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CD Account

A great choice for guaranteed returns, flexibility, and ease

Open an Account
No 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.

% APY

Annual 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 CD
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Enjoy the feeling of a no-fee CD account

No. Fees. Period. That means you won't be charged an account fee on our CD account.

Outgoing wire transfers are subject to a service charge. A penalty may be charged for early withdrawal from a CD account.

  • $0 Official bank check

Need to withdraw 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 Term

Early Withdrawal Penalties shown apply to new CDs.

less than 1 year
1 year to < 4 years
4 years to < 5 years
5 years to < 7 years
7 years to 10 years
Penalty
3 months simple interest
6 months simple interest
9 months simple interest
18 months simple interest
24 months simple interest

The minimum initial deposit is $2,500.

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.

Interest is compounded daily and credited to your account monthly.

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.

Yes, funds on deposit at Discover Bank are FDIC insured up to the maximum amount 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.

We make it easy to get started

1
Enter some basic information to get started.
2
Make a deposit now or come back later—whatever works for you.
3
Check your email for confirmation from us, and you're all set!

Modern Money Blog

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Woman talks on phone after opening a CD account online.
Follow these step-by-step directions to open a certificate of deposit (CD) account online, plus tips to help you compare accounts.
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If you're looking for predictable returns at rates that tend to exceed those of savings accounts, then it's time to find out what CDs are.
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Interest rates rising? Interest rates falling? Learn how to get an edge on your saving, spending, and borrowing strategies, whether rates are going up or down.
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FDIC Logo

Save with confidence—you’re FDIC-insured

  • FDIC deposit insurance is up to $250,000 per depositor, per insured bank, per deposit ownership category
  • May apply to retirement accounts
  • Coverage is automatic