Discover Bank Certificate of Deposit
Whether you’re investing for the short-term or longer-term portfolio a Certificate of Deposit is sure to add to your portfolio and investment strategy. Discover offers terms ranging from three months to ten years.
CD rates consistently exceeded the National Average.
Flexible terms from 3 months to 10 years.
0.95% APY (12-month term).
Applicants should have a credit score of 620 or higher for a better chance of approval, although this is not required to apply.
Discover CDs offer a combination of access, liquidity, safety, and growth potential that make them an ideal choice for those looking to reduce risk in their portfolios. With flexible terms and great guaranteed rates, Discover CDs help provide the peace of mind that can be impossible to achieve when your savings are rising and falling in step with potentially volatile investment markets.
Never lose your principal
With a CD you can lock in a rate and not worry about losing your principal. The savings you hold in Discover CDs are always FDIC insured up to the maximum allowed by law. Discover CDs offer a great potential for growth. You can open multiple CDs with different maturity dates, a strategy called “CD laddering.” It’s a great way to take advantage of the best CD rates for longer terms and ensure you have liquidity and flexibility when you need it, since one or more CDs will always be approaching maturity.
Expect great service when you bank with Discover. As a Discover Bank customer, you’ll enjoy the same commitment to customer service that has ranked Discover card among the highest in customer loyalty for 18 consecutive years.
Open Multiple CDs
Open multiple CDs with different maturity dates. “CD laddering” is a great way to take advantage of the best CD rates for longer terms and ensure you have liquidity and flexibility when you need it, since one or more CDs will always be approaching maturity. Discover offers a full range of high-yield CDs with terms from 3 months to 10 years.
If liquidity and security is your concern a CD offers a greater variety of short-term investment options. CDs can be an ideal for investors seeking to avoid the volatility of higher-risk assets such as stocks. Prices of bonds and bond mutual funds can also vary considerably since they react to changes in market interest rates.
The biggest drawback of Discover Certificate of Deposit is the minimum deposit amount to open a Certificate of Deposit is $2,500. CDs typically come with early withdrawal penalties, which can wipe out returns on even the best CD interest rates if you need to take the money out before the term is up. So, make sure the maturities you select work with your cash needs.