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Discover Bank CD Rates

Discover Bank CD Rates

Discover Bank, the banking arm of the credit card company Discover, is offering some very competitive CD rates. Discover Bank is advertising bank CD rates with terms ranging between 3 months and 10 years. Discover's current 12 month CD rate is 1.19 percent with a bank CD yield of 1.20 percent. That rate is one of the best CD rates available from any bank or credit union.

Discover's shorter term CD interest rates are also very competitive. Current 3 month CD rates are 0.55 percent with a CD interest yield of 0.55 percent. That rate is higher than most 12 month CD rates at banks and credit unions. 6 month certificate of deposit rates are at 0.90 percent with a yield of 0.90 percent.

CD Rates Discover Bank

3 Months Rate 0.55% Yield 0.55%
6 Months Rate 0.90% Yield 0.90%
9 Months Rate 1.00% Yield 1.00%
12 Months Rate 1.19% Yield 1.20%
18 Months Rate 1.29% Yield 1.30%
24 Months Rate 1.39% Yield 1.40%
30 Months Rate 1.49% Yield 1.50%
3 Years Rate 1.73% Yield 1.75%
4 Years Rate 1.98% 2.00%
5 Years Rate 2.27% Yield 2.30%
7 Years Rate 2.57% Yield 2.60%
10 Years Rate 2.96% Yield 3.00%

As with all certificate of deposit accounts there is an early withdrawal penalty, the penalty for a certificate of deposit with a term of less than 1 year is 3 months of simple interest. The penalty for a CD account term of 1 year to 5 years is 6 months of simple interest. Terms greater than 5 years the penalty is 9 months of simple interest. What is simple interest? Interest that is calculated on a sum that does not include previous interest earnings.

All deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per account. Open a Discover Bank CD account here: Discover CD Application

Author: James Martin
March 28th, 2011