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Discover Bank 12 Month CD Rate
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As with all CD accounts there is an early withdrawal penalty, the penalty for a certificate of deposit with a term of 1 year to 5 years is 6 months of simple interest, so be sure you won’t need access to your funds if you decide to invest in a 1 year CD. What is simple interest? Interest that is calculated on a sum that does not include previous interest earnings. |
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Discover Bank is offering a 12 month CD Rate of 3.70% with an annual percentage yield of 3.76%. The minimum deposit on the 12 month certificate of deposit and all CDs at Discover Bank is $2,500. All deposits are temporarily insured by the Federal Deposit Insurance Corporation (FDIC) for up to $250,000 per account. The new FDIC limits were raised, from $100,000 to $250,000, on October 3rd, 2008 to help ease run on banks. The new limits will be in place until December 31st, 2009.
