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High Potential Certificates of Deposit at Discover Bank

Thursday, September 6th, 2012

Saving is the best solution for people who want to be financially secure all the time. There are many banks and other financial institutions that offer different kinds of services for individuals who want to save up some cash. Instead of keeping your hard earned money in a regular savings account that only offers minimal interest, why not invest it in a Certificate of Deposit? CDs are basically secure with a fixed interest rate. The longer the term you choose, the higher your interest rate and the more your money will grow.

One bank that offers CDs is Discover Bank. Aside from CDs, Discover Bank also offers other services such as credit and debit cards, loans, online savings, and even money market. Those who really need financial services will be able to get what they need from Discover bank.

The Certificate of deposits at Discover Bank is FDIC insured up to the allowed maximum amount by law and has a very convenient and easy renewal once the term matures. In terms of the initial deposit, the minimum amount is as low as $2,500 and can be funded by an existing bank account whether online or not. Today, the latest rates they have are definitely a good grab. Those who want to choose a shorter period can choose the 6 months term with an interest rate of 0.75% and an APY or annual percentage yield of 0.75% as well. For their 12 months term, the APY and interest rate is 0.90% and 0.95% for both the APY and interest rate for the 18 months period.  1.34% interest rate and an APY of 1.35% for the term of 3 years and 1.98% rate and APY of 2.00% for the 7 years term. There are still many other terms that people can choose  from once they will decide to open a CD account with Discover Bank.

Discover Bank is one of the most trusted financial institutions in the United States. Because of its reputation and quality service, many American families choose to bank with Discover. The services they have are committed to excellence and convenience which makes it easy for people to go directly to them and inquire about their products. One of their most popular services are certificates of deposits.

Those who want to have a safe place to put their money can almost always find security and reliability in certificates of deposits. CD’s provide a fixed interest rate which often gets higher with a longer term. Discover Bank offers great certificates of deposit rates that guarantee amazing returns. The terms are flexible and in varying ranges for more choices. Another benefit of opening a CD account with Discover Bank is that once the deposit matures, the owner can easily transfer it to other accounts.

Discover Bank’s CD Terms and Conditions

The minimum deposit for those who are planning on opening an account is only $2,500 which is lower compared to other bank requirements in the country. In terms of rates, the latest they have as of June 12, 2012 is 1.75 % APY for the five year term. For those individuals who want shorter terms like six months, the interest rate is 0.75% with an APY of also 0.75% while for those who want the 12 months term, the APY and interest rate is 0.90%. The three years term will have an interest rate of 1.34% with an APY of 1.35% and the four years term will have an interest rate of 1.54% and an APY of 1.55%. When a certain CD will mature, Discover Bank will notify the account holder three weeks before the maturity of the CD so that the owner can decide whether to continue for another term or withdraw the amount.