Discover Bank CD rates
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Discover Bank offers certificates of deposit (CDs) in 12 different terms ranging from 3 months to 10 years, with no minimum deposit required to open. Each term pays the same annual percentage yield (APY) on all balances, making these CDs accessible to savers with any budget. Discover is one of the few financial institutions to offer a 10-year CD option.
The bank’s CD rates are fairly competitive and well above national averages.
Discover Bank earned 4.5 out of 5 stars in Bankrate’s review across its deposit products and 4.5 out of 5 stars for its CDs.
Discover Bank CD rates
Discover offers varying yields depending on the term you choose. There’s an early withdrawal penalty which may reduce the principal balance if you need your funds before maturity. At the maturity date, the balance can be withdrawn or renewed automatically.
| Term | APY | Min. deposit |
|---|---|---|
| 3 months | 2.00% APY | $0 |
| 6 months | 3.70% APY | $0 |
| 9 months | 3.80% APY | $0 |
| 1 year | 4.00% APY | $0 |
| 18 months | 4.00% APY | $0 |
| 2 years | 4.10% APY | $0 |
| 30 months | 3.50% APY | $0 |
| 3 years | 3.50% APY | $0 |
| 4 years | 3.50% APY | $0 |
| 5 years | 3.50% APY | $0 |
| 7 years | 3.50% APY | $0 |
| 10 years | 3.50% APY | $0 |
Note: Annual percentage yields (APYs) were last updated between March 23 and March 29 and may vary by region.
Rate history for Discover Bank's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
Key features of Discover Bank CDs
Discover Bank CDs offer several features that set them apart:
- No minimum deposit requirement: Open a CD with any amount.
- Competitive rates: Yields are significantly above the national averages.
- Wide range of terms: You get 12 different options to choose among, from 3 months to 10 years.
- FDIC insurance: Deposits are federally insured up to $250,000 per depositor, per account.
- Online account management: Easily manage your CDs through Discover's highly-rated mobile app or website.
How Discover rates compare to top-yielding banks
Discover's CD rates are competitive, though some other online banks may offer slightly higher rates, depending on the term. Here are some other online banks to compare Discover with:
Discover’s broad selection of CD terms makes it easy to find a term suited to a specific savings goal or to build a CD ladder.
One potential drawback is that Discover doesn't offer specialty CD products like no-penalty or bump-up CDs. However, their variety of CD terms and competitive rates make them a strong contender, especially for savers who want a simple, reliable option.
Other savings options at Discover Bank
Discover offers several other products for savers, including:
These accounts may be worth considering for those who value access to their cash anytime.
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