Certificate of Deposit Rates as of 5/29/08
Term Disc Disc/AAA
18 months 3.81% 3.86%
24 months 4.02% 4.08%
30 months 4.02% 4.08%
36 months 4.26% 4.32%
48 months 4.57% 4.62%
60 months 4.81% 4.86%
To find the AAA rates at Discover's website, refer to my previous AAA/Discover post.
The details about Discover's CDs are listed at their CD overview page and the CD FAQs. Some of the details include:
- Fund CD with an ACH electronic funds transfer or check
- At maturity, they don't allow for a reverse ACH transfer. Options to receive funds include wire transfer ($20 fee), free check by mail or transfer into your Discover MMA.
- Early withdrawal penalty of 6 months interest on amount withdrawan for terms of 1 to 5 years
- Grace period is 9 calendar days after the CD matures
In a previous post, a reader mentioned in the comments about his problems with Discover Bank's customer service. In his opinion the customer service "is often unavailable, and unreliable at best." If you've been a Discover Bank customer, your comments are appreciated.
For those who are looking for a healthy bank, Discover Bank may be a good option. It has a 4 star ranking (excellent) at BauerFinancial based on 12/31/07 data. Discover Bank is a member FDIC (Certificate # 5649).