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Discover is an online bank that offers one style of CD that requires a $2,500 minimum deposit. Once you meet that requirement, the amount you deposit has no impact on the CD’s interest rate.
Discover offers a wide range of terms, making it easy to set up a CD ladder.
Discover Bank earned 4.6 out of 5 stars in Bankrate’s review across its deposit products.
Discover CD rates
| Account name |
Term |
APY |
Minimum deposit |
| CD |
3 months |
0.20% |
$2,500 |
| CD |
6 months |
0.25% |
$2,500 |
| CD |
9 months |
0.30% |
$2,500 |
| CD |
12 months |
0.50% |
$2,500 |
| CD |
18 months |
0.50% |
$2,500 |
| CD |
24 months |
0.50% |
$2,500 |
| CD |
30 months |
0.55% |
$2,500 |
| CD |
36 months |
0.55% |
$2,500 |
| CD |
48 months |
0.55% |
$2,500 |
| CD |
60 months |
0.60% |
$2,500 |
| CD |
84 months |
0.60% |
$2,500 |
| CD |
120 months |
0.60% |
$2,500 |
Note: The APY (Annual Percentage Yield) shown is as of June 2, 2021. The APYs for some products may vary by region.
How Discover rates compare to top-yielding banks
Discover’s CD rates are very competitive. You might find slightly higher rates elsewhere, but the difference won’t be extreme. A major perk of Discover’s CD offering is the wide variety of terms, making it easy to build a CD ladder, for instance.
Some competitors may also have lower minimum deposit requirements. Be sure to shop around to find the best CD that fits your needs.
Other savings options at Discover
Discover also offers savings and money market accounts. Both pay slightly lower interest rates than CDs with terms of a year or longer. Still, these accounts can be worth considering if you value having more flexible access to your cash.
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