Discover Bank IRA CD Rates for August 2012

Discover Bank IRA CD rate changes often but, unlike the first six months of 2012, the IRA CD rates for this month, August 2012, remains the same as the IRA CD rates in July 2012.

Here are Discover Bank’s IRA CD rates for the month of August 2012.

3 months – 0.40%APY

6 months – 0.75%APY

9 months – 0.80%APY

12 months – 0.90%APY

18 months – 0.95%APY

24 months – 1.15%APY

30 months – 1.20%APY

3 years- 1.35%APY

4 years – 1.55%APY

5 years – 1.75%APY

7 years – 2.00%APY

10 years – 2.10%APY

As with its July 2012 IRA CD rate chart, Discover Bank for this month still features the same 10 year term IRA CD rate at 2.10%APY. Opening deposit requirement for an IRA CD account with Discover is at least $2,500. Deposits are also covered by FDIC insurance up to the maximum amount allowed by law.

This offer applies to personal accounts only. Not convinced to open a new IRA account? You may want to check TD Ameritrade if you are really looking into investing into an IRA account. Currently, TD Ameritrade offers $600 cash when you open a new IRA account with them. That is free money going into your account, but don’t  be tempted. There is a catch in it. The requirement is you must first satisfy the requirements before you earn your cash bonus.

Compare the above 3 months IRA CD rate of Discover with the best 3 months CDs for July 2012. Here, you will notice that while Discover offers 0.40%APY some banks like EverBank offers 0.66%APY with a minimum opening deposit of $1,500.

In other words, it is a wise judgment to always compare IRA CD rates of banks before trusting them your hard-earned money. There are always good bank deals if you are not lazy enough to scout around. Some banks are even giving incentives like free cash or free gift items. Why not grab them and, at the same time, let your money grow with the bank.

Options are endless for those who persevere.

 

 

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