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Discover Bank has competitive CD rates

Category: Bank Deals, CD Rates- fhuff- 9:50 am/ August 1, 2011

Discover Bank has competitive CD rates, but you’re likely to earn the most interest with a longer term. If you can invest your money for several years, the bank has a 5-year certificate of deposit with a 2.35 percent annual percentage yield. Other CD rates and terms include:

  • 1 percent APY for 9 months
  • 1.2 percent APY for 1 years
  • 1.3 percent APY for 18 months
  • 1.4 percent APY for 2 years
  • 1.5 percent APY for 30 months
  • 1.75 percent APY for 3 years
  • 2 percent APY for 4 years
  • 2.6 percent APY for 7 years
  • 3 percent for 10 years

When you open a Discover Bank certificate of deposit you need an initial minimum deposit of $2,500. CD rates are subject to change at any time without notice. Interest earned on CDs can be accumulated in the account or transferred to another account. Withdrawing interest by check results in a $5 charge per check.

Early withdrawal of funds from your account results in a penalty of 3 months’ simple interest on the amount withdrawn for terms of less than a year, 6 months’ interest for terms of 1 year to 5 years, and 9 months’ interest for terms of 5 years and up.

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