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One look at Discover® Bank CD rates and you'll see why they are a top choice for individuals who want to maximize their savings. With term lengths up to 10 years, there's a CD term to meet the needs of almost every customer. Here's a close look at Discover® Bank CD rates, how they compare to other top online banks, and whether they are right for you.
APY = Annual Percentage Yield
Discover has a higher minimum balance requirement than some of its competitors, but its rates are competitive and you don't have to worry about getting hit with any fees unless you withdraw funds via wire transfer or choose to withdraw from your CD before it reaches its maturity date. It also offers some unique term lengths, including CDs as short as three months and as long as 10 years.
3 Mo. APY | 6 Mo. APY | 9 Mo. APY | 1 Yr. APY | 1.5 Yr. APY | 2 Yr. APY | 30 Mo. APY | 3 Yr. APY | 4 Yr. APY | 5 Yr. APY | 7 Yr. APY | 10 Yr. APY |
---|---|---|---|---|---|---|---|---|---|---|---|
2.00% | 4.25% | 4.25% | 4.70% | 4.40% | 4.00% | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% |
Discover offers some of the best CD rates among online banks. These high-yield CDs are a great option for both short and long-term savings goals.
Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
---|---|---|---|---|
Member FDIC.
| APY: 5.10% | Term: 10 Months | Min. Deposit: $0 | |
Member FDIC.
| APY: 4.70% | Term: 1 Year | Min. Deposit: $2,500 | |
APY: 5.05% | Term: 1 Year | Min. Deposit: $1 | ||
APY: 5.15% | Term: 9 Months | Min. Deposit: $1 | ||
Member FDIC.
| APY: 4.75% | Term: 1 Year | Min. Deposit: $500 |
If you're interested in building a CD ladder, and have substantial funds to deposit, Discover may have the right CD for you.
Discover® Bank CDs are available in 12 different CD term lengths ranging from three months to 10 years, making it the perfect vehicle for building a CD ladder. Opening a CD account through Discover requires a $2,500 minimum deposit. Like most CDs, Discover doesn't charge any monthly maintenance fees on its CD accounts.
If you need to withdraw your funds early for any reason, you'll end up paying a penalty which, depending on your CD's term, can be up to 24 months of simple interest. The interest on Discover CDs is compounded daily and credited monthly. Discover® Bank CDs renew automatically after reaching maturity, and you have a nine-day grace period to withdraw your funds if you don't want to continue. You can also deposit more funds into your CD during this period.
Discover® Bank CDs are perfect for individuals who have at least $2,500 to deposit in a CD and want to maximize their savings. It's rare to find CDs with 10-year terms, so Discover® Bank CDs are the perfect match for someone with long-term savings goals.
Discover also offers the following CD account:
APY = Annual Percentage Yield
At The Motley Fool Ascent, certificates of deposit (CDs) are rated on a scale of one to five stars, primarily focusing on annual percentage yield (APY) and early withdrawal penalty fees. Our highest-rated CDs generally include competitive APYs without complex qualification tiers, low withdrawal fees, reliable brand trust and reputation, and ease of use.
Learn more about how The Motley Fool Ascent rates bank accounts.
Discover® Bank CDs offer competitive high-yield interest rates with no fees and a host of terms to choose from. Discover is known for its 24/7 customer service, and Discover® Bank CDs are accessible online or through its highly-rated mobile app.
A Discover® Bank CD is worth it if you have at least $2,500 to leave in a CD account long term. Discover's CD rates are competitive enough to deserve a look if you're thinking about opening a CD soon.
Our Banking Experts
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.