Available nationwide, Discover Bank is currently offering IRA Certificates of Deposits (CDs) with rates up to 3.10% APY.
With a Discover Bank IRA CD account, you’ll enjoy guaranteed returns, peace of mind included. Find the perfect term-length for you, ranging from as little as 3 months to 10 years. Choose from Roth or Traditional IRAs. When choosing which type of IRA to open, you should consider factors such as your taxable income, age, and Tax Filing Status.
Whether you’re planning to retire in a couple years or a couple decades, you should consider having an IRA CD. This can be vital to your financial future as a form of retirement insurance. Financial planners believe you should start contributing to an IRA CD as early as possible in your career, then maximize your contributions each year. Below are the IRA CDs Discover has to offer for you.
If you are interested in opening a new account, be sure to apply as soon as you can or check out our list of Discover Bank Bonuses! In addition, you can also check out other great promotions from banks such as HSBC Bank, Chase Bank, Huntington Bank, TD Bank, BBVA Compass Bank or CIT Bank.
Table of Contents
Discover IRA CD Summary
 | -Just three steps and you’re on your way to saving with a Discover IRA CD -Available nationwide online -Select terms as short as 3 months up to 120 months -Rates ranging from 0.35% APY up to 3.10% APY -Start today with as little as $2,500! -Step-by-step help available 24/7 by phone -Flexible options: Roth (pay now, save later) & Traditional IRAs (earn now, pay later) -Gather your retirement savings into one place. |
Discover IRA CD Information
- Direct Link to Offer
- Account Type: IRA CD
- Availability: Nationwide
- IRA CD Length: Up to 10 Years
- Soft/Hard Pull: Unknown
- Minimum Balance Requirement: $2,500
- Additional Requirements: Must have an address, phone, email and social security number (or other taxpayer ID).
- Early Withdrawal Fee: You may face a penalty if you withdraw before the maturity date.
Discover IRA CD Rates
| IRA CD Term | APY Rate |
|---|---|
| 3-Month Term | 0.35% APY |
| 6-Month Term | 0.65% APY |
| 9-Month Term | 0.70% APY |
| 12-Month Term | 2.65% APY |
| 18-Month Term | 2.65% APY |
| 24-Month Term | 2.70% APY |
| 30-Month Term | 2.70% APY |
| 3-Year Term | 2.75% APY |
| 4-Year Term | 2.80% APY |
| 5-Year Term | 3.00% APY |
| 7-Year Term | 3.05% APY |
| 10-Year Term | 3.10% APY |
Rate Requirements
Earn a competitive APY Rate with a Discover IRA CD account.
- Open a Discover Bank IRA CD account online.
- Set up your account with your address, phone, email, social security and funding option.
- Fill out the forms within 7-10 days of setting up your account.
- Done! Watch for your confirmation letter that your funding has gone through.
Which IRA CD is Right For You?
| Roth | Traditional |
| Key Advantages | |
|
|
| Who The Product Is Best For | |
|
Get taxes out of the way. If you expect tax rates to be higher when you begin making withdrawals, go with a Roth IRA. |
Wait to pay taxes later. If you expect to have a lower tax rate when making withdrawals, choose a Traditional IRA. |
| Eligibility | |
| Taxable earned income within IRS Limits. Limits are based on income and tax filing status. | Anyone under 70½ with taxable earned income. Income limits apply for tax deductible contributions. |
| When Withdrawals Can Be Made | |
| Anytime you want. Contributions can be withdrawn without IRS penalty at any time. Earnings can be withdrawn without penalty at age 59½ if your account is at least 5 years old. | When you’re 59½. Contributions and earnings can be withdrawn without IRS penalty at 59½. Distributions are required by age 70½. |
Conclusion
If you’re interested in saving for your retirement now, Discover Bank offers IRA CD accounts with highly competitive rates. IRA CDs are similar to savings accounts, in that your money earns a set interest rate over time. The higher your rate, the more interest you can earn.
Rates are tiered, based on the CD term you choose. Rates on these accounts do not vary based on balance and terms available range from 3 months to 10 years. That means you’ll get the same great rate on a 10-year CD whether you open an account with $2,500 or $25,000. To get the highest rates, consider opening an IRA CD with a term of three years or longer.
For all other accounts, Discover Bank offers quality customer service and great interest rates! Find other CD rates by viewing our complete list of the Best CD Rates to satisfy all your banking needs!
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