Discover CD Rates

December 19, 2009

Here at Top CD Rates, we try to provide our readers the best CD rates available out there in the market today. Today we shall focus on Discover Bank CD rates especially since after an in depth analysis, we found that Discover CD rates are very high in both Interest and Annual Percentage Yield in comparison to several other well known banks such as Chase, National Average and even Bank of America.

Discover Bank offers 12 different terms ranging from 3 months to a period of 10 years. Rest assured, Discover Bank is FDIC insured promising safety and security to their customers.

Without further ado, here are the Interest CD Rates provided in Discover Bank according to the term: for 3 months the interest rate is at 0.75%, for 6 months the interest rate is at 1.00%, for 9 months it is at 1.20%, for 12 months it is at 1.84%, for 18 months it is at 1.88%, for 24 months and 30 months the interest rate is at 2.23%, for 3 years it is at 2.57%, for 4 years it is at 2.81%, for 5 years (the most popular chosen term in Discover Bank) the interest rate is at 3.25%, for 7 years it is at 3.39% and for the final term of 10 years the interest rate is at 3.63%.

Although the APY does not differ much from the Interest Rate, there is a slight difference which should be acknowledged. For terms of 3 months, 6 months and 9 months, the APY rates are exactly the same as the Interest rates. For the term of 12 months, the APY increases by 0.01% more than the Interest rate making it 1.85% instead of 1.84%. For 18 months, the APY is at 1.90%, for 24 months it is at 2.25%, for 30 months it is at 2.25%, for 3 years it is at 2.60%, for 4 years it is at 2.85%, for 5 years the APY is at 3.30%, for 6 years it is at 3.45%, for  7 years it is at 3.45% and at the final term of 10 years the APY is at 3.70% making a difference of 0.07% compared to the Interest Rate of the same 10 year term.

Posted in Discover CD rates