Certificate of Deposit

  • CD rates that have consistently exceeded the National Averages2
  • Flexible terms from 3 months to 10 years
  • Open your CD account with as little as $2,500
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CD rates and terms to meet your needs.

With the ups and downs of the market, it's nice to know that you can secure a competitive CD rate to meet your goals.

  • Deposits are FDIC insured up to the maximum allowed by law
  • Convenient renewal options at maturity
  • Fund your CD account online from an existing bank account
Top Tier - Bankrates.com

Top Tier Quarterly Winner for consistently high yields4.

— Bankrate.com, 4Q 2013

CD Rate Chart
Term Interest Rate APY1
Rates as of XX/XX/XX

Enjoy guaranteed returns.

If you are looking for the great CD rates, this is a great place to start2.

Discover Certificate of Deposit National Average2 Bank of America3 Chase3
Account Balance Interest Rate APY1 APY APY APY
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Make your money work harder with our best CD rates.

Use the CD Interest Calculator to see how much interest you can earn with varying maturities.

Frequently Asked Questions

What is the minimum deposit amount to open my Certificate of Deposit (CD)?

The minimum initial deposit is $2,500.

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)
  • Wire Transfer (fees may apply)
  • 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 do I complete a wire transfer?

To access a Wire Transfer Form and complete an outgoing wire transfer, click here.
When initiating an incoming wire, please wire funds to:

  • Mellon Bank - Routing Number 043000261
  • Discover Account - 9914394
  • Further credit your name and your Discover Bank account number

What fees are associated with my CD Account?

Fees associated with your CD Account include a $30 Wire Transfer Fee and early withdrawal fees listed below.

The Early Withdrawal Fees are as follows:

For CDs opened or renewed through 3/14/13

  • <1 year: 3 months simple interest on principal amount withdrawn
  • 1 year-5 years: 6 months simple interest on principal amount withdrawn
  • 6+ years: 9 months simple interest on principal amount withdrawn

For CDs opened or renewed from 3/15/13 through 2/16/14:

  • <1 year: 3 months simple interest on principal amount withdrawn
  • 1 year-3 years: 6 months simple interest on principal amount withdrawn
  • 4 years-6 years: 9 months simple interest on principal amount withdrawn
  • 7+ years: 15 months simple interest on principal amount withdrawn

For CDs opened or renewed on or after 2/17/14:

  • <1 year: 3 months simple interest on principal amount withdrawn
  • 1 year-3 years: 6 months simple interest on principal amount withdrawn
  • 4 years: 9 months simple interest on principal amount withdrawn
  • 5 years-6 years: 18 months simple interest on principal amount withdrawn
  • 7+ years: 24 months simple interest on principal amount withdrawn

*Please note that in some cases, the Early Withdrawal Fee may reduce the principal in the CD

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.

Can I find my CD maturity date online?

Yes. Click here to log into your account. Once logged in, select your CD Account on the "Account Summary" page. Your maturity date will be displayed in the CD account details.

Not registered for the Account Center? Register Now

What happens when my CD matures?

We will send you a notification 30 days before your CD matures. When your CD matures, you may make a deposit or withdrawal or change term of your CD during the grace period. The grace period lasts for 9 days immediately following the maturity date. Your CD will automatically renew if you don't take any action during the grace period.

Will I receive a certificate for my CD?

No. You will not receive a certificate for your CD, however, you will receive a welcome kit when you open your account, and you can access your account information anytime via the Account Center. Click here to log in.

Not registered for the Account Center? Register Now

What should I do if I forget my User ID or Password?

Click here to reset your User ID and Password. If you are still unable to log in, call us at 1-800-347-7000 and a Banking Specialist will help you reset your User ID and Password.

What is the minimum deposit amount to open a CD Account?

The minimum initial deposit is $2,500.

Can I open a CD as a Trust or Custodial account?

Yes. We allow a range of account ownership types including Trust, Custodial, Guardian, and Estates. To open one of these account types, please call us at 1-800-347-7000 and a Banking Specialist will assist you.

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)
  • Wire Transfer (fees may apply)
  • 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 do I complete a wire transfer?

To access a Wire Transfer Form and complete an outgoing wire transfer, click here.
When initiating an incoming wire, please wire funds to:

  • Mellon Bank - Routing Number 043000261
  • Discover Account - 9914394
  • Further credit your name and your Discover Bank account number

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)
  • Wire Transfer (fees may apply)
  • 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 do I complete a wire transfer?

To access a Wire Transfer Form and complete an outgoing wire transfer, click here.
When initiating an incoming wire, please wire funds to:

  • Mellon Bank - Routing Number 043000261
  • Discover Account - 9914394
  • Further credit your name and your Discover Bank account number

Can I make additional deposits to my CD?

Additional deposits cannot be made during the term of any CD. However, once your CD matures, you can deposit additional funds during the 9-day grace period. You also can open additional CDs with as little as $2,500.

How can I withdraw money from my CD Account?

Below are the ways you can withdraw money from your CD:

  • You have a grace period of 9 days after your CD maturity date to make withdrawals without a penalty. We will send you a notification 30 days before your CD matures.
  • Interest can be withdrawn from your CD at any time without a penalty.

Is there an Early Withdrawal Fee for removing funds from my Discover Bank CD?

Fees associated with your CD Account include a $30 Wire Transfer Fee and early withdrawal fees listed below.

The Early Withdrawal Fees are as follows:

For CDs opened or renewed through 3/14/13

  • <1 year: 3 months simple interest on principal amount withdrawn
  • 1 year-5 years: 6 months simple interest on principal amount withdrawn
  • 6+ years: 9 months simple interest on principal amount withdrawn

For CDs opened or renewed from 3/15/13 through 2/16/14:

  • <1 year: 3 months simple interest on principal amount withdrawn
  • 1 year-3 years: 6 months simple interest on principal amount withdrawn
  • 4 years-6 years: 9 months simple interest on principal amount withdrawn
  • 7+ years: 15 months simple interest on principal amount withdrawn

For CDs opened or renewed on or after 2/17/14:

  • <1 year: 3 months simple interest on principal amount withdrawn
  • 1 year-3 years: 6 months simple interest on principal amount withdrawn
  • 4 years: 9 months simple interest on principal amount withdrawn
  • 5 years-6 years: 18 months simple interest on principal amount withdrawn
  • 7+ years: 24 months simple interest on principal amount withdrawn

*Please note that in some cases, the Early Withdrawal Fee may reduce the principal in the CD

How do I receive interest from my CD?

You can allow the interest earned to remain in your account and take advantage of compounding or have the interest transferred to an eligible Discover Bank Account.

When will I start earning interest on new deposits?

You will start to earn interest on the business day your deposit is received.

How can I lock in a CD interest rate?

If you fund your account within 10 days, you will get the best rate that is available from the date you open your CD until the date we receive your deposit. If we receive your deposit after 10 days, you will receive the current rate on the date of receipt.

How is interest on my CD calculated?

Interest is compounded daily and credited to your account monthly. Use our calculators for more information.

What is the difference between APY and APYE?

APY stands for Annual Percentage Yield and is the effective annual rate of return taking into account the effect of compounding interest. The Annual Percentage Yield Earned or APYE for periodic statements is an annualized rate that reflects the relationship between the amount of interest actually earned on an account for the statement period. For more information about APY and APYE, click here to visit the U.S. Government Printing Office website.

There's more to savings than just saving.

Get a new perspective on ways to make your money earn more by learning how to get the most competitive CD rates.

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