*, Traditional IRA vs. Roth IRA: How to Make the Right Choice for Your Retirement Goals, How to Manage Your First Salary and Grow Your Savings. CD Rates. It offers traditional banking products like checking, savings and CD accounts, plus a variety of loans including student and home-equity. Minimum deposit to open is $2,500. It's easy, convenient and secure. Cash, Gibson points out, typically loses value over time due to inflation. Once you get into a groove with a CD ladder, you can enjoy all the benefits of CDs without worrying about finding a single CD that perfectly matches up with your financial goals. Remember: If you pull out your money from a CD before the end of its term, you could be on the hook for an early withdrawal penalty. Available to residents nationwide, apply for your first Discover Online Savings account to earn 0.50% APY. A penalty may be charged for early withdrawal. Every time a new CD matures, you have the option of putting that money toward something you have been saving for, such as a house. Whether your savings goals are big or small, long- or short-term, there’s a CD savings strategy that will work for you. CDs can be an effective way to save for medium-term goals, but you need to choose your CD term wisely. Discover Bank Secure Account Log In. In addition, Discover offers checkback checking. Palmer adds that because money in CDs is only accessible after they mature at the end of their terms, you’ll want to make sure you have three to six months of emergency savings available for unexpected short-term needs before opening a CD with a three- to five-year term. No balance requirements. While you can find savings accounts with no minimum deposit requirement, most banks require a minimum deposit to open a certificate of deposit. Discover Bank is an online bank offering deposit accounts for savers. Link to earn this rate. What Is Budget Billing and Is It Right for You? Reach someone helpful 24/7 at 1-800-347-7000. Term Interest Rate APY 1; Interest rates/APYs are applied based on the date the account is funded. The bank also has some of the best savings rates on the market. Here's How to Financially Prepare for Grad School, What You Need to Know About Budgeting for Maternity Leave, 4 Smart Things to Do When You Get an Inheritance, 3 DIY Projects to Save Money on Home Improvements, 4 Ways to Prepare Your Finances for a Natural Disaster, Why You Need to Make a Retirement Budget Before You Actually Retire, Attention, Parents: How to Protect Your Retirement Savings from a Recession, Don't Want to Give Up Your Avocado Toast? Discover Bank IRA CD Rate Promotion. Assumes principal and interest remain on deposit and interest rate and APY do not change for one year. Discover Bank’s CD rates are competitive with other online banks and have historically been some of the highest you can find. There are no service fees. The longer the CD term, the higher the CD rate. Whatever makes it easier for you to get going on your goals. Open an Account. That's no problem. For that reason, if you pull out any money in your CD before the term ends, you could be hit with a penalty. Other savings options at Discover If you’re looking for other options for your savings, Discover also offers a money market account and multiple CDs … or call 1-800-206-4960. Plus, Palmer adds that CDs are usually FDIC-insured, typically up to $250,000 for each depositor (or the maximum allowed by law). Term: Interest Rate: APY 1: APY 2: APY 3: APY 3: Open an Account. Open a new Discover IRA CD Account online today to gather your retirement savings into one place. If quick access is a priority, you’d be better off using a checking account or savings account. Discover Bank offers strong CDs with a broad range of term lengths, up to ten years. Earn CD APYs that outperform the National Averages 2. Discover Bank offers some of the highest interest rates on the market. The values shown are for illustrative and informational purposes only and may not apply to your individual circumstances. Although the information provided by Informa Research Services has been obtained from the various institutions, the accuracy cannot be guaranteed. Compare Capital One with Discover Bank, side-by-side. Learn more about the Discover IRA CD account & the latest Discover Promotions. Steady returns, in fact, are among the top benefits of CDs. In this guide, we’ll compare Discover Bank’s rates to CD, checking, and savings account rates from the top banks in the USA.. Let’s take a look! Just give us a few basics (like address and Social Security number), and we’ll get the ball rolling for you. Of regular CDs with different maturity dates, funding and CD accounts, term CDs, including a no-penalty.. 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