The minimum initial deposit is $2,500.
Certificate of Deposit
Open an AccountNo matter your financial strategy, our Certificate of Deposit rates can help you earn more on your terms.
Earn more on your terms
See how your earnings grow depending on how long you commit to a high-yield CD.
Competitor comparison information obtained from Curinos as of XX/XX/XXXX, using Certificate of Deposit account APYs. The non-Discover Bank service marks for Bank of America, Chase, Citibank, Wells Fargo and U.S. Bank are owned by each respective entity. Although the information provided by Curinos has been obtained from the various institutions, the accuracy cannot be guaranteed. Comparison information is based on competitor product APYs with the same term, but these or other competitors may have similar products with higher CD rates (e.g., different terms, minimum balance).
Initial deposit
Please enter an amount between $2,500 and $5,000,000.
Earned interest with Discover
This calculator and the values shown are intended for illustrative and informational purposes only and may not apply to your individual circumstances. This calculator uses an Annual Percentage Yield (APY) that is rounded to the nearest one-hundredth of one percentage point, e.g., .01%. However, actual interest earned calculations use an APY that is rounded to the nearest one-thousandth of one percentage point, e.g., .011%. As a result, the estimated interest earned value shown here may vary from the actual interest earned on your account. Calculation assumes principal and interest remain on deposit and interest rate and APY do not change.
% APYAnnual Percentage Yield (APY) is accurate as of XX/XX/XXXX, is subject to change without notice, and will be determined and fixed for the term at funding. Applies to personal accounts only. A penalty may be charged for early withdrawal. Minimum deposit to open is $2,500.
Get started with as little as $2,500.
Open a CDNeed to withdrawal early?
Just keep in mind that all Certificate of Deposit accounts have a penalty if you withdraw before your maturity date. The early withdrawal penalty depends on the length of the CD.
“Simple interest” is calculated by multiplying the daily interest rate by your principal by the number of days that elapse between payments. (One month equals 30 days for simple interest fee calculation.)
Beginning on the 8th day after your CD is opened and funded and for the next 22 calendar days, we will deduct each day’s simple interest on the issue amount withdrawn from the funding date to the date of withdrawal. Thereafter, the Early Withdrawal Penalty will be calculated as described in the chart below.
In some cases, the early withdrawal penalty may reduce the principal in the CD.
CD FAQ
View CD FAQ
How can I fund my CD Account?
You can fund your CD Account in the following ways:
- Online transfer from an eligible Discover Bank Account or an external bank account
- Phone Transfers (available for initial funding only)
- Mail a check that includes your CD Account number, made payable to you to:
Discover Bank
PO Box 30417
Salt Lake City, UT 84130
*Please note that Travelers Checks will not be accepted for deposit.
How is interest on my CD calculated?
Interest is compounded daily and credited to your account monthly.
When will I start earning interest on new deposits?
If we receive your deposit before your Account is opened, interest will begin to accrue on the deposit on the Business Day your Account is opened. Once an Account is opened, interest begins to accrue on a deposit on the Business Day we receive your deposit.
Is the CD Account FDIC-insured?
Yes, funds on deposit at Discover Bank are FDIC insured up to the maximum allowed by law. For more information, visit our FDIC information page.
What is a Certificate of Deposit
CD accounts let you earn high-interest returns on money you know you won't need for a while.
Guaranteed Rates
Never mind what the market does. Because you commit to a specific term, your CD rate is locked in no matter what.
Hands off, on purpose
Sit back and relax. Once you set up your certificate of deposit, you won’t have to worry about a thing.
Step up those earnings
A “CD ladder” is when you open several CDs with different maturity dates. It’s a smart way to build on earnings as your high-yield CDs mature. Learn how.
Opening a high-yield CD couldn’t be simpler
- Give us a few basics (like address and Social Security Number), and we’ll get the ball rolling.
- Make a deposit now or come back and do it later. Whatever works for you.
- Check your email for a confirmation, and you’re on your way to making your financial goals a reality.
Need help?
We've got your back.
Our friendly customer service team is available 24/7.
1 (800) 347-7000 Click here to Call us atModern Money Blog
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