Discover Bank emailed me the other day to let me know they have a redesigned website with some new features. I took a look and it also prompted me to see how they were doing on rates.
In terms of the website, here's what's new:
Financial calculators. They added four new financial calculators to help you see how Discover rates compare to national averages. These include:
- Savings Goal Calculator - helps you understand the trade-off between monthly contribution and savings horizon to reach your savings goal
- IRA Calculator - this calculator can help you understand how your money will grow tax-free over time through investing in FDIC insured CDs in an IRA account
- Money Market Calculator - use it to compare Discover Bank rates against the national average for various deposit amounts
- CD Calculator - use it to Discover Bank rates against the national average for various CD terms
They also added some new content including articles on FDIC insurance coverage limits, and retirement savings goals.
Perhaps best of all from my perspective, they've expanded their phone service support to 24x7.
Competitive CD Rates
Discover has had competitive CD rates for some time. At the moment, their most competitive terms are 3 year, 4 year, and 5 year CDs. For 5-year CDs, they have an especially competitive rate that's currently at 3.5% APY.
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