Being that Discover Bank’s IRA CD is mostly a guaranteed safe route when it comes to investment. The yield of guaranteed returns emphasizes the growing reasons why the numbers are growing of people opening such an account. In fact, investing in a money market account through your IRA itself will yield you the most reliable results with your money remaining secured even through disorderly times in the market.
Editor’s Note: If you’re looking for a shorter term, you can always take advantage of Discover’s Online Savings Account below for a competitively high interest rate.
 Open a Discover® Online Savings Account for all these features: • Earn $200/$150 Bonus with promo code LOP325 by 9/11/2025 • Earn high interest rate of 3.60% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code LOP325 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200. What to know: Offer not valid for existing or prior Discover savings customers. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 09/11/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding, see FAQs on Discover.com/Bank. |
 • 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 2.00% APY up to 4.00% APY • 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. |
How To Open Discover Bank IRA:
- Go to Discover Bank’s Online Landing Page.
- Hover your mouse over to the ‘Open an Account’ button on the top-right portion.
- The last option they give you is ‘IRA-CD’. Be sure to click on IRA-CD
- Provide all the necessary information:
- Your social security number.
- Your driver’s license or other photo I.D. like a passport.
- Your bank account information — your bank’s routing number and your bank account number.
- Your employment information — your employer’s name and address.
- Some Deposit money.
- Pick the term of your IRA
- Transfer money – you will essentially be earning interest on the money you transfer
- You can choose whether or not you want to set up automatic investment plan. (I’d advise it considering this is a effective tool for you to keep consistency with your deposits)
Before Investing:
Here are some things to consider prior to investing
- You should have some money tucked away in a savings account for emergencies; $1,000 minimum, I should say.
- Pay off or at least put a huge dent in your credit card debt or any other debt to eliminate the pain of just circulating money everywhere.
Discover Bank IRA CD Account Features:
- Roth: Funded with after-tax dollars.
- Earnings and withdrawals are tax-free.
- Contributions are not tax deductible.
- Transfers: Funded with pre-tax dollars.
- Earnings are tax-deferred.
- Tax-deductible up to certain income limits
Discover Bank IRA CD Rates
| IRA CD Term | APY Rate |
|---|---|
| 3-Month Term | 2.00% APY |
| 6-Month Term | 3.70% APY |
| 9-Month Term | 4.00% APY |
| 12-Month Term | 4.00% APY |
| 18-Month Term | 3.80% APY |
| 24-Month Term | 3.80% APY |
| 30-Month Term | 3.50% APY |
| 3-Year Term | 3.50% APY |
| 4-Year Term | 3.50% APY |
| 5-Year Term | 3.50% APY |
| 7-Year Term | 3.50% APY |
| 10-Year Term | 3.50% APY |
Conclusion:
Setting up an IRA account with Discover Bank can be as easy as a walk in the park. You may need some pre-requisites before applying for an account such as a social security number, driver’s license (source of photo identification), bank account information, employment information and some initial deposit money. Transfer as much money as you like; the more you transfer, the better yield you’ll have in the long run. These accounts are for those looking to invest long-term with guaranteed returns as safety in mind. I advise that you open both the savings for emergency money and IRA for investment and higher returns. See our full list of brokerage bonuses for any and all of your investment needs.
 The Blue Cash Everyday® Card from American Express offers $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months. Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 18.24% to 29.24% variable APR. You'll earn: • 3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%. • 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%. • 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%. • 1% back on other eligible purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout. There are no annual fees with this card (See Rates & Fees). Terms Apply. |
