topic Re: Any experiences with Discover Bank? in Community Chat

Any experiences with Discover Bank?

gidgetgh — Wed, 08 Nov 2023 14:44:18 GMT

I have a cd that matures tomorrow. The bank's current cd rates aren't all that great. And I really don't have a lot of time right now to search out other sources.

I have a Discover card and was online this morning and saw that they're offering a 12 month cd right now for 5.00% interest.

Has anyone ever used them for a cd? They're FDIC insured, but I am sometimes hesitant to try something new.

Re: Any experiences with Discover Bank?

millieshops — Wed, 08 Nov 2023 14:50:30 GMT

@gidgetgh I have no Discover bank experience, but if you have time, take at quick look at Bankrate and see if they're included and rated.

Re: Any experiences with Discover Bank?

scatcat — Wed, 08 Nov 2023 14:55:09 GMT

DD uses both Ally and Discover online banking. No issues. You can call Discover with any questions (I did). I believe deposits and withdrawals are thru an ACH.

Happy to make high yields on accounts!

Re: Any experiences with Discover Bank?

gidgetgh — Wed, 08 Nov 2023 15:02:10 GMT

@millieshops wrote:
@gidgetgh I have no Discover bank experience, but if you have time, take at quick look at Bankrate and see if they're included and rated.

@millieshops - thanks. I've used Bankrate before. You just have to wade through so many options that I'm not interested in, but I'll take another look to see if they give a rating for Discover.

Re: Any experiences with Discover Bank?

gidgetgh — Wed, 08 Nov 2023 19:15:03 GMT

@scatcat wrote:
DD uses both Ally and Discover online banking. No issues. You can call Discover with any questions (I did). I believe deposits and withdrawals are thru an ACH.

Happy to make high yields on accounts!

@scatcat - yeah. Right now, the interest rates are in favor of those who get cd's and high yield money markets. I have a high yield account with American Express and have never had issues with it. I've had a Discover card for many years with no issues so I might just take the plunge with them. I love the 5.00% rate. My bank is offering 3.5%. I called another local bank this morning and they're offering 2.00% for 12 months. In case the rates start dropping, I really want to lock in with a cd for this.

Re: Any experiences with Discover Bank?

SloopJohnB — Wed, 08 Nov 2023 16:04:19 GMT

@gidgetgh wrote:
I have a cd that matures tomorrow. The bank's current cd rates aren't all that great. And I really don't have a lot of time right now to search out other sources.

I have a Discover card and was online this morning and saw that they're offering a 12 month cd right now for 5.00% interest.

Has anyone ever used them for a cd? They're FDIC insured, but I am sometimes hesitant to try something new.

@gidgetgh My family and myself have many CD's with Discover, including both Roth and Traditional IRA ones, too. No problem whatsoever.

Re: Any experiences with Discover Bank?

occasionalrain — Wed, 08 Nov 2023 16:46:56 GMT

I have three CDs with Discover and a savings account that pays over 3%. Transfer are easy, six a month are free. I leave money there and just transfer what I need to pay bills when they come due.

Re: Any experiences with Discover Bank?

KailaS — Wed, 08 Nov 2023 17:21:41 GMT

Discover bank is easy to work with. So is Capital one 360. Capital One currently has savings at 4.3% and a 10 month CD, at 5.3%. Good luck.

Re: Any experiences with Discover Bank?

Meowingkitty — Wed, 08 Nov 2023 19:06:39 GMT

I got a couple of CD's, 1 in Sept and 1 in October and both were well over 5.5%. One cd is from Wells Fargo and the other is BofA. Of course things may have changed in the past couple of months.

Re: Any experiences with Discover Bank?

gidgetgh — Wed, 08 Nov 2023 19:16:51 GMT

@Meowingkitty wrote:
I got a couple of CD's, 1 in Sept and 1 in October and both were well over 5.5%. One cd is from Wells Fargo and the other is BofA. Of course things may have changed in the past couple of months.

@Meowingkitty - I called Chase Bank near me this morning and their 12 month rate is 2.00%. My bank, Truist, is 3.50%.

We have Wells Fargo and BofA here.

Re: Any experiences with Discover Bank?

jlkz — Wed, 08 Nov 2023 23:51:04 GMT

@gidgetgh

We have been using Edward Jones company and they are on top of CD's from many, many sources. We have many CD's and all are over 5.X %. They are easy to deal with and very knowledgeable.

Remember to ask about the FDIC insured level / person....they should be able to alert you if you're approaching it.