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Discover Bank Raises CD Rates, 5.17% 60-Month / 4.02% 12-Month CD


Discover Bank just did another increase to their CD rates. The 5-year yield is now 5.12% APY with a rate of 5.00%. The 12-month term had the largest rate increase. The yield is now 3.97% APY. AAA members who live in certain areas can receive an extra 5 basis points on all terms. Below is the list of the competitive CD rates for both the regular Discover customers and the AAA customers:

Certificate of Deposit Rates as of 7/02/08

Term Disc Disc/AAA

9 months 3.59% 3.64%
12 months 3.97% 4.02%
18 months 4.13% 4.18%
24 months 4.23% 4.28%
30 months 4.39% 4.44%
36 months 4.60% 4.65%
48 months 4.81% 4.86%
60 months 5.12% 5.17%

Discover's standard rates are listed at this CD rates table. To find the AAA rates at Discover's website, start at AAA's financial services page and enter your zip code. You should then see a Discover Bank link on the right. Note, this Discover Bank AAA accounts don't seem to be available for all zip codes.

The details about Discover's CDs are listed at their CD overview page and the CD FAQs. Please refer to my previous post for a summary of the CD features.

Discover Bank's money market account yield remains the same at 3.14% APY for balances between $2,500 and $25,000.

For those who are looking for a healthy bank, Discover Bank may be a good option. It has a 4 star rating (excellent) at BauerFinancial based on 3/31/07 data. It also has a 4 star rating (sound) at Bankrate based on 12/31/07 data. Discover Bank is a member FDIC (Certificate # 5649).
Related Pages: CD rates, Discover Bank

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  |     |   Comment #1
I opened both a Mmkt checking account and a CD acct online with Disc/AAA. Have been laddering CDs for many years and appreciate a healthy bank rating. Application process is straight-forward. Online system is nearly identical to AmTrust Direct except: You have to phone a CSR to have your "profile" changed each time you open a new CD to be able to view all accts online, and the MoneyHQ process is slow if you use the 3-day "free" transfer process. Prefer to initiate transfers from my other banks. Customer service seems good so far.

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