While scouring the internet in search of the highest CD interest rates, we recently learned that Discover Bank has some competitive rates on certificates of deposit. While almost everyone is familiar with Discover credit cards, a lot of people are not aware of the other services provided by Discover Bank, and would not think to check Discover Bank CD Rates when shopping for the best CD rates.

We were pleasantly surprised with the CD rates at Discover Bank overall, but will focus on two in particular that caught our attention:

The Discover 12 Month CD has an interest rate of 3.97 percent, translating to an Annual Percentage Yield (APY) of 4.04 percent.    This certificate of deposit requires a minimum investment of $2,500 to open the Discover Bank CD account.

The other product where Discover CD Rates caught our eye is the Discover 5 Year CD.  This CD earns an interest rate of  5.05 percent, and an APY of 5.17 percent.  To get these Discoverbank CD rates, you will need a minimum deposit of at least $2,500.

These rates strike us as being very attractive for an FDIC insured cd account.   To confirm the rates and terms available in your area, please do visit the Discover bank online banking site.