Discover Bank’s CD rates are competitive with other online banks and are some of 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||0.35% APY|
|6-month CD||0.65% APY|
|9-month CD||0.70% APY|
|1-year CD||1.25% APY|
|18-month CD||1.30% APY|
|2-year CD||1.30% APY|
|30-month CD||1.30% APY|
|3-year CD||1.30% APY|
|4-year CD||1.30% APY|
|5-year CD||1.40% APY|
|7-year CD||1.40% APY|
|10-year CD||1.40% APY|
» Want more options? See the best CD rates
How Discover Bank rates compare
Discover’s CDs have strong rates. Let’s compare with two other online banks:
» Learn more about accounts on our Discover Bank review
More details about Discover Bank CDs
|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||
*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 getting hit by a penalty.
|No-penalty CDs available?||No; see best no-penalty CD options.|
|Discover IRA CD available?||Yes; compare the best IRA CD rates|
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 benefits you if you lock in a CD if rates are dropping, but on the flip side, you’ll earn less on a CD if rates rise. It’s hard to know when CD rates will go up or down, since it depends on Fed rate hikes and other factors.
- 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.
» On the fence about a CD? If you might need access to your money, look into the best high-yield savings accounts instead.
Solid range and rates
Discover Bank CD rates are top of the line, but there are other banks that have lower minimum deposit requirements. To learn about additional options, check out our list of best CD rates this month.