Discover Bank IRA CD Rates May 2011

Discover Bank’s updated rate sheet for May 2011 brought down the 3 month term IRA CD to only 0.50%APY from its previous 0.55%APY in April 2011. This is a drop of 0.05%APY. Not much compared to the national average rate of 0.20%APY for a 3 month term IRA CD.

Rate Chart As of 05/3/11
Term Interest Rate APY**
3 Months 0.50% 0.50%
6 Months 0.90% 0.90%
9 Months 1.00% 1.00%
12 Months 1.19% 1.20%
18 Months 1.29% 1.30%
24 Months 1.39% 1.40%
30 Months 1.49% 1.50%
3 Years 1.73% 1.75%
4 Years 1.98% 2.00%
5 Years 2.32% 2.35%
7 Years 2.57% 2.60%
10 Years 2.96% 3.00%

The IRA CD rates above remain the same, except the 3 month term IRA CD. Also, the APYs are based on a $2,500 minimum balance. Take note that there is a penalty for early withdrawal and the rates may change without prior notice. You can check back here for monthly updates.

The highest IRA CD rate offer for Discover Bank is 3.00%APY. This is ideal for those looking to retire in 10 years as invested funds are secured and guaranteed to earn interest income with a tax-advantage.

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