Discover Bank CD Rates 2024: Solid But Not Highest

The credit card issuer Discover has high-yield CDs with a somewhat hefty opening minimum.
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Written by Spencer Tierney
Senior Writer
Discover Bank CD Rates: How They Compare

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Discover® CD
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at Discover® Bank, Member FDIC

Discover® CD rates are competitive with other online banks and the range of terms is extensive from three months to 10 years. But the minimum CD deposit of $2,500 may be hefty for some, and there aren't any non-standard CDs with novel perks, such as no-penalty or add-on CDs.

Discover is a large online bank that offers checking and savings accounts with no monthly fees, and a solid savings rate, so CDs fit in within a strong lineup of accounts.

» COMPARE: See the best CD rates

NerdWallet's take: Discover® Bank’s CD rates don’t lead the pack of online banks with high-yield CDs, but yields are solid or moderately competitive across a larger range of terms than most banks offer.

Discover Bank CD rates

3-month CD

2.00% APY.

6-month CD

4.25% APY.

9-month CD

4.25% APY.

1-year CD

4.70% APY.

18-month CD

4.40% APY.

2-year CD

4.00% APY.

30-month CD

3.75% APY.

3-year CD

3.75% APY.

4-year CD

3.75% APY.

5-year CD

3.75% APY.

7-year CD

3.75% APY.

10-year CD

3.75% APY.

CD details from Discover: "Annual Percentage Yield (APY) is accurate as of 06/14/2024, 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."

More details about Discover Bank CDs

Minimum deposit


Range of CD terms

3 months to 10 years.

Early withdrawal penalty

Other fees

None, which is common for CDs.

Grace period

See grace periods by bank. This period is the time between a CD’s maturity date and its automatic renewal for a new term if the CD isn’t cashed out.

Main types of account ownership

  • Single (or individual) account.

  • Joint account.

  • Custodial account (on behalf of kids).

  • Trust, including formal trust account and payable on death accounts.

» Learn more about accounts on our Discover Bank review

Want to compare CD details?

View a curated list of CD reviews to see all rates, minimum requirements and other details at online and traditional banks and one brokerage.

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What to consider when opening CDs

  • CD rates are fixed. If you open a Discover® CD today, its annual percentage yield will remain the same until the CD term ends.

  • Be aware of two common rules with CDs: You can’t make partial withdrawals of the original CD amount or add additional money after the initial funding of a CD.

  • 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.

  • Interest accrues in a CD during the term, so you can benefit from compound interest. Alternatively, you can request to receive interest during the term to another Discover account or by check.

  • CDs auto-renew unless you opt out. To avoid renewal, withdraw during the grace period.

  • Compounding frequency doesn’t often help you compare rates. Like a savings account, a CD’s rate is primarily quoted as an annual percentage yield (APY), meaning the annual interest rate that factors in compounding. You can compare two interest rates with different compounding periods using APY. Alternatively, if you only know a CD’s interest rate, you need to know the compounding frequency — often daily or monthly — to estimate your return. Learn more about APY vs. interest rate.

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

Did you know...

If Capital One’s deal with Discover goes through, existing Discover CDs would be separately insured until those CDs mature. In other words, you don’t have to worry about the FDIC insurance limit counting only once at the combined bank if you have a lot of money, including in CDs, at both Capital One and Discover before the merger.

Ready to choose a CD?

View a curated list of our picks based on competitive rates and terms.

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