Discover certificate of deposit review

Would you like to read a comprehensive review of the Discover certificate of deposit? Responsible Economy has conducted a thorough analysis of all its features, including the interest rate, terms, fees, and everything you need to know. You’ll also find a comparison of the top certificates of deposit in the United States for 2023 and an explanatory video. Welcome!

Explicative video

We have created a concise and straightforward video summarizing all the key features of the Discover Certificate of Deposit. If you find our content valuable, we would greatly appreciate your support through a subscription. By subscribing, you will receive daily videos from us. Thank you for your interest and support!

Features

In this section, we present all the features of the Discover Certificate of Deposit:

Interest rate

The Discover Certificate of Deposit offers varying interest rates depending on the chosen term. The maximum interest rate available is an attractive 4.75% APY, which can be obtained with a term of 18 months. Each term option comes with its own distinct interest rate.

TermsYields
3 months2% APY
6 months3.40% APY
9 months3.50% APY
12 months4.50% APY
18 months4.75% APY
24 months4.30% APY
30 months4.30% APY
36 months4.30% APY
48 months4.10% APY
60 months4.10% APY
72 months4.10% APY
10 years4.10% APY
Discover Certificate of Deposit rates
Discover certificate of deposit rates

Indeed, Discover offers a competitive certificate of deposit with an appealing maximum interest rate of 4.75% APY. This rate is quite attractive and can make the Discover Certificate of Deposit an appealing choice for potential investors looking to maximize their returns.

Fees

Always consider the annual or monthly maintenance fees when evaluating certificate of deposit options. Fortunately, the Discover Certificate of Deposit stands out in this regard as it has no maintenance fees whatsoever. Additionally, it is free to open, making it a cost-effective and convenient choice for potential investors.

Minimum deposit

The Discover Certificate of Deposit does have a minimum deposit requirement, which amounts to $2,500. This means that in order to open the certificate of deposit and start earning interest, you will need to deposit at least $2,500 into the account

Best certificate of deposit in 2023

We have compiled a ranking of the best certificates of deposit available for opening in the United States in 2023:

Logo capital One CDs
  • 5.25% APY
  • Minimum deposit: $0
  • Term: 18 months
  • Member FDIC
Marcus by Goldman Sachs
  • 5.10% APY
  • Minimum deposit: $500
  • Term: 12 months
  • Member FDIC
CIT Bank Logo
  • 5.00% APY
  • Minimum deposit: $1,000
  • Term: 6 months
  • Member FDIC
synchrony-bank-logo
  • 5.40% APY
  • Minimum deposit: $0
  • Term: 16 months
  • Member FDIC
Alliant Logo
  • 5.18% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Bask bank logo
  • 5.15% APY
  • Minimum deposit: $1,000
  • Term: 12 months
  • Member FDIC
Barclays Logo
  • 5.15% APY
  • Minimum deposit: $0
  • Term: 12 months
  • Member FDIC
BMO logo
  • 5.25% APY
  • Minimum deposit: $1,000
  • Term: 13 months
  • Member FDIC

Certificates of deposit calculator

We have developed a deposit calculator so that you can easily see how much money you can earn:

Discover certificate of deposit calculator

Discover certificate of deposit calculator

Your earnings:
Total Result:

Pros and cons

After reviewing all the features of the Discover certificate of deposit and comparing it with the best CDs in the United States, we have created a table outlining all the advantages and disadvantages:

ProsCons
No feesMinimum deposit $2,500
4.75% APY
Discover certificate of deposit pros and cons

Requirements

To open this certificate of deposit, you must meet the following requirements:

  • Reside in the United States.
  • Be at least 18 years old.
  • Possess a valid Social Security Number.
  • Have an American bank account number.

Conclusion

After conducting our thorough review, we have come to the conclusion that Discover offers one of the best certificates of deposit in the market. The key factors contributing to this assessment are the maximum interest rate of 4.75% APY, which is quite competitive, and the absence of any fees associated with the account. However, it is worth noting that the minimum initial deposit required to open the account is $2,500. Overall, the combination of high interest rates and no fees makes Discover’s certificate of deposit an attractive option for potential investors.

Frequent questions

Now we answer all the questions you may have about the Discover certificate of deposit:

More information about Discover

Here is a table with information of interest about Discover

InformationDescription
Websitehttps://www.discover.com/
Twitterhttps://twitter.com/discover
Facebookhttps://www.facebook.com/discover
YouTubehttps://www.linkedin.com/company/discover-financial-services
Interest information about Discover

Finally, we show you related content about certificates of deposit:

Updated the day 1 September, 2023 by Alfredo Barandiarán

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