Discover Bank Offers Penalty Free CD Withdrawals for the Unemployed

Discover Bank just annouced a new program that allows 12 month CD account holders to withdrawal their money penalty free if they become unemployed.

Discover Bank will allow penalty-free early withdrawals from 12-month certificates of deposit for new and renewing account holders who lose their jobs.

To qualify for penalty-free withdrawals account holders must open or renew a 12-month CD with a minimum $2,500 balance between July 1 and Dec. 31, 2009. If the account holder involuntarily loses his or her job during the term of the CD, they will be allowed to make a partial withdrawal of the funds or close the account with a full return of their principal and any credited interest with no penalties. The program also applies to self-employed people under certain circumstances.

Discover Bank

One of our readers, Amanda Bonzo , alerted us to this deal. Thanks Amanda!