Regular savings account rates might be at record lows, but this isn’t necessarily the case with certificates of deposit. CDs are safe investments that offer zero risk and the opportunity to earn more money. Just about every bank and credit union has a CD product. But although certificates of deposit traditionally earn more than savings accounts, some banks don’t offer the most impressive CD rates — in fact, some CDs earn far less than the national average of 0.18%, 0.29% and 0.47% APY for six-, 12- and 24-month terms, respectively.
3 Benefits of Discover Bank CD Rates
Comparing CD rates is one way to snag a top interest rate. However, you shouldn’t limit your search to financial institutions within the vicinity of your home or office. These banks and credit unions might advertise high rates, but they probably don’t compare to CD rates offered by Discover Bank.
Discover not only offers a host of financial products from credit cards to home loans, it has certificates of deposit that “consistently exceed the national average.” Therefore, if it’s time to rethink your savings strategy, here are three reasons to get a CD from this Discover Bank CD review.
- Flexible CD Terms: Some banks only offer a handful of CD terms. Discover, however, has terms for everyone — whether you’re saving on a short- or long-term basis. You can select a term between 90 days and 10 years.
- Higher CD Rates: Let’s be honest, earning 0.18% APY (or less) will make it harder to hit your target savings goals. But given that Discover has CD rates ranging from 0.35% to 2.25% APY, you’ll be in a better position to meet any goal that you set.
- Automatic Renewal: You can withdraw your deposit plus earned interest at the end of your CD term, or it will automatically renew itself at the time of maturity. The longer you keep your money in the bank, the more you’ll earn.
Whether you’re saving up for a house or planning for retirement, Discover Bank has products to help achieve your goals. With a minimum deposit of $2,500, your account can be up and running in a few minutes. Visit the bank’s website to complete an application, link your account to an existing bank account and then fund your Discover Bank CD.