Discover Bank IRA CD Rates effective September 19, 2012

Update: November 17, 2012 New Discover Rates

Discover Bank has updated its rate sheet with the following changes:

5 year CD – 1.70%APY

7 year CD – 1.90%APY

10 year CD – 2.00%APY

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Discover Bank offers IRA CDs with rates that are very competitive in today’s market. The IRA CD, which you can choose from either a Roth or Traditional IRA CD, of Discover is available online. Although Discover Bank’s IRA CD rates continue to drop, there are a few IRA CD terms that are going up. For example, back in July 2012, Discover Bank’s online IRA CD was at 2.25%APY and dropped by 0.15%APY in August 2012 or at 2.10%APY. This rate remains until today, September 19, 2012, at 2.10%APY. This is the featured rate of Discover Bank. However, while rates for its IRA CD are dropping, there are IRA CD terms that are increasing although at a minimal percentage.

See for example below, which is Discover Bank’s IRA CD rate chart for the month of September 2012.

3 months – 0.40%APY

6 months – 0.75%APY

9 months – 0.80%APY

12 months – 0.90%APY. Now at 1.00%APY or an increase of 0.10%APY.

18 months – 0.95%APY. Now at 1.05%APY or an increase of 0.10%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

From the above, two IRA CD rate changes took effect for September 2012 compared to the August 2012 IRA CD rates and these are the 12 month IRA CD rate and the 18 month IRA CD rate, which increased by 0.10%APY.

If you want to invest in a money market account, Discover Bank also offers a money market rate of 0.80%APY for deposits of $100,000 and over.

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