Discover Bank is offering another CD promotion. Open a 12-month CD, and Discover Bank will add an extra $25 to the CD. Discover Bank's current 12-month CD rate is 2.00% APY as of 8/16/09. The promotion page is located at discoverbank.com/cdoffer. Two offer codes that appear valid as of 8/16/09 include D120124 and D120126. Some of the important small print includes:
$25 offer is valid through 12/31/09
Minimum deposit is $2,500 in new funds, and the funds must be received within 30 days of submitting application
Offer will be applied to your Discover Bank 12-Month CD account 90 days after new funds have been received
Credit for this find goes to FW member doreamon22 who mentioned it on the FW CD thread. I wasn't able to reach a Discover Bank service rep for additional details. I posted on a similar Discover Bank CD promotion on July 29th which offers a 1% cash-back bonus applied to a customer's Discover credit card. When I spoke to a CSR at that time, I was told the promo code was valid to any Discover customer. A reader also reported being told this same thing. However, another reader reported being told that the offer codes may be targetted. So your miles may vary.
If you only deposit $2,500, the extra $25 will make the CD equivalent to a 3% CD. However, if your deposit is $25,000, this drops down to 2.1%.
I have more details about Discover Bank CDs, money market account, and their new savings account in this previous post. It should be noted that some readers have reported customer service issues. Discover Bank is still offering 2.00% APY on their new online savings account as of 8/16/09.
Discover Bank has decent ratings for safety and soundness: 3½ stars (good) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 3/31/09 financial data. Discover Bank is a member FDIC (Certificate # 5649).
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