Perhaps best known for its credit card, Discover Bank also offers certificates of deposits (CDs) and a variety of banking products. The first Discover charge took place by a Sears employee in 1985, in the amount of $26.77, and Discover & Co. went public in 1993. It wasn’t until 2000 when Greenwood Trust Company, founded in 1911, became Discover Bank. Discover Bank’s CD rates are competitive, and below, we detail everything you need to know about its CD offerings.
All rates and fees are current as of July 22, 2024, and are subject to change.
Discover Bank CD rates and products
Discover Bank has standard CDs, each with various terms designed for various financial situations. In addition to standard CDs, there are individual retirement account (IRA) CDs, which are held in retirement accounts.
Standard CDs
Discover Bank’s standard CDs have terms from three months to 10 years. However, it has one of the highest minimum opening deposits we’ve seen. You’ll have to shell out a minimum of $2,500 to open a CD.
Compare Discover Bank to top competitors
While Discover Bank's CD rates are competitive, its high minimum opening deposit could deter smaller investors. Compare rates offered by its competition, each with varying minimum deposits.
 Discover Bank |  Ally Bank |  Capital One |
|---|---|---|
| Term length | Term length | Term length |
| 6 Monate | 6 Monate | 6 Monate |
| 4.25 | 4.75 | 4.25 |
| 12 months | 12 months | 12 months |
| 4.70 | 4.50 | 5.00 |
| 18 months | 18 months | 18 months |
| 4.40 | 4.25 | 4.45 |
| 24 months | 24 months | 24 months |
| 4.00 | K.A. | 4.00 |
| 36 months | 36 months | 36 months |
| 3.75 | 4.00 | 4.00 |
| Mehr erfahren | Mehr erfahren | Mehr erfahren |
| Read our review of Discover | Read our review of Ally Bank | See more CD rates from Capital One |
Learn more about Discover Bank
In addition to CDs, Discover Bank offers checking accounts, money market accounts (MMAs), savings accounts, home loans, student loans, and personal loans. Check out our Discover Bank review that details each of its product offerings, including its rates and how it stacks up against its competition.
About the contributors
Katherine Haan is a former financial advisor turned small business coach. Katherine holds an MBA, and is a former staff writer for Fit Small Business. She is a regular contributor to Forbes and maintains a popular lifestyle and travel blog.
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