Updated
Fact Checked
Jamie Matthews
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.
Discover® Bank CD rates for 2024
Discover® Bank CD
- 3 APY: 2.00%
- 6 APY: 4.25%
- 9 APY: 4.25%
- 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 April 25, 2024
APY = Annual Percentage Yield
Term
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.
2.00%
4.25%
4.25%
4.70%
4.40%
4.00%
3.75%
3.75%
3.75%
3.75%
3.75%
3.75%
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 April 25, 2024
| 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 |
Details about Discover® Bank CDs
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 pros and cons
Pros
- Competitive rates
- No fees
- Multiple term lengths up to 10 years
- Mobile account access
Cons
- High minimum balance requirement
Full Discover® Bank CD review
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.
Rates as of April 25, 2024
APY = Annual Percentage Yield
Discover® Bank CD
Bottom Line
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.
MINIMUM DEPOSIT $2,500
| 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% |
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
Keep reading about Discover:
- Discover® Bank Review
- Discover® Online Savings Review
- Discover® Cashback Debit Review
- Discover® Money Market Review
- Discover® Cards
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.
See our full Ratings Methodology here.
FAQs
-
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
Kevin Payne is a freelance writer and family travel and budget enthusiast behind FamilyMoneyAdventure.com. His work has been featured in Forbes Advisor, Credible, CreditCards.com, Bankrate, SlickDeals, Finance Buzz, Student Loan Planner, and more. Kevin lives in Cleveland, Ohio with his wife and four teenagers.
Fact Checked
Jamie Matthews
Jamie Matthews is alumni of Ohio State University and still calls Columbus, Ohio home. She is a finance editor with more than nine years of experience. When she isn't obsessing over grammar and punctuation, she enjoys baking, reading books, and being a proud dog mom.
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American Express is an advertising partner of The Ascent, a Motley Fool company. Charles Schwab is an advertising partner of The Ascent, a Motley Fool company. Ally is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. SLM is an advertising partner of The Ascent, a Motley Fool company. Synchrony Financial is an advertising partner of The Ascent, a Motley Fool company. None has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Charles Schwab, Goldman Sachs Group, PNC Financial Services, and Target. The Motley Fool recommends Barclays Plc and Discover Financial Services and recommends the following options: short March 2024 $65 puts on Charles Schwab. The Motley Fool has a disclosure policy.