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Tuesday, September 23, 2008

5.44% CD at Discover Bank - Best CD Rate Update

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

TermInterest RateAPY
3 months3.00%3.04%
6 months3.10%3.14%
9 months3.35%3.40%
1 year3.97%4.04%
1½ years4.30%4.39%
2 years4.41%4.50%
2½ years4.27%4.36%
3 years4.65%4.75%
4 years4.85%4.96%
5 years5.05%5.17%
7 years5.10%5.23%
10 years5.30%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
9/23/082.99%
US Treasury Rates
7 Years 9/23/08 5.23% Discover Bank
10 Years9/23/085.44% 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.)

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