Discover Bank’s “Penalty Free” 12 month CD
Just got forwarded a press release from Discover Bank regarding their “penalty free 12 month certificate of deposit.”
A note from Discover Bank:
As part of a continuous effort to respond to the needs of savings-conscious consumers who need some peace of mind during these times of economic uncertainty, Discover Bank will allow penalty-free early withdrawals from 12-month certificates of deposit for new and renewing account holders who lose their jobs.
Who is eligible?
To be eligible, account holders must open or renew a 12-month CD with a minimum $2,500 balance between July 1 and Dec. 31, 2009. If the account holder involuntarily loses his or her job during the term of the CD, they will be allowed to make a partial withdrawal of the funds or close the account with a full return of their principal and any credited interest with no penalties. The program also applies to self-employed people under certain circumstances.
Discover Bank’s 12 month CD is currently yielding an APY of 2.20%.
View Discover Bank’s No Penalty CD
