Best 5 Year CD Rates, Discover Bank
If you are looking for the best 5 year CD rates, Discover Bank is noticeably always on the top 3. Discover Bank is probably one of the most recognizable brands in U.S. financial services. In the 1986 Super Bowl, Discover nationally unveiled the Discover Card that started a revolution in the American credit card industry. Discover set out to pioneer change in the credit card industry by offering cash rewards and no annual fees at a time when these were unheard of.
Today, Discover Bank continues to focus on features and services that consumers wanted but could not find anywhere else. It has been Bankrate.com’s Top Tier Quarterly Winner for the 4th quarter of 2008 for consistently high yields. With a minimum deposit of $2500 to earn APY, Discover Bank’s 5 year CD as of 12/01/2009 has an interest rate of 3.25% with an APY of 3.30%. One of Discover Bank’s strong points is that it pays competitive rates that consistently exceed the national average for a 5 year CD which is 1.87%. How you accumulate interest is totally up to you, whether you choose to accumulate interest in your CD or transfer it to another account. Interest is compounded daily and credited monthly. Your principal is secure and not subject to fluctuations in the market.
Researching rates from other banks, one needs to scrutinize the best each bank can offer. Focusing on the best possible 5 year CD rates, you will find that Goldwater Bank has the highest figures as of 11/12/2009 with an interest rate of 3.50% and an APY of 3.55%. The minimum deposit to earn APY, however, is $50000. Acacia Federal Savings Bank Online, on the other hand, only has $500 minimum deposit to earn APY. Their 5 year CD as of 11/30/2009 has an interest rate of 3.35% with an APY of 3.40% but this applies only with internet transactions. If you are considering having these rates, making sure you check with these banks about their current bank rates.
Choosing from the best 5 year CD rates, Discover Bank has the terms and conditions that may be the most logical and sensible.
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