discover bank 5 year cd rates

Discover High Yield CD. 1 Year. 2 Year. 3 Year. 4 Year. 5 Year. 0.55%. 0.65%. 0.75%. 0.80%. 1.00%. Read Our Full Discover Bank Review. 15-year fixed rate FHA loans; 5/1 adjustable rate purchase and refinance loans. Other Loans. Discover Bank also offers student loans for undergraduates. Overview; Certificate of Deposit; Savings; Money Markets; IRA CD Through Discover Bank, AAA members have the opportunity to save with high yield CDs. discover bank 5 year cd rates

Discover bank 5 year cd rates -

Discover Bank Review – Online Banking for Savings, Money Markets & CDs

You’ve probably heard of Discover Financial Services, a publicly traded company (NYSE: DFS) that offers consumer-friendly credit cards like the Discover it Card. According to the Nilson Report, it’s among the United States’ 10 biggest credit card issuers.

What you may not know as much about is Discover’s online-only bank: the appropriately named Discover Bank. It offers a checking account, savings accounts, money market accounts, CDs, and retirement products, all of which are FDIC insured and charges no fees on deposit products – meaning no monthly maintenance fees, excess withdrawal fees, or insufficient funds fees, to name a few. That’s a major, and welcome, point of distinction with competitors such as Ally Bank and TIAA Bank.

Key Features

Cashback Debit

Discover Bank’s Cashback debit account is available to anyone with a Discover-branded credit card or existing Discover Bank account, such as a savings or money market account. It requires a minimum opening deposit of $25, but no minimum daily balance or monthly fee. It also comes with 50 free checks and offers fee-free ATM transactions at more than 60,000 ATMs in Discover’s U.S. network.

The real benefit of Cashback Debit is its rewards program. Every qualifying debit card purchase earns 1% cash back, up to $3,000 in purchases ($30 in rewards) each month.

You can redeem your reward balance at any time and in any amount as a cash deposit into your Cashback Debit account or as a statement credit on your Discover credit card, if you have one. Rewards never expire.

Savings Accounts

Discover Bank offers a savings account with a very attractive yield. There’s no minimum deposit amount and no need to maintain a minimum balance after your initial deposit.

Outbound transfers are capped at 6 per month, with Discover assessing a fee of $15 for each additional one. There’s no limit on inbound transfers. If you attempt an outbound transfer but don’t have enough money in your account, you’re charged $30 per attempt.

Money Market Accounts

Discover Bank’s money market account have competitive yields as well, subject to change at the bank’s discretion.

The minimum opening deposit and minimum daily balance requirement are both $2,500. However, there’s no penalty for dropping below the minimum balance threshold.

Money market accounts come with free checks and a free debit card, but are subject to the same 6-withdrawal-per-period limit as savings accounts.

CDs

Discover Bank offers more than a dozen CDs, with terms ranging from 3 months to 10 years. All require a minimum deposit amount of $2,500.

With 30 days to go before your CD expires, you’re asked to redeem it or renew at the same rate and term. You have until 9 days after its expiration to redeem, after which the CD is automatically renewed. Yields range from 0.20% APY on the 3-month vehicle to 1.00% APY on the 5-year, 7-year, and 10-year products. These yields are subject to change with prevailing interest rates.

Early withdrawal penalties are as follows:

  • 3 months’ interest for terms less than 12 months
  • 6 months’ interest between 1 and 3 years
  • 9 months’ interest for 4 years
  • 18 months’ interest for 5 years
  • 24 months’ interest for 7 years and up

IRAs

Discover Bank lets you open an IRA account (Roth or traditional) with any of its CD products. There are no monthly maintenance fees. While these accounts are advertised as tax-free, you may have to pay tax and penalties on withdrawals made before age 59 1/2. You can roll over several types of retirement accounts, including 401ks, 457 deferred compensation plans, annuities, and other traditional or Roth IRAs.

Mortgage and Home Equity Loans

Through Discover Financial Services, Discover Bank offers a wide range of purchase, refinancing, and home equity loans. Its mortgage options include, but aren’t limited to:

  • 30-year fixed rate purchase and refinance loans
  • 15-year fixed rate purchase and refinance loans
  • 15-year fixed rate FHA loans
  • 5/1 adjustable rate purchase and refinance loans

Other Loans

Discover Bank also offers student loans for undergraduates, graduates, and post-graduates (such as medical residents and law school grads studying for the bar).

Discover doesn’t charge origination or maintenance fees on these loan products, which come with rewards (a one-time cash rebate equal to 1% of the value of a newly issued student loan) for maintaining a GPA above 3.0 or its equivalent.

To redeem this reward, you need to submit your transcript for the academic term covered by the loan within six months of its end date. Discover then reduces your loan’s principal by 1%. An interest rate credit of 0.25% also applies to accounts with auto-debit. Additionally, Discover Bank issues personal loans for non-students, including debt consolidation loans and loans for big-ticket purchases. Discover Bank doesn’t disclose interest rates for these loans on its website – you need to call for a personalized rate quote.

Other Features

Discover Bank has some additional features worth noting:

  • No-Fee ATM Network. Discover works with the MoneyPass and Allpoint networks to provide fee-free ATM access at about 60,000 ATMs in the U.S. The bank’s online, mobile-friendly ATM locator marks these fee-free ATMs with orange pins.
  • Google Wallet. Discover’s partnership with Google Wallet lets you store your Discover credit or debit card on your phone and pay for purchases without taking the card out of your wallet. Participating retailers include McDonald’s, Macy’s, CVS, Walgreens, Home Depot, Subway, and Petco.
  • Mobile Check Deposit. Discover Bank has a pretty extensive mobile banking app that lets you deposit physical checks without visiting a branch or using the postal mail. Just enter the amount of your check, take photos of the front and back, and confirm your deposit.
  • Gift Cards. Using the funds from your Discover savings or money market accounts (or any third-party bank account), you can purchase personalized, Discover-branded gift cards. Denominations range from $20 to $500.

Customer Support

Discover Bank has a 24/7 customer support hotline and a slew of specific departments open during regular or extended business hours. Wait times longer than 10 minutes are rare, even during busy periods.

You might not even have to talk to a human: Discover Bank has a pretty sophisticated help center with a detailed knowledge base and FAQ section.

Advantages

Discover Bank has some noteworthy advantages to consider before doing business with any competitors.

1. Direct Access to Consumer and Business Credit Cards

Discover Bank offers direct access to four credit cards for individuals and businesses. All come with useful perks.

  • Discover it Card. Like the Chase Freedom card, Discover it offers 5% cash back on your first $1,500 spent in purchase categories, such as home improvement stores and movie theaters, which rotate quarterly. You get 1% cash back on all other purchases, without limit. These rewards can be redeemed for cash in the form of a check or bank account deposit, or for a gift card purchase.
  • Discover it Card for Students. This one pays 2% cash back on up to $1,000 per quarter in purchases from gas stations and restaurants, and an unlimited 1% cash back on all other purchases.
  • Discover it Miles. This card earns unlimited 1.5 miles per $1 spent on qualifying purchases, with no caps or restrictions. Your mile earnings are doubled during the first year, again with no caps or restrictions. Miles are worth $0.01 apiece at redemption against travel purchases and other items.

As a Discover credit card holder, you can also use the Discover Deals feature to earn between 5% and 20% cash back on purchases made through its online portal. This functions like theChase Ultimate Rewards and Upromise shopping portals: You choose from a list of about 200 online retailers on Discover’s website, click through to their respective sites, and make purchases with your Discover credit card. Cash back rewards then accrue to your account.

If you’re not sure these Discover credit cards are right for you, check out our roundup of the best cash back credit cards. Or, scroll through our entire credit card review library for more ideas.

2. No Fees on Deposit Products

Discover Bank waives deposit account fees commonly charged by competitors, such as excessive withdrawal fees for savings and money market accounts, fees for dropping below minimum balance thresholds, and insufficient funds fees. This is clearly a major selling point, particularly for accountholders who struggle to meet minimum balance requirements.

3. Full Line of Loan Products

Although many national brick-and-mortar banks offer lending services for homebuyers, refinancing homeowners, and folks who just need some extra cash, online banks often have limited or nonexistent lending services. For instance, Ally Bank only makes auto loans to its clients, and TIAA Bank only deals with folks who want to buy or refinance their homes.

By contrast, Discover Bank makes mortgage loans, refinancing loans, home equity loans, a full lineup of student loans, and personal loans for debt consolidation and big-ticket purchases.

4. 24-Hour Customer Service

Discover Bank features an online secure message feature and a traditional phone center. The former is open at all times except midnight to 7am eastern time on Sundays, but the customer service center is always open to take phone calls. While some online banks (such as Ally Bank) also offer 24-hour phone support, many – including TIAA Bank – do not.

5. No Fees for Checks

Even if they offer to cover the cost of your first book of personal checks, many online banks charge for the privilege of cutting a cashiers’ check or sending additional books of personal checks. For instance, TIAA Bank charges $10 per bank check and Capital One 360 charges $5 for every additional book of 50 checks that you order. Many brick-and-mortar banks charge similar fees: Bank checks cost $10 a piece at Wells Fargo, and Flagstar Bank charges $20 plus tax for 100 new checks.

By contrast, bank checks cut from Discover Bank’s money market accounts, savings accounts, and even CDs never cost anything. Discover also never charges for issuing checks to your account.

Disadvantages

Consider these drawbacks before opening an account with Discover Bank.

1. High Minimum Deposits for Money Market and CD Accounts

Discover Bank imposes minimum deposit requirements for its money market accounts ($2,500) and CDs ($2,500). Ally Bank and Capital One Bank both lack minimums on their money market accounts. TIAA Bank requires lower deposits – $1,500 for its money market and savings accounts. For traditional banks, opening deposit requirements are usually minimal – for instance, Wells Fargo’s money market account asks just $50 to open.

2. No Penalty-Free Early Withdrawals for CDs

In addition to the high minimum opening deposit, Discover Bank’s CDs have another big limitation: You can’t cash them out early without incurring a penalty. This isn’t unusual, but no-penalty CDs have become more common in recent years. For instance, Ally Bank’s No Penalty CD offers an 11-month term with yields well north of 1% APY. Discover Bank’s closest analogue, the 12-month CD, comes with an early withdrawal penalty of 3 months’ interest.

3. No Brokerage

Discover Bank might offer more loans than many of its online bank competitors, but it’s not attached to a brokerage that could provide additional investment options for account holders.

Other online banks are much better in this department. For instance, Capital One 360 lets you link a checking, savings, or money market account to its Capital One Investing platform and trade stocks, mutual funds, ETFs, and options with your deposited funds. While Discover Bank does offer retirement accounts, they’re limited to CDs.

4. Past Legal Issues

Though Discover Bank generally enjoys high customer satisfaction ratings, it has seen its share of controversy in the past. In 2005, the Supreme Court of California issued a ruling against the bank which invalidated a class action waiver contained within its arbitration clause. Basically, the waiver prevented regular customers with relatively small monetary claims from joining class action suits against the bank. As a result of the verdict, Discover was forced to remove the class action waiver from its customer contract. If you’re looking for a bank with an unblemished record of customer service, look elsewhere.

5. No Business Accounts or Loans

Although Discover Bank does offer credit cards for small business owners, it doesn’t have any business banking accounts. Contrast this with TIAA Bank, which has separate checking options for small businesses, large businesses, and nonprofit organizations, as well as money market accounts and CDs for businesses of all types. Discover Bank can’t get you a business loan, either. While some other online banks focus solely on consumers, many traditional banks offer commercial loans as well.

Final Word

Discover Bank offers an almost-full suite of online banking services, including checking accounts, savings accounts, money market accounts, retirement options, and CDs. It also connects its customers with several popular credit cards, which offer perks like cash-back rewards and online shopping discounts. Discover Bank issues several types of loans for students, home buyers, existing homeowners, and regular consumers who need extra cash. That said, better options for business customers would help attract even more users into the fold.

Have you had any experience with Discover Bank? Would you recommend it to others?

Источник: https://www.moneycrashers.com/discover-bank-review/

Routing Number: 272483633

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Alternatives to CDs

If you aren't looking to lock your money up for a period of time and want easier access to it, you could look at opening a high-yield savings account as an alternative. Below are some savings account options from our partners that can be competitive with the rates you can earn on CDs. It should be noted that unlike a CD, where your rate is locked in, with a savings account the bank or credit union can change your rate at any time.

How Much Do CDs Pay?

While the national average is a good indicator of the direction of rates—and how much they've changed over a period of time—they are not what you should consider when shopping for CDs. Instead, look for the top nationally available rates, which stand far above industry averages.

Take one-year CDs, for instance. The current national average is just 0.16% annual percentage yield (APY). Today's top-paying institution, however, will pay you 0.90% APY on that same one-year commitment—that's more than five times as much. Similarly, for three-year CDs, you can currently earn 1.30% APY instead of the industry average of 0.25% APY.

If you have cash, you can park for a period of time, but want to earn more than the best savings and money market accounts will net you, our research on the best nationally available rates in every major CD term can lead you to maximum returns.

Keep in mind that CD yields are still considered taxable as interest income on both the state and federal levels, which will impact the total return you can realize.

How Does a CD Work?

Opening a CD is very similar to opening any standard bank deposit account. The difference is what you're agreeing to when you sign on the dotted line (even if that signature is now digital). After you've shopped around and identified which CD(s) you'll open, completing the process will lock you into four things:

  1. The interest rate: Locked rates are positive in that they provide a clear and predictable return on your deposit over a specific time period. The bank cannot later change the rate and therefore reduce your earnings. On the flip side, a fixed return may hurt you if rates later rise substantially and you've lost your opportunity to take advantage of higher-paying CDs.
  2. The term:This is the length of time you agree to leave your funds deposited to avoid any penalty (e.g., 6-month CD, 1-year CD, 18-month CD, etc.) The term ends on the "maturity date," when your CD has fully matured and you can withdraw your funds penalty-free.
  3. The principal:With the exception of some specialty CDs that allow add-on deposits, this is the amount you agree to deposit into the CD, at the time of opening.
  4. The institution:The bank or credit union where you open your CD will determine aspects of the agreement, such as early withdrawal penalties (EWPs) and whether your CD will be automatically reinvested if you don’t provide other instructions at the time of maturity.

Once your CD is established and funded, the bank or credit union will administer it like most other deposit accounts, with either monthly or quarterly statement periods, paper or electronic statements, and usually monthly or quarterly interest payments deposited to your CD balance, where the interest will compound.

Pros and Cons of CDs

Pros
  • Offers a higher rate than you can earn with a savings or money market account

  • Pays a guaranteed, predictable rate of return, avoiding the volatility and losses that are possible with stocks and bonds

  • Is federally insured if opened with an FDIC bank or NCUA credit union

  • Can help fend off spending temptations since withdrawing the funds early triggers a penalty

Cons
  • Cannot be liquidated before maturity without incurring an early withdrawal penalty

  • Typically earns less than stocks and bonds can over time

  • Earns a fixed rate of return regardless of whether interest rates rise during the term

What Is a CD Ladder and Why Should I Build One?

Smart CD investors have a specific tactic for hedging against rate changes over time and maximizing their return. It's called a CD ladder and it enables you to access the higher rates offered by 5-year CD terms, but with the twist that a portion of your money becomes available every year, rather than every five years. Here's how to do it.

At the outset, you take the amount of money you want to invest in CDs and divide it by five. You then put one-fifth of the funds into a top-earning 1-year CD, another fifth into a top 2-year CD, another into a 3-year CD, and so forth through a 5-year CD. Let’s say you have $25,000 available. That would give you five CDs of varying length, each with a value of $5,000.

Then, when the first CD matures in a year, you take the resulting funds and open a top-rate 5-year CD. A year later, your initial 2-year CD will mature, and you'll invest those funds into another 5-year CD. You continue doing this every year with whichever CD is maturing, until you end up with a portfolio of five CDs all earning 5-year APYs, but with one of them maturing every 12 months, keeping your money a bit more accessible than if all of it were locked up for a full five years.

What Is Considered a Good Rate for a CD

What makes CDs attractive as an investment vehicle is not their rate of return but their risk-free nature. When you open a CD, you know upfront exactly what interest rate you will earn and for how long. Except for some specialty CDs, the rate on your certificate is guaranteed and locked for the full duration of the certificate, meaning your return is predictable and safe.

Adding to their risk-free nature is the fact that CDs, like other bank and credit union deposit products, are federally insured against bank failures. Depending on the financial institution offering them, CDs are insured by either the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA).

CD minimums can run as low as $250 or $500, and you'll find plenty of options with minimums up to $1,000. As for durations, the majority of CDs carry terms of six months to five years, though shorter and longer certificates exist at some banks. Larger deposits and longer terms typically earn higher interest rates, though promotional certificates often break that general rule. The interest rates available on the best-paying CDs are usually in line with the current inflation rate, so virtually any rate higher than that is a good deal. Often, online banks and credit unions offer the best CD rates.

Maximizing Your CD Rate of Return

The No. 1 strategy for earning as much as you can from a CD investment is to diligently shop around for the top rates. After that, the next most important strategy is to keep the funds invested for the CD's full term, so as to avoid incurring an early withdrawal penalty that will reduce your earnings.

But unexpected things happen in life, and you may find yourself having no choice but to cash in a CD early. Because of that possibility, you'll be well-served by paying attention to the early withdrawal penalties of different CDs you're considering before you make your final commitment.

It's also useful when comparing two CDs that are fairly similar, to check their compounding periods. The advantage of having interest calculated and compounded more frequently adds up over time, so look to avoid CDs that offer only annual compounding.

While CDs are traditionally a fixed-rate investment, variable-rate CDs do exist. If you think interest rates are likely to rise significantly, you can benefit from a certificate whose interest rate is adjusted during the term of the CD. These certificates are sometimes called "raise your rate" or "step up" CDs.

Meanwhile, indexed or structured CDs offer you the chance to earn a percentage of the return on a stock index or commodity index. This can result in a much higher return than a traditional CD's—but for a trade-off of much more risk.

Источник: https://www.investopedia.com/best-cd-rates-4770214
1

For all Navy Federal Credit Cards: As of 11/29/2021, rates range from 5.99% APR to 18.00% APR, are based on product type and creditworthiness, and will vary with the market based on the U.S. Prime Rate. ATM cash advance fees: None if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction. $49 annual fee for Visa Signature® Flagship Rewards.

2

Credit card value claim based on internal comparative analysis of the average advertised credit card industry APR and the average "as low as" APR for Navy Federal Credit Cards. The 2020 industry average was obtained from creditcards.com. Introductory rates are not included in the calculations.

3

As of 11/29/2021, rates range from 9.65% APR to 18.00% APR, are based on creditworthiness, and will vary with the market based on the U.S. Prime Rate. ATM cash advance fees: None, if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction.

4

Claim based on the Nilson Report published February 2021, which ranks card issuers on balances outstanding as of year-end 2020.

5

The views expressed in the reviews are solely those of the individuals posting them. The testimonials are substantively the words of the individual reviewer, but may have undergone minor clerical revisions to ensure readability, add context, or protect private information. Any imagery displayed is for decorative purposes only and is not necessarily associated with the reviewer.

6

Navy Federal Credit Union received the highest CX Index™ score, the highest performance rating in customer service, clearcommunication, as well as the highest performance rating for providing transparent prices/rates/fees, and the highest customer recommendation score among multichannel banks in Forrester's proprietary 2021 CX Index™ survey. The ranking was based on responses from 13,443 US individuals measuring 18 brands in the industry.

The Navy Federal More Rewards American Express® Card is issued and administered by Navy Federal Credit Union. American Express is a federally registered service mark of American Express and is used by the issuer pursuant to a license.

Источник: https://www.navyfederal.org/loans-cards/credit-cards.html

Best 5-year CD rates — November 2021

A certificate of deposit is a financial product that allows you to stash away some cash and earn a fixed rate of interest for a set period of time. In exchange for handing over your money for a specified and longer term, you usually earn a higher interest rate. For example, a five-year CD can earn a higher (and guaranteed) rate than a typical savings account while still offering safety.

The average five-year CD rate is 0.27 percent, but Bankrate’s team shopped around to find some of the best CD rates available nationwide. Compare these offers, then calculate how much interest you would earn when your CD matures.

Summary of best 5-year CD rates for November 2021

Financial InstitutionAPY – 5 yearMinimum Deposit for APYBank Review
Pentagon Federal Credit Union1.25%$1,000
First Technology FCU1.15%$500
Quontic Bank1.11%$500
SchoolsFirst Federal Credit Union1.01%$20,000
Capital One1.00%$0.00
Bethpage Federal Credit Union1.00%$50
VyStar Credit Union1.00%$500
Popular Direct1.00%$10,000
Suncoast Credit Union0.95%$500
Delta Community Credit Union0.95%$1,000
First Internet Bank of Indiana0.95%$1,000
Golden 1 Credit Union0.90%$500
Navy Federal Credit Union0.90%$1,000
Synchrony Bank0.85%$0.01
TIAA Bank0.85%$1,000
Comenity Direct0.85%$1,500

Note: The annual percentage yields (APYs) shown are as of Nov. 16, 2021. Bankrate’s editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated. The rates for some products may vary by region.

Bankrate’s guide to choosing the right CD rate

Why you can trust Bankrate

Bankrate has more than four decades of experience in financial publishing, so you know you’re getting information you can trust. Bankrate was born in 1976 as “Bank Rate Monitor,” a print publisher for the banking industry. It has been online since 1996. Hundreds of top publications rely on Bankrate. Outlets such as The Wall Street Journal, USA Today, The New York Times, CNBC and Bloomberg depend on Bankrate as the trusted source of financial rates and information.

Methodology for Bankrate’s Best CD Rates

At Bankrate, we strive to help you make smarter financial decisions. We follow strict guidelines to ensure that our editorial content is unbiased and not influenced by advertisers. Our editorial team receives no direct compensation from advertisers and our content is thoroughly fact-checked to ensure accuracy.

Bankrate regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks.

To find the best CDs, our editorial team analyzes various factors, such as: APY, the minimum deposit needed to earn that APY (or to open the CD) and whether or not it is broadly available. All of the accounts on this page are insured by Federal Deposit Insurance Corp. (FDIC) or the National Credit Union Share Insurance Fund (NCUSIF).

When selecting the best CD for you, consider what you need the money for and when you’ll need it to help you avoid early withdrawal penalties.

Finding the best 5-year CD rates

Savers looking for the best CD rates probably want to venture online. Even if a bank is relatively small or not well-known, as long as it’s a member of the FDIC, you can rest easy knowing each depositor (that’s you) is protected up to at least $250,000 per insured bank. At a National Credit Union Administration (NCUA) institution, the standard insurance amount is up to $250,000 per share owner (depositor), per insured credit union, for each ownership category (account type).

One thing to look for, though: ease of use. Banks that make it difficult or time-consuming to deposit and withdraw funds may waste so much of your time that the benefit of a few extra basis points of interest on your savings is lost. (A basis point is 0.01 percent, so 1 percent has 100 basis points.)

Bankrate’s best 5-year CD rates November 2021

  • Best Overall Rate: Pentagon Federal Credit Union – 1.25% APY, $1,000 minimum deposit
  • High Rate: First Technology Federal Credit Union – 1.15% APY, $500 minimum deposit
  • High Rate: Quontic Bank – 1.11% APY, $500 minimum deposit
  • High Rate: SchoolsFirst Federal Credit Union – 1.01% APY, $20,000 minimum deposit for APY
  • High Rate: Capital One – 1.00% APY, $0 minimum deposit
  • High Rate: Bethpage Federal Credit Union – 1.00% APY, $50 minimum deposit
  • High Rate: Marcus by Goldman Sachs – 1.00% APY, $500 minimum deposit
  • High Rate: VyStar Credit Union – 1.00% APY, $500 minimum deposit
  • High Rate: Popular Direct – 1.00% APY, $10,000 minimum deposit
  • High Rate: Suncoast Credit Union – 0.95% APY, $500 minimum deposit
  • High Rate: Delta Community Credit Union – 0.95% APY, $1,000 minimum deposit
  • High Rate: First Internet Bank of Indiana – 0.95% APY, $1,000 minimum deposit
  • High Rate: Golden 1 Credit Union – 0.90% APY, $500 minimum deposit
  • High Rate: Navy Federal Credit Union – 0.90% APY, $1,000 minimum deposit
  • High Rate: Synchrony Bank – 0.85% APY, $0.01 minimum deposit
  • High Rate: TIAA Bank – 0.85% APY, $1,000 minimum deposit
  • High Rate: Comenity Direct – 0.85% APY, $1,500 minimum deposit

Compare: Best 5-year CD rates for November 2021

Best Overall Rate: Pentagon Federal Credit Union – 1.25% APY, $1,000 minimum deposit

Pentagon Federal Credit Union was established in 1935. It has more than 2 million members and has its main office in McLean, Virginia.

PenFed has nine terms of CDs, ranging from six months to seven years.

High Rate: First Technology Federal Credit Union – 1.15% APY, $500 minimum deposit

First Technology Federal Credit Union (First Tech) was founded in 1952 by a group of Hewlett Packard and Tektronix employees. It has locations in California, Colorado, Georgia, Idaho, Massachusetts, Oregon, Texas and Washington state.

Membership is open to family members or household members of someone who is already a First Tech member. You can also join if you or a family member works either for a company on First Technology’s partner list or for the state of Oregon, if you work or live in Lane County, Oregon, or if you belong to the Computer History Museum or the Financial Fitness Association.

First Tech offers personal and business checking and savings accounts, individual retirement accounts (IRAs) and six terms of share certificates with minimum required deposits of $500.

High Rate: Quontic Bank – 1.11% APY, $500 minimum deposit

Quontic Bank was established in 2005 and has its headquarters in New York City. Quontic Bank calls itself the Adaptive Digital Bank.

You need only $500 to open a Quontic Bank CD. Quontic Bank offers five terms of CDs, ranging from one year to five years.

In addition to CDs, Quontic Bank has a money market account, a High Yield Savings account and two checking accounts.

High Rate: SchoolsFirst Federal Credit Union – 1.01% APY, $20,000 minimum deposit for APY

SchoolsFirst Federal Credit Union was formed by school employees in 1934, during the Great Depression, and has 50 branches.

SchoolsFirst serves the education community in California. Active and retired school employees and immediate family members of existing SchoolsFirst Federal Credit Union are eligible to join.

The credit union has low minimum balances and CD terms from as short as 30 days to as long as five years. But to earn the 1.01 percent APY, you’ll need to deposit at least $20,000. CDs at SchoolsFirst have four balance tiers: $500, $20,000, $50,000 or $100,000.

High Rate: Capital One – 1.00% APY, $0 minimum deposit

Capital One is an online bank that also has branches. It is based in McLean, Virginia.

Capital One offers nine competitive terms of regular CDs. Capital One’s CDs and 360 Performance Savings account don’t have minimum balance requirements.

High Rate: Bethpage Federal Credit Union – 1.00% APY, $50 minimum deposit

Bethpage Federal Credit Union was founded in 1941 for people working at Grumman. It is located in Bethpage, New York.

Bethpage FCU has more than 400,000 members and offers nine terms of CDs. The three-month CD is the shortest term and the five-year CD is the longest term. Bethpage also offers a 39-month bump-up CD.

Besides CDs, Bethpage offers checking accounts, savings accounts, loans and other financial products.

Marcus by Goldman Sachs – 1.00% APY, $500 minimum deposit

Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA. Marcus offers a variety of CDs, three no-penalty CD terms and a savings account. Marcus by Goldman Sachs offers competitive yields on its savings accounts and CDs. Savings products from Marcus are provided through Goldman Sachs Bank USA. Marcus began offering CDs under the Marcus by Goldman Sachs brand in November 2017.

Marcus also offers lending options with its debt consolidation loans, home improvement loans and personal loans.

High Rate: VyStar Credit Union – 1.00% APY, $500 minimum deposit

VyStar Credit Union was founded in 1952 as Jax Navy Federal Credit Union and was chartered at Naval Air Station Jacksonville in Florida.

Membership is open to anyone who works or lives in the 49 Florida or 10 Georgia counties listed on its website.

VyStar Credit Union offers 10 CDs with terms ranging from three months to five years.

High Rate: Popular Direct – 1.00% APY, $10,000 minimum deposit

Popular Direct, an online community bank, is a subsidiary of Popular Inc., a financial services provider that is over 120 years old. Popular Direct was previously known as Banco Popular North America.

Popular Direct offers CDs in eight terms, from three months to five years. Interest compounds daily. If you withdraw your funds early on a five-year CD, the penalty is 730 days of simple interest.

Popular Direct also offers a savings account with a competitive rate.

High Rate: Suncoast Credit Union – 0.95% APY, $500 minimum deposit to open

Suncoast Credit Union was started in 1934 as Hillsborough County Teachers Credit Union. Suncoast Credit Union now has 69 branches and has more than 900,000 members.

Suncoast Credit Union is the eighth-largest credit union in the U.S. based on membership. It is also the 10th-largest based on assets. People who attend school, live, work or worship in a county in Florida that Suncoast Credit Union serves are welcome to join.

High Rate: Delta Community Credit Union – 0.95% APY, $1,000 minimum deposit

Delta Community Credit Union began as the Delta Employees Credit Union in 1940. It was started by eight Delta Air Lines employees. Delta Community Credit Union has more than 400,000 members and 26 branches in metro Atlanta, as well as three branches outside of Georgia.

Anyone living or working in metro Atlanta and employees of more than 150 businesses are welcome at Delta Community Credit Union. Delta Air Lines, Chick-fil-A and UPS are some of the eligible businesses.

High Rate: First Internet Bank of Indiana – 0.95% APY, $1,000 minimum deposit

First Internet Bank of Indiana was the first FDIC-insured financial institution to operate entirely online, according to the bank’s website. First Internet Bank of Indiana opened in 1999 and is available in all 50 states.

First Internet Bank’s products include CDs with eight term options, a money market savings account with a competitive yield, a savings account and two checking accounts.

High Rate: Golden 1 Credit Union – 0.90% APY, $500 minimum deposit

Golden 1 Credit Union has 1 million members and membership is open to all Californians. Golden 1 is based in Sacramento, California, and has 72 branches in California. It was established in 1933.

Non-Californians can join Golden 1 Credit Union if they are a registered domestic partner or family member of a member. They can also join if they’re a member of one of the select employee groups.

In addition to CDs, Golden 1 Credit Union also offers a money market account, checking and savings accounts. The credit union also has credit cards and loans.

High Rate: Navy Federal Credit Union – 0.90% APY, $1,000 minimum deposit

Navy Federal Credit Union has more than 9 million members and is the world’s largest credit union. It has a global network of 340 branches. Navy Federal Credit Union has its headquarters in Vienna, Virginia.

Membership at Navy Federal Credit Union is open to all Department of Defense and Coast Guard Active Duty, civilian, contract personnel, veterans and their families.

In addition to CDs, Navy Federal Credit Union also offers checking and savings accounts, loans and credit cards.

High Rate: Synchrony Bank – 0.85% APY, $0.01 minimum deposit

Synchrony Bank has 12 CD terms to choose from, ranging from three months to five years, and requires no minimum balance on its CDs. The bank also offers a high-yield savings account and a money market account.

High Rate: TIAA Bank – 0.85% APY, $1,000 minimum deposit

TIAA Bank is a division of TIAA FSB and has 10 financial centers, all in Florida.

TIAA offers CD terms ranging from three months to five years. It also offers a Bump Rate CD, which allows a one-time rate bump if rates go higher. For customers with large deposits who need expanded FDIC insurance coverage, TIAA Bank offers a service that allows it to insure more than FDIC limits by spreading money around to a network of banks.

High Rate: Comenity Direct – 0.85% APY, $1,500 minimum deposit

Comenity Direct launched in April 2019. It’s an online-only bank that offers high-yield savings products and five CD terms.

Comenity Direct is a brand of Comenity Capital Bank, which has existed for more than 30 years. Comenity is a bank behind many branded credit cards.

5-year CD yields offered by popular banks – November 2021

  • Ally Bank – 0.80% APY, $0 minimum deposit
  • Discover Bank – 0.80% APY, $2,500 minimum deposit
  • Live Oak Bank – 0.70% APY, $2,500 minimum deposit

Ally Bank – 0.80% APY, $0 minimum deposit

Ally Bank is an online-only bank that has been around for over 10 years. Its CDs have competitive APYs and few require a minimum deposit.

Ally Bank offers several different types of CDs in addition to its standard CDs, including a raise your rate CD and a no-penalty CD. It also offers savings and checking accounts.

Discover Bank – 0.80% APY, $2,500 minimum deposit

Discover Bank may be known for credit cards, but it also offers a wide selection of banking products. It has been offering deposit products online since 2007.

Discover Bank offers CDs with terms ranging from three months to 10 years.

Besides CDs, Discover offers a savings account, a checking account and a money market account.

Live Oak Bank – 0.70% APY, $2,500 minimum deposit

Live Oak Bank was founded in 2008 and is headquartered in Wilmington, North Carolina. An online bank, Live Oak offers seven CD terms.

Live Oak also offers a competitive yield on its savings account. Like most online banks, its online savings account doesn’t have a monthly service fee.

What to consider when choosing a CD

Consider these things to help you choose the right CD:

  • Early withdrawal penalties: Know what penalties may be incurred should you withdraw your money before the CD matures.
  • Minimum required deposit: Many CDs require a minimum amount of money to open.
  • APY: Annual percentage yield is the yearly interest earned if you keep your money in the CD for the full term. Compare APYs, instead of interest rates, to make an apples-to-apples comparison of CDs.
  • Term: The length of time required to earn interest on your money. Generally, it’s a good idea to choose a CD with a shorter term than when you expect to need your money. For example, if you need access to the funds in about two years, an 18-month CD may be a good choice.
  • Insurance: Make sure the CD is offered by an FDIC-insured bank or at an NCUA credit union.

Pros and cons of 5-year CDs

Before getting a five-year CD, consider the pros and cons to see if it’s a right fit for you.

Pros:

Источник: https://www.bankrate.com/banking/cds/best-5-year-cd-rates/

What Inflation Is Doing to Your CD Rates?

You may think your CDs shouldn't require much attention, but inflation is a growing threat to them. Here's what to do when inflation is on the rise.

Our articles, research studies, tools, and reviews maintain strict editorial integrity; however, we may be compensated when you click on or are approved for offers from our partners.

Is your CD at risk? The answer may surprise you.

You may think the risks to your certificates of deposit are few and easily managed:

  • There is an early withdrawal risk with CDs, but you can easily avoid that by not taking money out of your CD before its maturity date.
  • There is the remote chance a bank could fail; but with FDIC limits for CDs at $250,000 per depositor at each institution, most people fall well within this coverage.

Inflation, an invisible threat

How else can a CD lose value? Well, it may be happening to you right now. After lying dormant for years, inflation is suddenly a force to be reckoned with — and it could make the money you get out of a CD worth less than what you put into it. At the very least, inflation is eating into the return you are earning on your CDs. But things are getting worse.

How inflation affects your CD

The years 2012 through 2015 marked a period of extraordinarily low inflation. For those four calendar years, annual inflation was 1.76 percent, 1.51 percent, 0.66 percent and then 0.66 percent again in 2015. So, while CD rates were low, at least you had a fighting chance of beating inflation if you concentrated on long-term CDs and shopped for the highest rates.

Then things changed a bit. Inflation was slightly over 2 percent in 2016 and 2017. You could still beat inflation in CDs, but only if you found one of the very best rates.

Inflation gained 0.5 percent in January of this year alone. While inflation over the past 12 months is still right around the 2 percent mark, virtually all of that inflation occurred over the past six months. Inflation is picking up the pace.

Here’s why you can’t afford to take that sitting down. At the current average 5-year CD rate of 0.91 percent, a $10,000 investment would be worth $10,463.36 in five years. However, at a 2 percent annual inflation rate, that would have the purchasing power of just $9,476.98 in today’s dollars. In effect, your “safe” investment would lose value.

If instead you shop for one of the better CD rates and earn 2.5 percent a year, your $10,000 investment would be worth $11,314.08 in five years, and have the purchasing power of $10,247.51 in today’s dollars. Not a great return perhaps, but at least you’d be gaining rather than losing value.

How CD owners can fight back against inflation

Here are some things you can do to fight back against rising inflation:

  1. Don’t settle for yesterday’s CD rates
    As inflation rises, interest rates typically rise. So, what you considered a good CD rate last year may no longer be competitive next year. Shop around before you simply roll a CD over at the same bank.
  2. Pay more attention to early withdrawal penalties
    Early withdrawal is like an escape hatch from a CD, but it comes at a price in the form of an early withdrawal penalty. Like CD rates, these penalties vary widely from bank to bank, so compare penalties when shopping for CDs.
  3. Approach laddering with an open mind
    CD laddering is a great way to deal with changing market conditions, but it works best if you adjust the structure of your CD ladder over time. For example, as of this writing, 5-year CDs are paying an average of 13 times the interest of 1-month CDs. That makes a great case for weighting longer-term CDs more heavily in a CD ladder. However, as inflation rises, the gap between long-term and short-term CD rates may narrow, making it worthwhile to increase the weighting at the short end of a CD ladder.
  4. Raise your savings targets
    Higher inflation means things will cost more in the future. This may simply mean that you will have to save more money to reach your financial goals.

Generally speaking, inflation is a threat to consumers and investments. Inflation poses a particular threat to long-term CDs, though, because they require you to commit to a rate that may no longer be adequate to beat inflation by the time the CD matures.

Rising inflation could make CD rates more changeable than they have been in recent years, so be prepared to shop for CDs more actively to limit the damage inflation does to your investments.

About Author

mm

Richard Barrington

Richard Barrington has been a Senior Financial Analyst for MoneyRates.com since 2009. He has appeared on Fox Business News and NPR, and has been quoted by the Wall Street Journal, the New York Times, USA Today, CNBC and many other publications. Richard has over 30 years of experience in financial services. He has earned the Chartered Financial Analyst (CFA) designation from the Association of Investment Management and Research (now the “CFA Institute”).

Источник: https://www.moneyrates.com/cd/what-inflation-is-doing-to-your-cd-rates.htm
Stretch your dollars at                        "VeryBestCDRates.com





Historical
CD Rates
==> CD Rates at Discover Bank as of 2/1/19 website <==
Term
Rate
APY*
10 Years3.05%3.10%
7 Years3.00%3.05%
5 Years2.96%3.00%
4 Years2.76%2.80%
3 Years2.71%2.75%
30 Months2.66%2.70%
24 Months2.66%2.70%
18 Months2.62%2.65%
12 Months2.62%2.65%
9 Months0.70%0.70%
6 Months0.65%0.65%
3 Months0.35%0.35%
$10,000 Min. Deposit for these rates 
iBonds

Article:
Beware of Annuities


Источник: http://verybestcdrates.com/Bank-CD-Rates/Discover_Bank_CD_Rates.html

: Discover bank 5 year cd rates

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Discover bank 5 year cd rates
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Discover Bank Review - Best Bank In 2021 Part Three
1

For all Navy Federal Credit Cards: As of 11/29/2021, rates range from 5.99% APR to 18.00% APR, are based on product type and creditworthiness, and will vary with the market based on the U.S. Prime Rate. ATM cash advance fees: None if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction. $49 annual fee for Visa Signature® Flagship Rewards.

2

Credit card value claim based on internal comparative analysis of the average advertised credit card industry APR and the average "as low as" APR for Navy Federal Credit Cards. The 2020 keybank online sign in to my account average was obtained from creditcards.com. Introductory rates are not included in the calculations.

3

As of 11/29/2021, rates range from 9.65% APR to 18.00% APR, are based on creditworthiness, and will vary with the market based on the U.S. Prime Rate. ATM cash advance fees: None, if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction.

4

Claim based on the Nilson Report published February 2021, which ranks card issuers on balances outstanding as of year-end 2020.

5

The views expressed in the reviews are solely those of the individuals posting them. The testimonials are substantively the words of the individual reviewer, but may have undergone minor clerical revisions to ensure readability, add context, or protect private information. Any imagery displayed is for decorative purposes only and is not necessarily associated with the reviewer.

6

Navy Federal Credit Union received the highest CX Index™ score, the highest performance rating in customer service, clearcommunication, as well as the highest performance rating for providing transparent prices/rates/fees, and the highest customer recommendation score among multichannel banks in Forrester's proprietary 2021 CX Index™ survey. The ranking was based on responses from 13,443 US individuals measuring 18 brands in the industry.

The Navy Federal More Rewards American Express® Card is issued and administered by Navy Federal Credit Union. American Express is a federally registered service mark of American Express and is used by the issuer pursuant to a license.

Источник: https://www.navyfederal.org/loans-cards/credit-cards.html

What Inflation Is Doing to Your CD Rates?

You may think your CDs shouldn't require much attention, but inflation is a growing threat to them. Here's what to do when inflation is on the rise.

Our articles, federal holidays 2019 opm studies, tools, and reviews maintain strict editorial integrity; however, we may be compensated when you click on or are approved for offers from our partners.

Is your CD at risk? The answer may surprise you.

You may think the risks to your certificates of deposit are few and easily managed:

  • There is an early withdrawal risk with CDs, but you can easily avoid that by not taking money out of your CD before its maturity date.
  • There is the remote discover bank 5 year cd rates a bank could fail; but with FDIC limits for CDs at $250,000 per depositor at each institution, most people fall well within this coverage.

Inflation, an invisible threat

How else can a CD lose value? Well, it may be happening to you right now. After lying dormant for years, inflation is suddenly a force to be reckoned with — and it could make the money you get out of a CD worth less than what you put into it. At the very least, inflation is eating into the return you are earning on your CDs. But things are getting worse.

How inflation affects your CD

The years 2012 through 2015 marked a period of extraordinarily low inflation. For those four calendar years, annual inflation was 1.76 percent, 1.51 percent, 0.66 percent and then 0.66 percent again in 2015. So, while CD rates were low, at least you had a fighting chance of beating inflation if you concentrated on long-term CDs and shopped for the highest rates.

Then things changed a bit. Inflation was slightly over 2 percent in 2016 and 2017. You could still beat inflation in CDs, but only if you found one of the very best rates.

Inflation gained 0.5 discover bank 5 year cd rates in January of this year alone. While inflation over the past 12 months is still right around the 2 percent mark, virtually all of that inflation occurred over the past six months. Inflation is picking up the pace.

Here’s why you can’t afford to take that sitting down. At the current average 5-year CD rate of 0.91 percent, a $10,000 investment would be worth $10,463.36 in five years. However, at a 2 percent annual inflation rate, that would have the purchasing power of just $9,476.98 in today’s dollars. In effect, your “safe” investment would lose value.

If instead you shop for one of the better CD rates and earn 2.5 percent a year, your $10,000 investment would be worth $11,314.08 in five years, and have the purchasing power of $10,247.51 in today’s dollars. Not a great return perhaps, but at least you’d be gaining rather than losing value.

How CD owners can fight back against inflation

Here are some things you can do to fight back against rising inflation:

  1. Don’t settle for yesterday’s CD rates
    As inflation rises, interest rates typically rise. So, what you considered citibank credit card online customer care number good CD rate last year may no longer be competitive next year. Shop around before you simply roll a CD over at the same bank.
  2. Pay more attention to early withdrawal penalties
    Early withdrawal is like an escape hatch from a CD, but it comes at a price in the form of an early withdrawal penalty. Like CD rates, these penalties vary widely from bank to bank, so compare penalties when shopping for CDs.
  3. Approach laddering with an open mind
    CD laddering is a great way to deal with changing market conditions, but it works best if you adjust the structure of your CD ladder over time. For example, as of this writing, 5-year CDs are paying an average of 13 times the interest of 1-month CDs. That makes a great case for weighting longer-term CDs more heavily in a CD ladder. However, as inflation rises, the gap between long-term and short-term CD rates may narrow, making it worthwhile to increase the weighting at the short end of a CD ladder.
  4. Raise your savings targets
    Higher inflation means things will cost more in the future. This may simply mean that you will have to save more money to reach your financial goals.

Generally speaking, inflation is a threat to consumers and investments. Inflation poses a particular threat to long-term CDs, though, because they require you to commit to a rate that may no longer be adequate to beat inflation by the time the CD matures.

Rising inflation could make CD rates more changeable than they have been in recent years, so be prepared to shop for CDs more actively to limit the damage inflation does to your investments.

About Author

mm

Richard Barrington

Richard Barrington has been a Senior Financial Analyst for MoneyRates.com since 2009. He has appeared on Fox Business News and NPR, and has been quoted by the Wall Street Journal, the New York Times, USA Today, CNBC and many other publications. Richard has over 30 years of experience in financial services. He has earned the Chartered Financial Analyst (CFA) designation from the Association of Investment Management and Research (now the “CFA Institute”).

Источник: https://www.moneyrates.com/cd/what-inflation-is-doing-to-your-cd-rates.htm

Discover Bank CD Rates: Earn Up To 1.00% APY

Discover Bank CDAvailable nationwide, Discover Bank is now offering Certificates of Deposits (CDs) with rates up to 1.00% APY. Find the latest Discover Bank CD Rates below.

You’ll find the best Discover Bank CD rates below from 3-month to 120-month term. Keep in mind that you’d need at least $2,500 to open your account and lock in your rate.You can open a CD for a variety of ownership types such as Individual, Trust, Custodial, Guardian and Estates.

Discover Bank has been a top competitor card-issuer for quite some time now. What you may not know is that they’re also revered for their exceptional CD accounts and rates online. Their 12-months to 10 years CD Rates are always consistently competitive giving the consumers the ability to earn even higher interest returns with flexible terms.

(Member FDIC)

If you are interested in opening a new account, be sure to apply as soon as you can or check out our list of Discover Bank offers! In addition, you can also check out other great promotions from banks such as HSBC Bank, Chase Bank, Huntington Bank, TD Bank, BBVA or CIT Bank.

Table of Contents

Discover Certificate of Deposit Account Summary

Discover Bank currently offers competitive rates. Discover Bank has always been one of the best places to open a CD account online. Their CD rates have consistently been very competitive for 12-month CDs, all the way up to 10-year CDs.

  • What you’ll get: Up to 1.00% APY Rate
  • Eligible account: Discover Certificate of Deposit Account
  • Credit inquiry:Soft pull, which does not affect your credit
  • Where it’s available: Online Nationwide
  • How to earn it: Open a new Certificate of Deposit Account online and fund your account by making a minimum opening deposit of $2,500.  Select your term and earn the corresponding APY Rate.
  • Opening Deposit: $2,500 minimum
  • When you’ll receive it: None Listed
  • Monthly fee: There are no monthly fees with this account

(Member FDIC)


Discover CD Rates


DiscoverCD Features

Discover Certificate of Deposit account

Earn a competitive APY Rate with a Discover CD account.

  • No monthly fees
  • Minimum american finance car loans requirement of just $2,500
  • Flexible terms: 3 months to 10 years
  • One of the highest rates available nationwide for a 10-Year term
  • Daily compounded interest rate and credited monthly
  • FDIC insured of up to $250,000

How To Fund Discover CD

  • Online transfer from an eligible Discover Bank Account or an external bank account
  • Phone Transfers (available for initial funding only)
  • Mail a check that includes your CD Account number, made payable to you to:
    • Discover Bank
      PO Box 30417
      Salt Lake City, UT 84130

Discover Certificate of Deposit Pros and Cons

  • No fees
  • Numerous terms to choose from
  • Daily interest calculation
  • Competitive rates
  • Multiple funding options
  • Low withdrawal fees
  • No branches – Discover operates entirely online, so you can’t visit a branch for questions or assistance.
  • No partial withdrawals
  • High minimum deposit – Unlike some other CDs, you’ll need a deposit of at least $2,500 to open a Discover Bank CD.

Other Notable Discover Accounts To Consider

Discover Online SavingsDiscover Money MarketDiscover IRA Certificate of Deposit (CD)
Discover Bank Online Savings

Open a Discover Online Savings Account for all these features:
• Bonus offer applies for your first Discover Online Savings Account
• Earn $200/$150 Bonus with promo code BCS21 by 12/15/2021
• Fund your first savings account with at least of $25K within 30 days of account open date to earn the $200 Bonus
• Fund your first savings account with at least of $15K within 30 days of account discover bank 5 year cd rates date to earn the $150 Bonus
• Earn high interest rate of 0.40% APY
• No minimum opening deposit, no minimum balance requirement, and now no fees
• Interest on Discover Online Savings Accounts is compounded daily and credited monthly
• Manage your account online or with the Discover mobile app
• FDIC insurance up to $250,000


See advertiser website for full details


-Get started and open a Discover Money Market Account in 3 easy steps.
• Available nationwide online
• Earn high yields with flexible access to your cash.
• Earn 0.35% APY balances $100,000 and over
• Earn 0.30% Discover bank 5 year cd rates balances under $100,000
• Open with as little as $2,500
• Save time and deposit checks securely through the Discover mobile app
• Easy cash access via debit or check, or via ATM at over 60,000 no-fee ATMs
• Move money in and out of your money market account easily and securely with just a few clicks or taps


• Just three steps and you’re on your way to saving with a Discover IRA CD
• Available nationwide online
• Select terms as short as 3 months up to 120 months
• Rates ranging from 0.20% APY up to 1.00% APY
• Start today with as little as $2,500!
• Step-by-step help available 24/7 by phone
• Flexible options: Roth (pay now, save later) & Traditional IRAs (earn now, pay later)
• Gather your retirement savings into one place.


Conclusion

If you’re currently looking for a long term investment offer topping at 10 years then you should consider checking out a Discover CD account. With a competitive rate given to you in up to a 10-year’s term, this is quite the generous interest rate that could potentially earn you an exceptional amount of money on your deposit balance.

With Discover Bank, there’s a variety of length of CD accounts to choose from with different rates for each. Plus, you’ll receive flexible terms and convenient ways to transfer your money as well. There is a fee if you withdraw before the maturity date of 9 day grace period. Keep in mind that your account will automatically renew upon maturity.

Be sure you check out our complete list of the Best CD Rates to satisfy all your banking needs!

(Member FDIC)

Loading.
Other Bank Offers You May Like

The Best Bank Offers are updated here. See the below pages to get started with some of the best offers:

• Chase Bank Offers. Chase offers a range of attractive Checking, Savings and Business Accounts. Chase has a great selection of sign-up bonuses in comparison to other big banks.
• HSBC Bank Offers. HSBC Bank routinely has offers for several of their Personal Checking and Business Checking accounts. They also have a good referral program.
• Huntington Bank Offers. Huntington Bank has high bonus amounts available through their Checking and Business Checking. Huntington also offers a Business Premier Money Market Account.
• Discover Bank Offers. Discover Bank offers top cashback, savings, money market accounts and CD rates for you to take advantage of. Discover has industry leading selections to cater to your banking needs.
• TD Bank Offers. TD Bank consistently offers a fantastic selection of checking accounts to cater to your banking needs. However, savings account offers are less frequently available.

Filed under: CD Rates, Discover CD Rates

Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

About Anthony Nguyen

Anthony Nguyen, founder of Bankcheckingsavings.com, has a passion for finding the best deals, bank promotions, credit card offers, cash back, points & miles, and everything in between. Contact Anthony for media/advertising.

Источник: https://www.bankcheckingsavings.com/discover-bank-cd-rates/

The Best Bank CD Rates Of November 2021

What To Know When Comparing CD Rates

There are a few things to know when comparing certificates of wheat high top air force ones. We break down the common things to look for here.

Penalties

One of the biggest drawbacks of CDs is that they typically have a penalty if you don't hold the CD for the entire term. A notable exception is the CIT Bank Penalty Free CD we mentioned earlier.

A common penalty is 60 days of interest. I've seen penalties that are the entire amount of interest (especially on shorter term CDs). 

An example is this: Let's say you have a $10,000, 12 month CD at 2.05% interest. If you held it for the full term, you'd get $205.00 in interest. However, this CD has a penalty, and you lose 60 days of interest. If you pull out your money after 4 months, you'd only get 2 months in interest - the penalty costs you about $40 in interest.

Term Length

A big factor in CDs is term length. The longer the term, the higher the interest you'll usually receive. This is because the bank is more secure in your commitment to have the money in the account. As such, they'll reward you more (versus a savings account).

However, the longer the term, the more significant the penalties we discussed above can be. For example, a 5 year CD might have a 1 year interest penalty for early withdraw. That's pretty significant. 

Check out the best 12 Month CD Rates here and see for yourself.

If you're not sure you can commit the money for a long length of time, you might be better off with a high yield savings account or money market account. You could also look at setting up a CD Ladder to have several CDs with different term lengths.

The Difference Between CDs and Money Markets/Savings Accounts

Now that you understand CD penalties and CD term length, the difference between certificates of deposits on money markets and savings accounts should be pretty clear.

With CDs, you have a set time frame you must commit the money to in order to receive the yield promised by the bank. With savings accounts and money markets, there is no commitment for time - and so there are no penalties. If you have money in the account, you earn interest. If you don't, no interest.

However, with money markets and savings accounts, the interest is typically lower than you'll find with a CD because there america vs monterrey in houston tx a commitment to keep money with the bank. That commitment of time is what earns you higher interest on a CD.

Источник: https://thecollegeinvestor.com/21693/best-bank-cd-rates/

Discover Bank Review – Online Banking for Savings, Money Markets & CDs

You’ve probably heard of Discover Financial Services, a publicly traded company (NYSE: DFS) that offers consumer-friendly credit cards like the Discover it Card. According to the Nilson Report, it’s among the United States’ 10 biggest credit card issuers.

What you may not know as much about is Discover’s online-only bank: the appropriately named Discover Bank. It offers a checking account, savings accounts, money market accounts, CDs, and retirement products, all of which are FDIC insured and charges no fees on deposit products – meaning no monthly maintenance fees, excess withdrawal fees, or insufficient funds fees, to name a few. That’s a major, and welcome, point of distinction with competitors such as Ally Bank and TIAA Bank.

Key Features

Cashback Debit

Discover Bank’s Cashback debit account is available to anyone with a Discover-branded credit card or existing Discover Bank account, such as a savings or money market account. It requires a minimum opening deposit of $25, but no minimum daily balance or monthly fee. It also comes with 50 free checks and offers fee-free ATM transactions at more than 60,000 ATMs in Discover’s U.S. network.

The real benefit of Cashback Debit is its rewards program. Every qualifying debit card purchase earns 1% cash back, up to $3,000 in purchases ($30 in rewards) each month.

You can redeem your reward balance at any time and in any amount as a cash deposit into your Cashback Debit account or as a statement credit on your Discover credit card, if you have one. Rewards never expire.

Savings Accounts

Discover Bank offers a savings account with a very attractive yield. There’s no minimum deposit amount and no need to maintain a minimum balance after your initial deposit.

Outbound transfers are capped at 6 per month, with Discover assessing a fee of $15 for each additional one. There’s no limit on inbound transfers. If you attempt an outbound transfer but don’t have enough money in your account, you’re charged $30 per attempt.

Money Market Accounts

Discover Bank’s money market account have competitive yields as well, subject to change at the bank’s discretion.

The minimum opening deposit and minimum daily balance requirement are both $2,500. However, there’s no penalty for dropping below the minimum balance threshold.

Money market accounts come with free checks and a free debit card, but are subject to the same 6-withdrawal-per-period limit as savings accounts.

CDs

Discover Bank offers more than a dozen CDs, with terms ranging from 3 months to 10 years. All require a minimum deposit amount of $2,500.

With 30 days crb auto mailing address go before your CD expires, you’re asked to redeem it or renew at the same rate and term. You have until 9 days after its expiration to redeem, after which the CD is automatically renewed. Yields range from 0.20% APY on the 3-month vehicle to 1.00% APY on the 5-year, 7-year, and 10-year products. These yields are subject to change with prevailing interest rates.

Early withdrawal penalties are as follows:

  • 3 months’ interest for terms less than 12 months
  • 6 months’ interest between 1 and 3 years
  • 9 months’ interest for 4 years
  • 18 months’ interest for 5 years
  • 24 months’ interest for 7 years and up

IRAs

Discover Bank lets you open an IRA account (Roth or traditional) with any of its CD products. There are no monthly maintenance fees. While these accounts are advertised as tax-free, you may have to pay tax and penalties on withdrawals made before age 59 1/2. You can roll over several types of retirement accounts, including 401ks, 457 deferred compensation plans, annuities, and other traditional or Roth IRAs.

Mortgage and Home Equity Loans

Through Discover Financial Services, Discover Bank offers a wide range of purchase, refinancing, and home equity loans. Its mortgage options include, but aren’t limited to:

  • 30-year fixed rate purchase and refinance loans
  • 15-year fixed rate purchase and refinance loans
  • 15-year fixed rate FHA loans
  • 5/1 adjustable rate purchase and refinance loans

Other Loans

Discover Bank also offers student loans for undergraduates, graduates, and post-graduates (such as medical residents and law school grads studying for the bar).

Discover doesn’t charge origination or maintenance fees on these loan products, which come with rewards (a one-time cash rebate equal to 1% of the value of a newly issued student loan) for maintaining a GPA above 3.0 or its equivalent.

To redeem this reward, you need to submit your transcript for the academic term covered by the loan within six months of its end date. Discover then reduces your loan’s principal by 1%. An interest rate credit of 0.25% also applies to accounts with auto-debit. Additionally, Discover Bank issues personal loans for non-students, including debt consolidation loans and loans for big-ticket purchases. Discover Bank doesn’t disclose interest rates for these loans on its website – you need to call for a personalized rate quote.

Other Features

Discover Bank has some additional features worth noting:

  • No-Fee ATM Network. Discover works with the MoneyPass and Allpoint networks to provide fee-free ATM discover bank 5 year cd rates at about 60,000 ATMs in the U.S. The bank’s online, mobile-friendly ATM locator marks these fee-free ATMs with orange pins.
  • Google Wallet. Discover’s partnership with Google Wallet lets you store your Discover credit or debit card on your phone and pay for purchases without taking the card out of your wallet. Participating retailers include McDonald’s, Macy’s, CVS, Walgreens, Home Depot, Subway, and Petco.
  • Mobile Check Deposit. Discover Bank has a pretty extensive mobile banking app that lets you deposit physical checks without visiting a branch or using the postal mail. Just enter the amount of your check, take photos of the front and back, and confirm your deposit.
  • Gift Cards. Using the funds from your Discover savings or money market accounts (or any third-party bank account), you can purchase personalized, Discover-branded gift cards. Denominations range from $20 to $500.

Customer Support

Discover Bank has a 24/7 customer support hotline and a slew of specific departments open during regular or extended business hours. Wait times longer than 10 minutes are rare, even during busy periods.

You might not even have to talk to a human: Discover Bank has a pretty sophisticated help center with a detailed knowledge base and FAQ section.

Advantages

Discover Bank has some noteworthy advantages to consider before doing business with any competitors.

1. Direct Access to Consumer and Business Credit Cards

Discover Bank offers direct access to four credit cards for individuals and businesses. All come with useful perks.

  • Discover it Card. Like the Chase Freedom card, Discover it offers 5% cash back on your first $1,500 spent in purchase categories, such as home improvement stores and movie theaters, which rotate quarterly. You get 1% cash back on all other purchases, without limit. These rewards can be redeemed for cash in the form of a check or bank account deposit, or for a gift card purchase.
  • Discover it Card for Students. This one pays 2% cash back on up to $1,000 per quarter in purchases from gas stations and restaurants, and an unlimited 1% cash back on all other purchases.
  • Discover it Miles. This card earns unlimited 1.5 miles per $1 spent on qualifying purchases, with no caps or restrictions. Your mile earnings are doubled during the first year, again with no caps or restrictions. Miles are worth $0.01 apiece at redemption against travel purchases and other items.

As a Discover credit card holder, you can also use the Discover Deals feature to earn between 5% and 20% cash back on purchases made through its online portal. This functions like theChase Ultimate Rewards and Upromise shopping portals: You choose from a list of about 200 online retailers on Discover’s website, click through to their respective sites, and make purchases with your Discover credit card. Cash back rewards then accrue to your account.

If you’re not sure these Discover credit cards are right for you, check out our roundup of the best cash back credit cards. Or, scroll through our entire credit card review library for more ideas.

2. No Fees on Deposit Products

Discover Bank waives deposit account fees commonly charged by competitors, such as excessive withdrawal fees for savings and money market accounts, fees for dropping below minimum balance thresholds, and insufficient funds fees. This is clearly a major selling point, particularly for accountholders who struggle to meet minimum balance requirements.

3. Full Line of Loan Products

Although many national brick-and-mortar banks offer lending services for homebuyers, refinancing homeowners, and folks who just need some extra cash, online banks often have limited or nonexistent lending services. For instance, Ally Bank only makes auto loans to its clients, and TIAA Bank only deals with folks who want to buy or refinance their homes.

By contrast, Discover Bank makes mortgage loans, refinancing loans, home equity loans, a full lineup of student loans, and personal loans for debt consolidation and big-ticket purchases.

4. 24-Hour Customer Service

Discover Bank features an online secure message feature and a traditional phone center. The former is open at all times except midnight to 7am eastern time on Sundays, but the customer service center is always open to take phone calls. While some online banks (such as Ally Bank) also offer 24-hour phone support, many – including TIAA Bank – do not.

5. No Fees for Checks

Even if they offer to cover the cost of your first book of personal checks, many online banks charge for the privilege of cutting a cashiers’ check or sending additional books of personal checks. For instance, TIAA Bank charges $10 per bank check and Capital One 360 charges $5 for every additional book of 50 checks that you order. Many brick-and-mortar banks charge similar fees: Bank checks cost $10 a piece at Wells Fargo, and Flagstar Bank charges $20 plus tax for 100 new checks.

By contrast, bank checks cut from Discover Bank’s money market accounts, savings accounts, and even CDs never cost anything. Discover also never charges for issuing checks to your account.

Disadvantages

Consider these drawbacks before opening an account with Discover Bank.

1. High Minimum Deposits for Money Market and CD Accounts

Discover Bank imposes minimum deposit requirements for its money market accounts ($2,500) and CDs ($2,500). Ally Bank and Capital One Bank both lack minimums on their money market accounts. TIAA Bank requires lower deposits – $1,500 for its money market and savings accounts. For traditional banks, discover bank 5 year cd rates deposit requirements are usually minimal – for instance, Wells Fargo’s money market account asks just $50 to open.

2. No Penalty-Free Early Withdrawals for CDs

In addition to the high minimum opening deposit, Discover Bank’s CDs have another big limitation: You can’t cash them out early without incurring discover bank 5 year cd rates penalty. This isn’t unusual, but no-penalty CDs have become more common in recent years. For instance, Ally Bank’s No Penalty CD offers an 11-month term with yields well north of 1% APY. Discover Bank’s closest analogue, the 12-month CD, comes with an early withdrawal penalty of 3 months’ interest.

3. No Brokerage

Discover Bank might offer more loans than many of its online bank competitors, but it’s not attached to a brokerage that could provide additional investment options for account holders.

Other online banks are much better in this department. For instance, Capital One 360 lets you link a checking, savings, or money market account to its Capital One Investing platform and trade stocks, mutual funds, ETFs, and options with your deposited funds. While Discover Bank does offer retirement accounts, they’re limited to CDs.

4. Past Legal Issues

Though Discover Bank generally enjoys high customer satisfaction ratings, it has seen its share of controversy in the past. In 2005, the Supreme Court of California issued a ruling against the bank which invalidated a class action waiver contained within its arbitration clause. Basically, the waiver prevented regular customers with relatively small monetary claims from joining class action suits against discover bank 5 year cd rates bank. As a result of the verdict, Discover was forced to remove the class action waiver from its customer contract. If you’re looking for a bank with an unblemished record of customer service, look elsewhere.

5. No Business Accounts or Loans

Although Discover Bank does offer credit cards for small business owners, it doesn’t have any business banking accounts. Contrast this with TIAA Discover bank 5 year cd rates, which has separate checking options for small businesses, large businesses, and nonprofit organizations, as well as money market accounts and CDs for businesses of all types. Discover Bank can’t get you a business loan, either. While some other online banks focus solely on consumers, many traditional banks offer commercial loans as well.

Final Word

Discover Bank offers an almost-full suite of online banking services, including checking accounts, savings accounts, money market accounts, retirement options, and CDs. It also connects its customers with several popular credit cards, which offer perks like cash-back rewards and online shopping discounts. Discover Bank issues several types of loans for students, home buyers, existing homeowners, and regular consumers who need extra cash. That said, better options for business customers would help attract even more users into the fold.

Have you had any experience with Discover Bank? Would you recommend it to others?

Источник: https://www.moneycrashers.com/discover-bank-review/

4 Replies to “Discover bank 5 year cd rates”

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