Discover Bank Savings, Money Market and IRA CD Rates for October 2013

Discover Bank has updated its rate chart and has come up with the following savings, money market and IRA CD rates effective October 8, 2013.

October Rates: Effective as of 10/8/2013

Savings Account APY Rate
Online Savings 0.80% 0.80%
Money Market APY Rate
$250 – $499 0.70% 0.70%
$500 – $2,499 0.70% 0.70%
$2,500 – $4,999 0.70% 0.70%
$5,000 – $9,999 0.70% 0.70%
$10,000 – $24,999 0.70% 0.70%
$25,000 – $49,999 0.70% 0.70%
$50,000 – $99,999 0.70% 0.70%
$100,000 + 0.80% 0.80%
Certificate of Deposit/IRA Account  APY Rate
3 Month 0.35% 0.35%
6 Month 0.65% 0.65%
9 Month 0.70% 0.70%
12 Month* 0.90% 0.90%
18 Month* 0.95% 0.95%
24 Month* 1.05% 1.04%
30 Month* 1.10% 1.09%
36 Month* 1.25% 1.24%
48 Month* 1.40% 1.39%
60 Month* 1.65% 1.64%
84 Month 1.80% 1.78%
120 Month 1.90% 1.88%

Back in July 2013, we featured Discover Bank’s IRA CD rate chart showing a 12 month IRA CD rate at 0.80%APY. Now the rate stands at 0.90% or an increase of 0.10%APY. The 18 month IRA CD rate term going forward also showed some decent rate increases. In May this year, the 12 month IRA CD rate was at 0.85%APY and in April it was at 0.90%APY.

What does this mean for your IRA CD investment? The answer is it all depends on the bulk of your investment. The bigger the amount invested the bigger the return when IRA CD rate goes up and vice versa.

 

 

 

Leave a Reply

Your email address will not be published.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