In addition, you can select terms as short as 3 months up to 120 months long with rates ranging up to 0.60% APY depending on term length. It’s important to have a good understanding of how APY works if you don’t already. Let’s say you want to have money ready to spend on an engagement ring a year from now. When no competitor APY is available ‘N/A’ is displayed. The minimum required deposit of $2,500 is higher than what’s required at some other banks. Every time a new CD matures, you have the option of putting that money toward something you have been saving for, such as a house. Still Have Questions? Log in | Customer Service; Secure Account Log In Discover Bank User ID. (One month equals 30 days for simple interest fee calculation.). Plus, Palmer adds that CDs are usually FDIC-insured, typically up to $250,000 for each depositor (or the maximum allowed by law). Keep in mind that you may incur a penalty if you withdraw funds from your Certificate of Deposit before its maturity date. “The reason that people are really drawn to CDs is that you can get a higher return than you would get in either a traditional checking account or traditional savings account,” says Kimberly Palmer, personal finance expert at NerdWallet. Early Withdrawal Penalties shown apply to new CDs. Once you open a CD, your money grows until it matures at the end of its term. Available to residents nationwide, apply for your first Discover Online Savings account to earn 0.50% APY. Forgot User ID/Password; Register; Technical Support: 1-800-290-9885. It's easy, convenient and secure. A three-year CD would likely give you a higher return than a one- or two-year CD, and your money will be accessible when you are ready to buy a house. No, really. Discover Money Market Account. Discover Bank offers 12 terms of traditional CDs with terms ranging from three months to 10 years. In this guide, we’ll compare Discover Bank’s rates to CD, checking, and savings account rates from the top banks in the USA.. Let’s take a look! Select terms as short as 3 months up to 120 months and earn up to 0.60% APY. That's no problem. Hooray! Discover is one of the most recognized financial service providers in the U.S. Open a CD Account. Money Market Account vs. Savings Account: Which Is Best for You? Whatever makes it easier for you to get going on your goals. Your Checking Account Can Help, Fido-Proofing Your Budget: Managing the High Cost of Owning a Dog, Everything You Need to Know About Budgeting As a Freelancer, 4 Tricks for Budgeting on a Fluctuating Income, How to Prepare for the End of Your Unemployment Benefits, Planning a Home Office? In addition to getting a higher rate than you can on many savings accounts, CD rates are fixed, which means there’s no risk of the rate going down during the term. Lock in the higher CD rates associated with longer terms. Make a deposit now or come back and do it later. Take advantage of interest rates if they go up. Open an Account. With all those benefits in mind, you might still be wondering if a CD is the right fit for your savings strategy. Putting that money into the stock market could be risky, because if there were a market dip, you’d be out of luck—and you wouldn’t be the only one disappointed! Discover Bank’s CD rates are competitive with other online banks and have historically been some of the highest you can find. A penalty may be charged for early withdrawal. Author’s Verdict. As you learn how certificates of deposit work, note that minimum deposits can vary depending on the financial institution, but at Discover it’s $2,500. In addition, Discover offers checkback checking. While Discover Bank offers some of the highest interest rates on the market. Experts share tips on what to do if you’ve been scammed out of money and how to protect yourself in the future. IRA CDs give you the same reliable growth of regular CDs with the tax advantages of IRAs. Lock in your CD rate to earn guaranteed interest . Apply Now at Discover. Overview: The credit card issuer and online bank Discover offers a wide range of CDs. Learn more about the Discover IRA CD account & the latest Discover Promotions. Over the past 30 years, Discover Bank’s parent, Discover Financial Services, has become one of the largest credit card issuers in the U.S.Discover Bank offers an array of financial products, including a full menu of certificates of deposit (CDs). Read on for an in-depth look, including ratings, reviews, pros and cons. How does a certificate of deposit work out to be a better short-term option than cash, you ask? APY. What fees does Discover Bank charge? Reach someone helpful 24/7 at 1-800-347-7000. Discover is offering Certificates of Deposits (CDs) with rates up to 0.60% APY.This rate is higher than many other competitors in the market. Open a new Discover IRA CD Account online today to gather your retirement savings into one place. Please enter the text to be searched. Beginning on the 8th day after your CD is opened and funded and for the next 22 calendar days, we will deduct each day’s simple interest on the issue amount withdrawn from the funding date to the date of withdrawal. Discover CD terms start at three months, and the longest term available is 10 years. CDs go up to 10-year terms and have a minimum deposit of $2,500. You can choose CD terms as low as 3 months for a lower APY rate or 10 years for the maximum bonus. “Simple interest” is calculated by multiplying the daily interest rate by your principal by the number of days that elapse between payments. Link to earn this rate. While CIT Bank offers savings accounts and multiple CDs, including a no-penalty CD. Discover Bank CD, IRA and Money Market Account and rates consistently exceed the national average. Minimum deposit to open is $2,500. Discover stays ahead of other companies with their lack of fees and high APY (annual percentage yield). Online access lets you log in anytime to check balances, transfer money, pay bills and more. Money within a CD will have grown thanks to the competitive interest rate. Compare CDs. Check your email for a confirmation, and you’re on your way to the future you’ve been dreaming of. No balance requirements. If quick access is a priority, you’d be better off using a checking account or savings account. Certainly this is a great way to earn some extra money from interest on your cash balances for opening an online savings account. Enjoy free Online Banking. Discover Bank offers some of the highest interest rates on the market. Generally, the longer the CD term, the … Minimum deposit to open is $2,500. If you’ve got savings goals on your mind, then you know they come in all sizes and time horizons. For that reason, if you pull out any money in your CD before the term ends, you could be hit with a penalty. While you can find savings accounts with no minimum deposit requirement, most banks require a minimum deposit to open a certificate of deposit. Toggle navigation. Discover Bank IRA CD Rate Promotion. Here's how to qualify for the bonus. Discover Bank Secure Account Log In. The early withdrawal penalty will depend on the CD’s term. Discover Bank offers some of the highest yield money market accounts, CDs, IRA CDs, and savings accounts available. Earn CD APYs that outperform the National Averages 2. Thereafter, the Early Withdrawal Penalty will be calculated as described in the chart below. Discover (Member FDIC) pays competitive rates on savings, CDs, and money market accounts. Discover savings accounts can be opened online or over the phone. Explore flexible terms from 3 months to 10 years. Once you get into a groove with a CD ladder, you can enjoy all the benefits of CDs without worrying about finding a single CD that perfectly matches up with your financial goals. “The reason that people are really drawn to CDs is that you can get a higher return than you would get in either a traditional checking account or traditional savings account.”. Generally, the longer the CD term, the higher the interest rate you can lock in for your money. Explore the FAQs on account opening, CD maturity, penalties, funding and CD interest. In some cases, the early withdrawal penalty may reduce the principal in the CD. Because CDs are offered across a wide range of terms, you have the opportunity to get creative with how you take advantage of them. *, Traditional IRA vs. Roth IRA: How to Make the Right Choice for Your Retirement Goals, How to Manage Your First Salary and Grow Your Savings. Reach your goals by laddering CDs with different maturity dates. 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