Discover Bank CD Rates: Highest CD APY at 2.10%

Discover Bank, the banking arm of the credit card company Discover Financial, is offering competitive CD rates which are higher than the national average bank CD rates. Discover Bank CD rates on 1 year certificate of deposit are currently at 0.90 percent with an APY of 0.90 percent, higher than Bankrate's current 12 month national average CD rate is at 0.75 percent. Discover Bank CD rates are also considerably higher than the FDIC's current national average 12 month CD rate of 0.27 percent.

The highest CD rate available at Discover Bank is at 2.08 percent with an APY of 2.10 percent for a 10 year certificate of deposit. Most banks don't offer a 10 year certificate of deposit term but truth be told I wouldn't lock in 2.10 APY for a 10 year certificate of deposit right now.

CD rates at banks are so incredibly low right now and have no where to go but higher but the big question is when will CD interest rates move higher? That question I can't answer but I will say this interest rates will be higher than they are in 3 for 4 years from now. A lot depends on when the economy picks up steam and inflation becomes a concern for the Federal Open Market Committee to raise interest rates.

CD Rates at Discover Bank

  • 3 Months CD Rates 0.40% APY 0.40%
  • 6 Months CD Rates 0.75% APY 0.75%
  • 9 Months CD Rates 0.80% APY 0.80%
  • 12 Months CD Rates 0.90% APY 0.90%
  • 18 Months CD Rates 0.95% APY 0.95%
  • 24 Months CD Rates 1.14% APY 1.15%
  • 30 Months CD Rates 1.19% APY 1.20%
  • 3 Years CD Rates 1.34% APY 1.35%
  • 4 Years CD Rates 1.54% APY 1.55%
  • 5 Years CD Rates 1.73% APY 1.75%
  • 7 Years CD Rates 1.98% APY 2.00%
  • 10 Years CD Rates 2.08% APY 2.10%

Since the financial crisis of 2008 CD rates at all banks have fallen and Discover Bank has lowered the rates the bank pays on all certificates of deposit. Back in 2008 12 month Discover Bank CD rates were at 3.70 percent with an APY of 3.76 percent. Back then Discover Bank's 1 year bank CD rate was in the top 10 of CD rates available. Discover Bank's current rate of 0.90 percent puts the bank in the 12 spot of the best CD rates on our rate list.

You can see how all of Discover Bank's CD interest rates compare to other bank's rates by using our rate tables. Find the highest CD rates available both locally and nationally.

Author: Jason P. Jones
August 28th, 2012