Discover Bank’s 5 year CD rates VS. local bank rates

June 24th, 2009 Posted in bank CD rates

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For shorter term certificate of deposits, say 6 months to 18 months, I have found that may local credit unions and banks are offering some of the best rates available. Today though, I looked into some of the longer term certificate rates in my area as well as a few other major cities along the west coast and found that Discover Bank (who opens it’s doors to customers nationwide) has long term CD rates that are trouncing some of these smaller thrifts.

5 Year Certificate of Deposit with Discover Bank

(Rates effective as of yesterday, 6/23/2009)

earn 3.50% APY with a $2,500 minimum balance
no fees associated with this account (besides penalty for early withdrawal)

How does Discover Bank’s 5 year CD rate stack up against the competition?

After comparing this rate to some local lenders in Los Angeles, Portland and Seattle, I found Discover Bank’s offer to beat all of the best 5 year CD rates listed in those areas.

Seattle: Best local Offer – HomeStreet Bank 5 year CD yielding 3.40% APY

Portland: Best Local Offer – Wells Fargo 5 year CD yielding 3.00% APY

Los Angeles: Best Local Offer – Lajolla Bank 5 year CD yielding 3.45% APY (this account comes with a $10,000 minimum deposit)

This entry was posted on Wednesday, June 24th, 2009 at 11:29 am and is filed under bank CD rates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Discover Bank’s 5 year CD rates VS. local bank rates”

CJ Says:

June 24th, 2009 at 12:17 pm

The five year is a solid rate from discover but if you want 1 year rates or somethin around there those other banks will get you a better rate