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Discover CD Rates

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One look at Discover 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 CD rates, how they compare to other top online banks, and whether they are right for you.

Discover CD rates

Discover High Yield CD
  • 1 Year APY: 3.00%
  • 2 Year APY: 3.10%
  • 3 Year APY: 3.15%
  • 4 Year APY: 3.20%
  • 5 Year APY: 3.30%
Rates as of Sept. 27, 2022
Term
Discover High Yield CD
1 Year
2 Year
3 Year
4 Year
5 Year
3.00%
3.10%
3.15%
3.20%
3.30%

Compare Discover 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 Sept. 27, 2022
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for Discover High Yield CD
Member, FDIC
3.00%
3.10%
3.15%
3.20%
3.30%
$2,500
Yes
Logo for CIT Bank CD
Member, FDIC
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member, FDIC
Marcus by Goldman Sachs High Yield CD
3.00%
3.10%
3.15%
3.20%
3.30%
$500
Yes

Discover Bank CD review

If you're interested in building a CD ladder, and have substantial funds to deposit, Discover may have the right CD for you.

Discover High Yield CD

Pros

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

Cons

  • High minimum balance requirement

Discover High Yield 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 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. 

Other Discover CD accounts

Discover also offers the following CD account:

  • IRA CDs

FAQs

  • Discover 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 CDs are the perfect match for someone with long-term savings goals.

  • Discover 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 CDs are accessible online or through its highly-rated mobile app.

  • A Discover CD is worth it if you have $2,500 to leave in a CD account long term. Discover CD rates are competitive enough to deserve a look if you're thinking about opening a CD soon.

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