Discover Bank IRA CD Rates December 2011

Discover updated its bank IRA CD rates effective December 1, 2011. The IRA CD terms are 3 months and up to 10 years. Whatever IRA CD term you feel is right for you, Discover has it. You can compare the current IRA CD rates of Discover from its previous offer for the past six months.

Here are the current IRA CD rates offer of Discover Bank:

  • 3 months – 0.40%APY
  • 6 months – 0.75%APY
  • 9 months – 0.85%APY
  • 12 months – 1.00%APY
  • 18 months – 1.10%APY
  • 24 months – 1.20%APY
  • 30 months – 1.30%APY
  • 3 years – 1.45%APY
  • 4 years – 1.65%APY
  • 5 years – 1.90%APY
  • 7 years – 2.10%APY
  • 10 years – 2.50%APY

The above IRA CD rates offer applies to personal accounts only and are based on a $2,500 minimum balance. Thus, not applicable for business accounts and for account balances that falls below the minimum balance requirement. Also, if you make an early withdrawal, you  may be charged a penalty. The above rates may change daily so it’s best to check back more often for updates.

If you have reviewed the best IRA CD rates for October 2011, you will notice that Discover offered a rate of 2.15%APY on its 5 year term IRA CD with the same minimum balance requirement. The said rate was the same for September 2011. It is only this month  (December 2011) that the 5 year IRA CD rate falls 0.25%APY. It is quite a big drop from the previous months’ rate.

In addition, Discover’s 7 year IRA CD rate for this month is only 2.10%APY compared to what it offered in September 2011, which was at 2.45%APY. A difference of 0.35%APY, which is also quite a big drop.

If you are into a short term CD then you may want to check out CIT Bank 1 year achiever CD which currently is at 1.15%APY. Discover offers 1.00%APY.

IRA CD rates are falling but it should not be the main reason why you should stop investing.

Update: December 20, 2011

Below are updated Discover Bank certificate of deposit rates.

Certificates of Deposit APY
30 Month 1.25%
36 Month 1.40%
48 Month 1.60%
60 Month 1.80%
84 Month 2.05%

*All other rates remain the same.

Leave a Reply

Your email address will not be published. Required fields are marked *