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Discover® Bank CD Rates for 2024

Review Updated
Steven Porrello
Kevin Payne

Our Banking Experts

Ashley Maready
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.

Discover® doesn't offer the highest CD rates on the market, but for some terms it comes pretty close. Its breadth of CD terms is wide, ranging from three to 120 months, but a high minimum deposit of $2,500 may be steep for some savers. 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.

Discover® Bank CD rates for 2024

Compare Discover® Bank CD rates

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.

Rates as of July 19, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.70% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD

On Discover Bank's Secure Website.

Member FDIC.
APY: 5.20% Term: 10 Months Min. Deposit:  $2,500
Open Account for

On Secure Website.

APY: 5.00% Term: 1 Year Min. Deposit:  $0
Open Account for Barclays Online CD

On Barclays' Secure Website.

Overview of Discover® Bank CDs

Discover® Bank CDs are available in 12 different CD term lengths ranging from three months to 10 years. 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.

The interest on Discover® Bank 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.

Minimum Deposit $2,500
Range of Term Lengths 3 to 120 months
Compounding Schedule Daily
Early Withdrawal Penalty 3 months of simple interest (terms of 1 year or less); 6 months of simple interest (terms between 1- 4 years); 18 months of simple interest (terms between 5 - 7 years); 24 months of simple interest (terms of 7 years or greater).
Grace Period 9 days
Data source: Discover.

Discover® Bank CD pros and cons

While Discover® Bank CD rates aren't the most competitive you'll find, they do come in a large variety of terms, making them ideal for a CD ladder. However, as is the case with most CDs, 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 threat of early withdrawal penalties and the high barrier to entry ($2,500) may make Discover® Bank CDs a poor choice for some.


  • Competitive rates
  • No fees
  • Multiple term lengths up to 10 years
  • Mobile account access


  • High minimum balance requirement

How much can you earn with a Discover® Bank CD?

While Discover can modify its ongoing CD rates at any time, you can lock in today's highest rates by opening an account. For perspective, here's how much $2,500 could grow in each of the CD terms that Discover offers.

The numbers in the table below may not be accurate to current APYs and are for example purposes only.

Term APY Earnings
3 months 2.00% $12
6 months 4.25% $52
9 months 4.25% $79
12 months 4.70% $117
18 months 4.40% $166
24 months 4.00% $203
30 months 3.75% $240
3 years 3.75% $291
4 years 3.75% $396
5 years 3.75% $505
7 years 3.75% $734
10 years 3.75% $1,112
Data source: Author's calculations.

Is a Discover® Bank CD safe?

Yes, Discover® Bank CDs are safe. Discover® Bank CDs are backed by FDIC insurance, which protects up to $250,000 per account.

How to open a Discover CD

Discover makes it very easy to open CDs online. Here's what you can expect.

1. Create an account or sign in

If you don't already bank with Discover, you'll have to create an account. This involves giving personal information, like your name, address, and Social Security number.

2. Choose a CD term

Once you've created your account or logged in, you can select a CD term from the list. You'll also enter a deposit amount of $2,500 or higher. At this point, Discover asks if you want to opt in to transferring your monthly interest to another Discover account. While this option lets you take advantage of your CD interest as it's credited to your account, it may also slightly reduce your APY.

3. Sign disclosures and fund your CD

Discover will ask you to agree to three pages of disclosures. Once you click "agree," you can transfer money from another account (either with Discover or another bank) and open your CD.

Who is a Discover® Bank CD right for?

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.

Other Discover® Bank CD accounts

Discover also offers the following CD account:

  • IRA CDs

Bottom line: Discover® Bank CD rates

Discover® Bank CD
  • 3 APY: 2.00%
  • 6 APY: 4.25%
  • 9 APY: 5.10%
  • 12 APY: 4.70%
  • 18 APY: 4.40%
  • 24 APY: 4.00%
  • 30 APY: 3.75%
  • 36 APY: 3.75%
  • 48 APY: 3.75%
  • 60 APY: 3.75%
  • 84 APY: 3.75%
  • 120 APY: 3.75%
Rates as of July 19, 2024

APY = Annual Percentage Yield

Discover® Bank CD
3 Mo.
6 Mo.
9 Mo.
1 Yr.
1.5 Yr.
2 Yr.
30 Mo.
3 Yr.
4 Yr.
5 Yr.
7 Yr.
10 Yr.

Our CDs methodology

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.


  • The minimum deposit for a Discover® Bank CD is $2,500.

  • Discover® Bank CDs don't come with monthly maintenance fees, but you will pay an early withdrawal penalty if you cash out before your CD's maturity date. The fee is equal to a certain period of simple interest, ranging from three to 24 months.

  • No, you have to leave your money untouched for the duration of your term. Closing a Discover® Bank CD early will result in an early withdrawal penalty.