Discover Bank Certificate of Deposit (CD)
Discover Bank is the result of the 2000 merger between Greenwood Trust Company and Discover Financial Services. The bank provides high-yield online certificates of deposit that can be opened and funded online with a minimum deposit of $2,500.
Open a Discover Bank CDs
CD Yields (Annual Percentage Yield)
| Term | APY |
|---|---|
| 3 Month | 0.65% |
| 6 Month | 0.90% |
| 1 Year | 1.60% |
| 2 Year | 2.05% |
| 3 Year | 2.40% |
| 4 Year | 2.55% |
| 5 Year | 3.10% |
Rates as of 3-2-10
Account Features
| Minimum Deposit | $2,500 |
| Compounding | Daily |
Early Withdrawal Penalties
For CD terms of Less than 1 year, 3 months simple interest will be charged on the amount withdrawn.
For CD terms of 1 year up to and including 5 years, 6 months simple interest will be charged on the amount withdrawn.
For CD terms of greater than 5 years, 9 months simple interest will be charged on the amount withdrawn.
Renewal Policy and Grace Period
Discover Bank will notify you approximately 3 weeks before your CD matures to offer you a variety of renewal options. If you don’t respond, your CD will automatically renew for the same term at the current rate. If you do not want your CD to automatically renew, you should notify the bank at least 10 calendar days prior to maturity.
The is also a 9 calendar–day grace period after your CD's maturity date, during which you can make changes to your account, such as adding or withdrawing funds or opting not to renew, without paying an early withdrawal penalty.
Discover Bank Reviews
Review from Kelly
"Going into the 3rd week since I opened an account. Have not heard a word from Discover. ..."
Read More Discover Bank Reviews >>
Contact
www.discoverbank.com
(800) 347-7000