Discover Bank CD Rates 2024: How They Compare

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

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Discover Bank CD rates

  • 1-year: 4.80% APY

  • 3-year: 3.75% APY

  • 5-year: 3.75% APY

  • 10-year: 3.75% APY

Discover® CD
NerdWallet rating 

at Discover® Bank, Member FDIC

Discover® 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

4.25% APY.

9-month CD

4.25% APY.

1-year CD

4.80% APY.

18-month CD

4.50% 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 02/23/2024, 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."

» Want more options? See the best CD rates

More details about Discover Bank CDs

Minimum deposit

$2,500.

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® CD today, its annual percentage yield will remain the same until the CD term ends. 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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    Marcus by Goldman Sachs High-Yield CD

    Marcus by Goldman Sachs logo
    APY

    5.15%

    Term

    14 months

    Barclays logo
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    Barclays Online CD

    Barclays logo
    APY

    5.15%

    Term

    1 year

    Discover® Bank logo
    Learn More

    Member FDIC

    Discover® CD

    Discover® Bank logo
    APY

    4.80%

    Term

    1 year

    About Discover Bank

    Discover® 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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