You can often get higher than advertised rates at your local branch if you do your homework. Print out the "Very Best CD Rate Survey" and bring it in with you. Print out some of the advertisement of rates advertised on your bank's competing web sites so you have proof.
Discover Bank Certificate of Deposit Accounts " as of 9/23/08
Discover Bank
Discover Bank Certificate of Deposit Accounts " as of 9/23/08
| Term | Interest Rate | APY |
|---|---|---|
| 3 months | 3.00% | 3.04% |
| 6 months | 3.10% | 3.14% |
| 9 months | 3.35% | 3.40% |
| 1 year | 3.97% | 4.04% |
| 1½ years | 4.30% | 4.39% |
| 2 years | 4.41% | 4.50% |
| 2½ years | 4.27% | 4.36% |
| 3 years | 4.65% | 4.75% |
| 4 years | 4.85% | 4.96% |
| 5 years | 5.05% | 5.17% |
| 7 years | 5.10% | 5.23% |
| 10 years | 5.30% | 5.44% |
Discover Bank
Bottom line: It never hurts to ask the teller if better rates are available when you do your homework!
"Highest CD Rate Survey"| Term | Date | Highest Rate (APY) | Where? (Click link for Full Rate Sheets) |
| Daily Savings | 9/23/08 | 2.27*% | Vanguard Prime Money Market Fund |
| Tax Exempt | 9/23/08 | 2.82% | Vanguard Tax Exempt Money Market Fund |
| Online Savings | 9/23/08 | 3.85% | Corus Bank & 3.25% at HSBC Bank |
| 3-Month Treasury | 9/23/08 | 0.72% | US Treasury Rates |
| 6 Months | 9/23/08 | 4.25% | AmTrust Direct |
| 7 Months | 9/23/08 | 4.00% | Wachovia Bank |
| 1 Year | 9/23/08 | 5.00% | Washington Mutual - WaMu |
| 1 Year Treasury | 9/23/08 | 2.17% | US Treasury Rates |
| 18 Months | 9/23/08 | 4.50% | ING Direct |
| 2 Years | 9/23/08 | 4.50% | Wachovia Bank & 4.52% State Bank of India |
| 3 Years | 9/23/08 | 4.75% | Discover Bank |
| 4 Years | 9/23/08 | 4.96% | Discover Bank & 4.97% @ E-Loan |
| 5 Years | 9/23/08 | 5.17% | Discover Bank |
| 5 Yr Treasury | 9/23/08 | 2.99% | US Treasury Rates |
| 7 Years | 9/23/08 | 5.23% | Discover Bank |
| 10 Years | 9/23/08 | 5.44% | Discover Bank |
| 10 Yr Treasury | 9/23/08 | 3.80% | US Treasury Rates |
| 30 Yr Treasury | 9/23/08 | 4.38% | US Treasury Rates |
It costs money to get new accounts so Banks often give you a deal if you are ready to walk out the door with a chashier's check after you close your CD.
Definition: A Certificate of Deposit or CD is certificate from a bank stating that the named party has a specified sum on deposit, usually for a given period of time at a fixed rate of interest. Often there is a penalty for early withdrawal (taking your money out before the specified period of time.)
Definition: A Certificate of Deposit or CD is certificate from a bank stating that the named party has a specified sum on deposit, usually for a given period of time at a fixed rate of interest. Often there is a penalty for early withdrawal (taking your money out before the specified period of time.)
