Question 1

What is the minimum deposit amount to open a CD Account?

Accepted Answer

There is no minimum deposit to open a Discover CD Account.

Question 2

Can I open a Certificate of Deposit (CD) as a Trust or Custodial account?

Accepted Answer

Yes. We allow a range of account ownership types including Trust, Custodial (UTMA), Guardianship, and Estate. To open one of these account types, please call us at 1-800-347-7000 and a Banking Specialist will assist you.

Question 3

How can I fund my new CD Account?

Accepted Answer

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.

Question 4

How can I learn more about a Discover CD Account?

Accepted Answer

Please see the Certificate of Deposit Product Page for more information.

Question 5

Is the CD Account FDIC-insured?

Accepted Answer

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.

Question 6

Can I find my CD maturity date online?

Accepted Answer

Yes. Click here to log into your account. Once logged in, select your CD Account on the “Account Summary” page. Your maturity date will be displayed in the CD account details.

Not registered for the Account Center? Register Now

Question 7

What happens when my CD matures?

Accepted Answer

We will send you a notification 30 days before your CD matures. When your CD matures, you may make a deposit or withdrawal and change the term of your CD during the grace period. The grace period lasts for 9 days immediately following the maturity date. Your CD will automatically renew if you don't take any action during the grace period and interest withdrawn on the account will not affect the grace period. Any term change, deposit, or withdrawal of principal during the grace period will end the grace period. In some cases, the Early Withdrawal Penalty may reduce the principal in the CD.

Question 8

How do I provide instructions to renew or close my CD upon maturity?

Accepted Answer

Starting 30 days before the maturity date and up to the end of your grace period, which is 9 days after your maturity date, you can provide instructions. If you provide instructions before the maturity date, we will process them on the maturity date and the grace period will no longer apply.

Here’s how:

Mobile app: Log in and select your CD. Then, tap View Account Details at the bottom of the page, select Maturity Instructions, select Modify and Renew, and follow the prompts.

Online: Log in and select your CD. Click the Account Settings link located right below the account name, click Edit within Maturity Instructions, and follow the prompts.

Please note that if you wish to add or withdraw funds by check, add funds by wire, or close your account, we will need you to send us a secure message or call us to provide your instructions instead.

Question 9

Will I receive a certificate for my CD?

Accepted Answer

No. You will not receive a certificate for your CD, however, you will receive a welcome kit when you open your account, and you can access your account information anytime via the Account Center.

Not registered for the Account Center? Register Now

Question 10

What fees and service charges are associated with my CD Account?

Accepted Answer

We do not charge any account-related fees, however, there is a $30 Wire Transfer Service Charge for outgoing wires from your Discover bank account.

There are early withdrawal penalties associated with CD accounts. Please click here for information on early withdrawal penalties for CDs.

Question 11

How can I fund my new CD Account?

Accepted Answer

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.

Question 12

Can I make additional deposits to my CD?

Accepted Answer

Additional deposits cannot be made during the term of any CD. However, once your CD matures, you can deposit additional funds once during the grace period.

Question 13

How can I withdraw money from my CD Account?

Accepted Answer

You can withdraw money from your CD Account in the following ways:

After your CD maturity date, there is a grace period of 9 days when you can make changes to your CD, including a withdrawal without an Early Withdrawal Penalty. Please note that any term change, deposit, or withdrawal of principal during the grace period will end the grace period.
Interest can be withdrawn from your CD at any time without a penalty.
Principal withdrawals can be made outside of the grace period, however, an Early Withdrawal Penalty will apply.

Question 14

How do I receive interest from my CD?

Accepted Answer

You can allow the interest earned to remain in your account and take advantage of compounding or have the interest transferred to an eligible Discover Account.

Question 15

When will I start earning interest on new deposits?

Accepted Answer

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.

Question 16

How can I lock in a non-IRA CD interest rate for new CDs?

Accepted Answer

If we receive your CD funding within 10 days of submitting your application (including your application date), the interest rate and Annual Percentage Yield (APY) will be the highest of the interest rate and APYs we offered (applicable to your Non-IRA CD Account for that term) on either: the date you submitted your application, (2) the date your account was opened, or (3) the date we received your funding. If we receive your funding more than ten (10) days (including your application date) after your application date, your Non-IRA CD Account interest rate and APY will be the interest rate and APY we offer (applicable to your Non-IRA CD Account for that term) on the date we receive the funding. The interest rate, APY and maturity date for your Non-IRA CD Account will be confirmed in your Welcome Kit. You will have 45 days to fund your Non-IRA CD Account starting from the date your account was opened.

Question 17

How is interest on my CD calculated?

Accepted Answer

Interest is compounded daily and credited to your account monthly.

CD Account FAQ

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