Discover Bank IRA CD Rates as of August 30, 2011

Discover Bank is updating its rate chart again for this month. The last update was early this month. Discover Bank IRA CD Rates as of August 30, 2011 is seen in the below table. Please take notice that Discover Bank’s 10 year IRA CD remains the same at its previous rate of 3.00%APY. This rate has been consistent since the beginning of 2011.

Discover Bank has a superior rating or a five (5) star rating from bankrate.com’s Safe and Sound Rating System.

Rate Chart of Discover Bank as of 08/30/11

Term                APY

3 months         0.50%APY

6 months         0.90%APY

9 months         1.00%APY

12 months       1.15%APY

18 months       1.25%APY

24 months       1.35%APY

30 months       1.45%APY

3 years            1.70%APY

4 years             1.80%APY

5 years             2.20%APY

7 years             2.45%APY

10 years           3.00%APY

Under the CDs overview of Google advisor, Discover Bank’s 10 year term CD is on the top of its list at 3.00%APY followed by Bank of America at 2.51%APY, Capital One at 2.50%APY and Intervest National Bank at 2.05%APY. The only difference is that Discover Bank requires a minimum deposit amount of $2,500, but still this is low compared to what is required by Capital One Bank, which is $5,000. Bank of America requires $1,000 as the minimum amount to open the CD.

The bottom line is to check the bank which offers the best IRA CD rate. However, before investing in a CD account, never forget to check the bank’s rating and if it FDIC insured. FDIC insurance will make you feel secure while letting your money grow by itself.

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