Discover Bank – CD Rates
November 9th, 2010
Updated 3/25/2020
Discover Bank has for the most part remained in good standing. The bank backs their credit card business so they don’t have a bunch of mortgage loans going bad. Looks like they are doing good. When we last updated them in 2010, the 2nd quarter profit number was $48MM. It jumped up to $308MM in the 3rd quarter. For all of 2011, the profit was $2.1BB. Profit for Q4 2018 is 108BB. That is a considerable increase.
| FDIC# | 5649 |
| Stats Updated: | 9/19 |
| Star Rating: | 5 (*****) |
| Assets: | $109.1BB |
| Equity: | $11.2BB |
| Capital Ratio: | 14.22% |
| Profits(loss): | $2.1BB |
| Phone#: | (800) 347-7000 |
| Contact: | Customer Service |
| Address: | 502 E. Market Street Greenwood, DE 19950 |
| Penalty: | 18-month loss of interest (5-year CD) |
| Website: | https://www.discover.com/online-banking/cd/ |
Discover Bank has retail and institutional rates. I haven’t dealt with the retail side of things, but the folks on the institutional side are wonderful. Individual investors can open a CD on-line or over the phone. Institutional investors have to complete a series of forms. Once all documentation has been completed, Discover Bank issues an account# to wire into. The 6-month penalty is a nice feature as well. Their CD rates are competitive.
| Retail CD Rates | |
| Updated: | 3/25/20 |
| 1-Year: | 1.75% |
| 18-Months: | 1.75% |
| 2-Year: | 1.75% |
| 3-Year: | 1.80% |
| 4-Year: | 1.80% |
| 5-Year: | 1.80% |
| 10-Year: | 1.80% |
So go forth and “discover” yourself some yield, Man.
cd :O)
-- By Chris Duncan
