Discover Bank
Category: CD Rates- fhuff- 1:05 pm/ June 16, 2009Discover Bank is offering a 5-year certificate of deposit with an interest rate of 3.44%, one of the best CD rates this week. The annual percentage yield (APY) on the 5-year CD is 3.5%, and assumes that principal and interest remain in the account for the full term. The CD offer is for personal accounts only. Rates can change at any time, so it’s important to check frequently for the best CD rates. Other features of the Discover Bank offer include:
- Minimum deposit of $2,500
- Early withdrawal penalty
- FDIC deposit insurance of up to $250,000 per depositor through Dec. 13, 2013
- Interest compounded daily and credited each month.
Once the account is opened, you cannot deposit addition funds until the CD has reached maturity. The interest is compounded daily and will be credited each month. You can withdraw the interest on the account at any time, but doing so means you won’t receive the APY that is quoted. Also, if you make an early withdrawal, you’ll pay six months simple interest on the amount of the withdrawal. Discover Bank has a list of other fees associated with certificates of deposit.
Discover sends out CD account statements once a year in January, and you can also review them online.
- 6 Month CD %
- 1-year CD %
- 2-year CD %
- Money Market Account %
- Savings Account %
- 30-year Fixed Mortgage 3.92 %
Bank rates provided by MoneyRates.com based on average rates for deposits under $10K and conforming mortgage rates
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