sight, out of mind. If you dip into a Discover CD before it expires, there’s an early withdrawal penalty, which means losing some or all the interest you earned.

    » Need more access to funds? See the best high-yield savings accounts instead

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    About Discover Bank

    Discover Bank CD
    NerdWallet rating 

    at Discover Bank, Member FDIC

    Discover Bank is an online-only bank with a solid lineup: cashback checking, high-yield savings and high-yield CDs. Fees are few and perks are high, and Discover’s online banking experience is top-notch. Although Discover is more well-known for its credit cards, its bank accounts are also worth considering. The bank also offers personal loans and student loans.

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