- Minimum opening deposit of $2,500
- $2,500 minimum balance to earn best interest rate
- Fees may reduce earnings
- Penalty for early withdrawal
- Insured by Federal Deposit Insurance Corp. (FDIC) up to $250,000 per depositor
- Interest is compounded daily and credited monthly
Interest earned on CDs can remain in the account or be transferred monthly to a Discover Bank Money Market or another bank account. If you receive interest payments via a check, there is a $5 fee. You receive statements each year in January. But if you choose to have interest automatically transferred to another bank account, you receive monthly statements. You can also view statements online.
Discover Bank notifies you about three weeks before the CD matures with options to renew. The CD automatically renews if you do not contact the bank at least 10 days prior to maturity. Additional deposits can only be made during the grace period following maturity.