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Discover CD rates are at 4.75 APY - $4.75

$4.75
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Discover CD rates are at 4.75 APY

6 months - 3.4% APY
9 months - 3.5% APY
1 Year - 4.5% APY
18 months - 4.75% APY


Discover CD is FDIC insured

https://www.discover.com/online-b.../cd-lng-02
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Created 03-21-2023 at 01:49 PM by Tiger56
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Joined Jun 2007
Professional Reviewer
> bubble2 171 Posts
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eugovector
03-22-2023 at 10:44 AM.
03-22-2023 at 10:44 AM.
Currently earning 3.54% just on a savings account with Discover. Tough to justify the extra hassle and restrictions for ~1%.
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Joined May 2018
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vaiof1
03-22-2023 at 11:30 AM.
03-22-2023 at 11:30 AM.
The Fed just raised another 25pt today
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Joined Apr 2018
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EFR57
03-22-2023 at 11:40 AM.
03-22-2023 at 11:40 AM.
Quote from eugovector :
Currently earning 3.54% just on a savings account with Discover. Tough to justify the extra hassle and restrictions for ~1%.
Sure, but...it is 1%, so there's that....but it is also 'locked in', or 'guaranteed' for whatever term you choose. A savings account rate can suddenly drop if there is a change, or the bank decides it cannot keep that rate going. CD terms can be as short as months....or many years, and you can always jump back into the bank savings rate at the end of the term...whatever that rate is at that time.
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Joined Apr 2018
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EFR57
03-22-2023 at 11:42 AM.
03-22-2023 at 11:42 AM.
Quote from vaiof1 :
The Fed just raised another 25pt today
Wonder what the direct correlation between the fed rate changing and various CD rates is...and if there is one, how long it takes to apply.
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Joined Dec 2003
L1: Learner
> bubble2 23 Posts
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Minime
03-22-2023 at 11:52 AM.
03-22-2023 at 11:52 AM.
Quote from Tiger56 :
Discover CD rates are at 4.75 APY

6 months - 3.4% APY
9 months - 3.5% APY
1 Year - 4.5% APY
18 months - 4.75% APY


Discover CD is FDIC insured

https://www.discover.com/online-b.../cd-lng-02
You can get better rates (5-5.25%) going through your broker like TD Ameritrade or others. Same banks, same terms, just better rates. With little to no min / max amounts. Those CDs are FDIC insured just like opening in that bank.

Week ago I opened a 7 month, 5.35%.
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Joined Dec 2015
L4: Apprentice
> bubble2 377 Posts
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Original Poster
Tiger56
03-22-2023 at 12:01 PM.
03-22-2023 at 12:01 PM.
Quote from eugovector :
Currently earning 3.54% just on a savings account with Discover. Tough to justify the extra hassle and restrictions for ~1%.

Don't treat it like just 1% more. It's more like 25% extra interest…..
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Joined Nov 2017
L2: Beginner
> bubble2 96 Posts
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Gunner4Lif3
03-22-2023 at 12:04 PM.
03-22-2023 at 12:04 PM.
does opening a CD with discover affect credit score? i already have a checking account
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Joined May 2018
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vaiof1
03-22-2023 at 12:04 PM.
03-22-2023 at 12:04 PM.
Quote from EFR57 :
Wonder what the direct correlation between the fed rate changing and various CD rates is...and if there is one, how long it takes to apply.

Those cd rates "follow" the Fed interest rate
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Joined Sep 2015
L3: Novice
> bubble2 117 Posts
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Deadcool
03-22-2023 at 02:19 PM.

Our community has rated this post as helpful. If you agree, why not thank Deadcool

03-22-2023 at 02:19 PM.
Ally no penalty 4.75%
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Joined Jan 2008
L5: Journeyman
> bubble2 636 Posts
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Diz
03-22-2023 at 02:40 PM.
03-22-2023 at 02:40 PM.
Coming from a 23 year Discover customer, this is trash, and as of today, I have closed out all of my Discover accounts after holding out for higher rates with $1 balances for the better part of the past 2+ years.
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Joined May 2021
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> bubble2 19 Posts
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PurpleJoke571
03-22-2023 at 04:34 PM.
03-22-2023 at 04:34 PM.
Quote from Gunner4Lif3 :
does opening a CD with discover affect credit score? i already have a checking account
It does not in any way affect your credit score as no credit bureau is pulled.
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Joined May 2021
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PurpleJoke571
03-22-2023 at 04:36 PM.
03-22-2023 at 04:36 PM.
Quote from EFR57 :
Wonder what the direct correlation between the fed rate changing and various CD rates is...and if there is one, how long it takes to apply.
It "generally" takes 1-2 weeks for money market and CD issuers to reflect the Fed increases/decreases.
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Joined Dec 2016
L2: Beginner
> bubble2 84 Posts
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ninijacob
03-22-2023 at 04:50 PM.
03-22-2023 at 04:50 PM.
Ally has the same rate with no penalty of early withdrawal
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Joined Apr 2006
L6: Expert
> bubble2 1,303 Posts
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blueribb
03-22-2023 at 04:50 PM.
03-22-2023 at 04:50 PM.
We have 2 money market accounts. Discover Bank is 3.60% and Citizen's Access is 4.25% (min 5K). To us, it makes little sense to invest in a CD at this time.
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