Use by C.D. Reiss5/22/2023 ![]() You start by submitting basic personal information, such as your Social Security number (SSN) and contact details. 24 month simple interest for CD terms between seven and 10 years.ĭiscover makes it easy to open a CD online.18 months simple interest for CD terms between five and seven years.Nine months simple interest for CD terms between four and five years.Six months simple interest for CD terms between one and four years.Three months simple interest for CDs of less than one year.Should you take back your deposit before the term expires, you’ll owe a fee. There are no fees to set up the CDs or maintain them and they’re guaranteed by the Federal Deposit Insurance Corporation (FDIC). ![]() Whatever term(s) you choose, all of Discover’s CDs have daily compounding interest and a minimum deposit requirement of $2,500. The yields from CD with terms shorter than a year are beaten out by some high-yield savings accounts. ![]() Practically, this means that you should target CDs with terms between 12 and 30 months. ![]() This is due to two simultaneous developments: the Federal Reserve raising short-term interest rates and market participants expecting the economy to slow down in the near future. CD rates tend to be higher for longer terms, however, you’ll quickly notice that the yields above hit their zenith at the 18-month mark. ![]()
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