Discover Bank offers certificates of deposit in 12 terms that require a $2,500 minimum deposit. Each term pays the same annual percentage yield on all balances. It is one of the few banks to offer a 10-year CD.

The bank’s CD rates are fairly competitive and well-above national averages.

Discover Bank earned 4.7 out of 5 stars in Bankrate’s review across its deposit products and 4.1 out of 5 stars for its CDs.

Discover Bank CD rates

Discover CDs offer varying APYs depending on the term. Penalties apply for early withdrawals, which may reduce the principal balance. At maturity date, the balance can be withdrawn or renewed automatically.

The nine-month CD is the Discover CD with the current highest APY.

Account name Term APY Minimum deposit
CD 3 months 2.00% $2,500
CD 6 months 4.25% $2,500
CD 9 months 4.25% $2,500
CD 1 year 4.90% $2,500
CD 18 months 4.60% $2,500
CD 2 years 4.20% $2,500
CD 30 months 4.00% $2,500
CD 3 years 4.00% $2,500
CD 4 years 3.90% $2,500
CD 5 years 3.90% $2,500
CD 7 years 3.80% $2,500
CD 10 years 3.80% $2,500

Note: Annual percentage yields (APYs) shown are as of Feb. 20, 2024 and may vary by region for some products.

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. 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.

Some competitors may also have lower minimum deposit requirements. For example, Capital One offers CDs with no minimum balance to open one. Shop around to find the best CD that fits your needs.

Other savings options at Discover

Discover offers several other products for savers, including:

These accounts may be worth considering for those who value access to their cash at any time.