CD ladders: Peace of mind for your money
A CD ladder lets you spread a lump sum of cash across multiple CDs to help you access your money more frequently.
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More opportunities to withdraw your money
Opening multiple CDs with varying term lengths means you have more access to your money than a single long-term CD. -
Worry less about trying to time the market
If interest rates rise, you can take advantage of the higher rate the next time a CD in your ladder renews. -
Save with confidence
Every CD account you open is FDIC-insured up to the maximum allowed by law.
How to build a CD ladder
Define your savings goals
Divide your investment
Renew or cash out
Build your own CD ladder today
CD ladder vs a long-term CD
CD ladder
- More frequent access to your money
- Multiple CDs to manage
- Guaranteed returns
Example: $5,000 in a 12-month CD, $5,000 in a 24-month CD, and $5,000 in a 36-month CD.
Long term CD
- Less frequent access to your money
- One CD to manage
- Guaranteed returns
Example: $15,000 in a single 36-month CD.
CD ladder FAQ
View CD FAQ
What is the minimum deposit amount to open a CD Account?
There is no minimum deposit to open a Discover CD Account.
How can I fund my CD Account?
At the time of application, you’ll have the option to fund now or fund later.
If you choose fund now, you can typically fund your CD account in one of the following ways:
- Transfer from an eligible Discover bank account you own (internal transfer)
- Transfer from an external bank account you own (external transfer via ACH)
If you choose fund later, you can fund your CD account in one of the following ways:
- Transfer from an eligible Discover bank account you own (internal transfer); you can initiate this transfer by sending a secure message or calling us
- Mail a check that includes your CD account number, made payable to you to:
Discover
PO Box 30417
Salt Lake City, UT 84130
*Please note that Travelers Checks will not be accepted.
- Send a wire transfer; for domestic wire transfers (from another bank in the U.S.), please wire funds to:
Beneficiary Bank: Discover Bank
ABA/Routing Number: 031100649
Beneficiary Bank Address (if required): 502 East Market Street, Greenwood DE 19950
Beneficiary Name: Your name (as it appears on your Discover bank account)
Beneficiary Address: Your address (as it appears on your Discover bank account)
Beneficiary Account Number: Your Discover bank account number
For more information about wire transfers or instructions for sending an international wire transfer, please refer to our “How do I receive a wire transfer” and “Is there a fee for receiving a wire transfer” FAQs.
How is interest on my CD calculated?
Interest is compounded daily and credited to your account monthly.
When will I start earning interest on new deposits?
If we receive your deposit before your Account is opened, interest will begin to accrue on the deposit on the Business Day your Account is opened. Once an Account is opened, interest begins to accrue on a deposit on the Business Day we receive your deposit.
Is the CD Account FDIC-insured?
Yes, funds in Discover deposit accounts are FDIC-insured up to the maximum amount allowed by law. For more information, visit our FDIC information page.
Learn more about CDs
Save with confidence—you’re FDIC-insured
- FDIC deposit insurance is up to $250,000 per depositor, per insured bank, per deposit ownership category
- May apply to retirement accounts
- Coverage is automatic
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