Discover Bank IRA CD Rates for April 2013

Discover Bank’s rate chart effective April 9, 2013 features a 3 year term IRA CD. The featured rate is 1.25%APY for a 3 year term. This featured rate is 0.05%APY short of the bank’s offer for a 3 year term IRA CD in February this year.  In February 2013, Discover Bank’s 3 year term IRA CD stood at a rate of 1.30%APY.

The April 2013 rate chart of the bank is shown below for comparison to what the bank offered in previous months:

Discover Bank IRA CD Rate Chart
Term Interest Rate APY1
3 Months 0.40% 0.40%
6 Months 0.75% 0.75%
9 Months 0.80% 0.80%
12 Months 0.90% 0.90%
18 Months 1.00% 0.95%
24 Months 1.09% 1.05%
30 Months 1.19% 1.10%
3 Years 1.29% 1.25%
4 Years 1.49% 1.40%
5 Years 1.64% 1.60%
7 Years 1.88% 1.90%
10 Years 1.98% 2.00%

The rate chart for this month compared to the rate chart two months ago or in February 2013 showed a difference in rates of 0.05%APY and 0.10%APY for the IRA CD terms of 24 months, 30 months, 3 years, 4 years and five years.

For example, in February 2013, the rate for 30 months IRA CD was 1.20%APY however for April 2013 it is 1.10%APY or a rate difference of 0.10%. 0.10%APY may not be that much but this will result in a decent amount of interest earnings for those with huge IRA CD investments.

In August 2012, Discover Bank’s 3 year term IRA CD stood also at 1.30%APY which is the same rate offered by the bank in February 2013.

 

 

 

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