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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 4.1 out of 5 stars in Bankrate’s review across its deposit products.
Discover CD rates
Account name
Term
APY
Minimum deposit
CD
3 months
0.35%
$2,500
CD
6 months
0.65%
$2,500
CD
9 months
0.70%
$2,500
CD
12 months
1.35%
$2,500
CD
18 months
1.40%
$2,500
CD
24 months
1.40%
$2,500
CD
36 months
1.45%
$2,500
CD
48 months
1.45%
$2,500
CD
60 months
1.50%
$2,500
CD
84 months
1.50%
$2,500
CD
120 months
1.50%
$2,500
Note: The APY (Annual Percentage Yield) shown is as of May 19, 2020. The APYs for some products may vary by region.
How Discover rates compare to top-yielding banks
Discover’s CD rates are competitive. You might find slightly higher or lower 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.
If your goal is to earn the most interest possible, you may find slightly higher rates on certain CD terms elsewhere. Marcus by Goldman Sachs, Sallie Mae and Synchrony Bank are among the banks competing on rate. Some competitors may also have lower minimum deposit requirements.
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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