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Popular Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Popular Bank’s checking account options

Popular Prestige Checking

Move up in the ranks to get bigger and better rewards.
APYMinimum Balance to Earn APY
0.05%$0.01
0.10%$1,000
0.10%$25,000
0.15%$50,000
0.15%$100,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $12 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None (exceptions apply)
  • Overdraft fee: $34

This checking account could be worth it if you qualify for the Popular Rewards rate tiers. This rewards program offers benefits based on your account balance. Essentially, the more money you have in combined account balances across Popular Bank, the more perks you get. This includes ATM refunds, rate increases on linked savings accounts and free monthly services. There are three tiers — bronze, silver and gold — and you’ll automatically be bumped up once you qualify.

To waive the monthly fee for this account, you’ll need to maintain an average monthly balance of $2,000 or a combined monthly deposit balance of $5,000 across your Popular Bank deposit accounts. In addition, you won’t be charged an overdraft fee if the amount is less than $5. You can link to your savings account for overdraft protection and that’ll set you back $5 per transaction.

How to get the Popular Prestige Checking account

You can open an account by filling out an online application form. Provide personal details such as your name, employment information and Social Security number. Then you can fund the account. You can also stop at a branch or call customer service at 1-888-533-5333.

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Popular Everyday Checking

Just that, a basic checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

This is a basic checking account that sadly doesn’t earn any interest. The monthly maintenance fee seems a bit steep for what you get but you can avoid it by keeping an average monthly balance of $1,000 or maintaining $750 a month in combined direct deposits. There’s also a $2 paper statement fee each month, which you can waive by opting for electronic statements.

Just like Popular Bank’s other checking accounts, you get online banking and the ability to link to a savings account for overdraft protection. This option will set you back $5 per transfer. However, you won’t be charged an overdraft fee whichever overdraft option you choose if the overdrawn amount is less than $5.

How to get the Popular Everyday Checking account

You can complete an online application form where you’ll provide personal details such as your name, employment information and Social Security number. From there, you can arrange for your opening deposit. Customers can also open an account in a branch or by calling customer service at 1-888-533-5333.

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Popular eVolve Student account

A simple account for teens, with ATM access.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $2 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

The eVolve student account is meant for students between 13 and 18 years old. To qualify for an account, the teen’s parent or guardian needs to have their own Popular Bank checking account and be the primary co-owner. Once the teen turns 19, the account can then be upgraded to a personal checking account and become the primary (sole) owner. This account doesn’t earn you any interest.

The account offers ATM access but no check writing capabilities or overdraft options. The monthly maintenance fee can be waived if you can make a minimum of five bill pays or ACH deposits each month.

How to get the Popular eVolve Student account

You can only open this account in person. Click here to find your nearest location.

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Popular Fast Track College account

You can save on monthly maintenance fees compared to the Popular Everyday Checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $4 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

For those who qualify, this may be the better choice than the Popular Everyday Checking account as you can get a much lower monthly maintenance fee at $4 compared to $10. Fortunately, both fees can be waived. The monthly fee associated with the Popular Fast Track College Account can be waived if you make five electronic deposits (ACH) or five transactions using bill pay.

You can only open this account if you’re 18 to 24 years old and can provide proof of enrollment at a post-secondary educational institution. Once you turn 25 years old, this account will automatically be converted to a Popular Everyday Checking account.

Unlike the eVolve Student account, this account gives you overdraft and check writing capabilities, on top of online banking and ATM access. Just like the Popular Everyday Checking account, you can link a savings account for overdraft protection and you won’t be charged a fee if your account is overdrawn by less than $5. This account doesn’t earn you any interest.

How to get the Popular Fast Track College account

You can only open this account in person. Click here to find your nearest location.

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Popular Basic Checking

If you want a checking account with low fees, this one is for you.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $34

Popular Basic Checking is for those looking for an account that has low fees and no minimum account balance amounts. However, you don’t earn any interest and there isn’t a way to waive the monthly maintenance fee. You also don’t get unlimited transactions. Instead you get eight free withdrawals a month and then you’ll need to pay $1 for each one over that. You do get to make unlimited deposits.

How to get the Popular Basic Checking account

To open a Basic Checking account, you can head to Popular Bank’s website and fill out an application form by entering in information such as your name, address and Social Security number. Then you’ll need to fund your account. Otherwise, you can call customer service at 1-888-533-5333 or go to the nearest branch.

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How Popular Bank’s checking accounts compare

Even with the Popular Prestige Checking account and its many perks, the rates still fall slightly short of what’s being offered out there. Many other online banks offer ATM refunds, unlimited transactions and no monthly maintenance fees. If those are the most important aspects to you in a checking account, then you’ll probably want to check out our list of the 10 best online checking accounts to do a little comparison shopping.

Popular Bank’s savings account option

Popular Savings

The rate offered isn’t that great but you can get ATM access.
APYMinimum Balance to Earn APY
0.05%$0.01
0.05%$2,500
0.05%$10,000
0.10%$25,000
0.15%$50,000
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: Varies (see table)
  • Monthly account maintenance fee: $12 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

As the only savings account Popular Bank offers, you’re not earning much more than with the Prestige Checking account and you can only waive the monthly maintenance fee if you qualify for the rewards program.

Other features of the Popular Savings account include an ATM card, online and telephone banking. Keep in mind you are limited to six withdrawals per month as mandated by Federal Reserve Regulation D or else you’ll need to pay $5 for each excessive withdrawal.

How to get the Popular Savings account

Head over to Popular Bank’s website and fill out an application form. You’ll be asked to provide details such as your name, address and Social Security number. Then you’ll need to fund the account.

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How Popular Bank’s savings account compares

Popular Bank’s savings account really isn’t that great when comparing it with other choices out there. Sure, you can waive the monthly maintenance fee, but you need to qualify for the bank’s reward programs in order to do so. You do get ATM access but so do other banks and credit unions.

To maximize your savings, you’re probably better off looking at the ones on our list of the best online savings accounts instead.

Popular Bank’s CD rates

Certificates of deposit

These are some of the highest rates we’ve seen.
TermAPY
13 months2.65%
21 months1.85%
25 months1.95%
3 years2.00%
4 years2.00%
5 years2.05%
  • Minimum opening deposit: $1,000
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty: Depends on CD term:
    • Less than 91 days – 98 days’ simple interest
    • 91 days up to 12 months – 120 days’ simple interest
    • 12 to 36 months – 270 days’ simple interest
    • 36 to 60 months – 365 days’ simple interest
    • 60 months and up – 730 days’ simple interest

Popular Bank’s CDs are fixed-rate, meaning anyone who wants a guaranteed return on investment will probably like these. Interest is compounded daily and you can choose to have it deposited into your account monthly, quarterly or when it matures.

Upon maturity, you’ll get a 10-day grace period where you can make any changes, such as making additional deposits, withdrawals or renewing for another term. Otherwise, your CD will automatically be renewed.

How to get Popular Bank’s CDs

To open a Popular Bank CD, head over to its CD accounts page and choose the term you want. The application process typically takes anywhere from five to 10 minutes and you’ll need to provide details such as your name, address and Social Security number. Afterward, you can fund your account.

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How Popular Bank’s CD rates compare

Popular Bank’s CD rates are among some of the highest currently being advertised out there. If you’re looking for terms shorter than 13 months, then you may not want these CDs, but those looking for long-term ones are in luck.

That said, there may be higher rates, so you may want to check out our list of the current best CD rates.

Popular Bank’s money market account option

Optimum Money Market

Earn one of the best rates advertised, but only if you have $10,000 to spare.
APYMinimum Balance to Earn APY
0%$0.01
1.80%$10,000
1.80%$25,000
1.80%$50,000
1.80%$100,000
1.80%$250,000
1.80%$500,000
1.80%$1,000,000
  • Minimum opening deposit: $10,000
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $15 (this can be waived)
  • ATM fee: $2 for out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: N/A

Although you do get a decent rate with this account, you’ll need a high deposit amount to qualify. According to Popular Bank, money you put into the account will earn interest at the highest rate currently advertised by the bank for the first six months. Afterward, it’ll be set at whatever the current standard rate is at that time. If you are part of the Popular Rewards program, your rate would currently sit at 1.75% APY for those who qualify for the silver rewards and 1.70% APY for those who qualify for the gold level.

To access your cash, you can do so at any branch, with your ATM card or via check, though are limited to six withdrawals per month as per Federal Reserve Regulation D. Otherwise, you’ll be charged $15 per excess withdrawal. You can also waive the monthly maintenance fee if you maintain a $10,000 minimum average balance.

How to get Popular Bank’s money market account

The application process to open an account online takes around five to 10 minutes. To apply, head over to Popular Bank’s website and fill out an application form by providing details such as your name, address and Social Security number. Then, fund your account.

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How Popular Bank’s money market account compares

The rates for this money market are slightly lower than the ones on our list of the best money market account rates. While that’s not a total deal breaker, one of the shortcomings is that it does require a high deposit amount in order to waive monthly fees and earn the advertised APY. Sure, you get ATM access and limited check writing capabilities, but it may not be worth it if you don’t have that much to open an account.

In that case, you could be better off doing some comparison shopping with any one of the banks or credit unions on our list of the best money market rates.

Popular Bank’s IRA options

IRA CD rates

Structured similarly to the bank’s regular CDs.
  • Minimum opening deposit: $500 or $100 for the IRA CD special
  • Minimum balance amount to earn APY: None
  • Early withdrawal penalty: Depends on CD term:
    • 12 to 36 months – 270 days’ simple interest
    • 36 to 60 months – 365 days’ simple interest
    • 60 months and up – 730 days’ simple interest

These IRA CDs are best for those who are looking for a conservative retirement account. These accounts are for new money only, which Popular Bank defines as money that’s not currently on deposit in any Popular Bank account. Interest is compounded daily and credited to your account monthly, quarterly or upon maturity. You’ll have to call the bank to learn what rates are currently being offered for each term.

There are fixed-rate IRA CDs ranging from three months to 10 years and an 18 month special IRA CD currently on rotation. The minimum opening deposit is lower and you can make additional deposits unlike with the regular IRA CD. You can make additional deposits — in $100 increments — throughout the term up until the IRS limitations.

Since this is a retirement account, you may be penalized by the IRS if you’re under 59½ and make an early withdrawal on top of the penalties imposed by Popular Bank. Once you’re 70 1/2 or older, you can make withdrawals without any penalties.

When your account matures, you have a 10-day grace period where you can make any necessary changes such as making withdrawals or additional deposits or renewing the CD to another term. If nothing is done, your IRA CD will be renewed automatically.

How to get Popular Bank’s IRA CDs

You’ll need to head to the nearest branch to open an IRA CD.

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How Popular Bank’s IRA CD rates compare

Popular Bank’s IRA CDs have a minimum opening deposit that is much lower compared to ones on our list of the best IRA CD rates which is great if you don’t want to invest a huge chunk of your cash right now.

Overall review of Popular Bank’s banking products

Popular Bank offers some pretty good options in terms of its CD and IRA CD products. Its rates are some of the best we’ve seen out there and the opening deposit amounts aren’t too high. Popular Bank’s money market account also offers a competitive rate, but you need to make a $10,000 initial deposit, which may not be an easy ask for everyone.

Also, we’d probably take a pass on its checking and savings accounts because of their low rates — that is, if you earn any interest at all. These accounts do offer ATM and check writing capabilities, but so do other competitors. For those looking for great CDs, Popular Bank is a decent choice. If not, then you may want to do some shopping around.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Sarah Li Cain
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Sarah Li Cain is a writer at MagnifyMoney. You can email Sarah Li here

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Credit Cards, Reviews

American Express Gold Card: Good Travel Rewards for a Fee

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners. This site may be compensated through a credit card partnership.

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The American Express® Gold Card is an upgraded American Express charge card without a pre-set spending limit. It’s also a card that rewards cardholders with American Express Membership Rewards® Points for airfare, dining, gas, and grocery spending.

A charge card is one that you need to pay off completely each billing cycle, so there’s no interest. However, since there’s no pre-set spending limit either, you need to keep an eagle eye on spending activity to make sure you can pay off the statement in full at month’s end. Making a late payment can cause you to forfeit Membership Reward points earned during that billing cycle.

In this post, we’ll discuss the American Express® Gold Card terms and how to redeem points. Keep reading for an overview on:

  • American Express® Gold Card basics
  • How to redeem Membership Rewards points earned
  • The fine print details
  • The benefits and protections
  • The pros and cons

The basics of the American Express® Gold Card

3X Membership Rewards® points for flights booked directly with airlines or on amextravel.com and 4X points at restaurants worldwide and U.S. supermarkets (on up to $25,000 per year in purchases, then 1X).

$100 airline fee credit.

You can get up to $100 airline fee credit on your statement each calendar year to cover incidentals charged by an airline of your choosing. Qualifying incidentals are charges separate from your airline ticket like baggage fees and not ticket upgrades.

American Express® Gold Card

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American Express® Gold Card

Annual fee
$250
Rewards Rate
3X Membership Rewards® points for flights booked directly with airlines or on amextravel.com and 4X points at restaurants worldwide and U.S. supermarkets (on up to $25,000 per year in purchases, then 1X).
Credit required
good-credit
Excellent/Good

How to redeem Membership Rewards® Points earned

Through Membership Rewards®, cardholders can transfer points to participating travel and lodging loyalty programs or redeem points for travel bookings, gift cards, statement credits, and other rewards. The value of your points varies depending on how you choose to use them.

Flights, hotels, and vacations

You can pay with points for flights, hotels, and vacations on the American Express Travel site. Using points for flights offers excellent value.

Here’s the point value breakdown on travel and accommodations:

  • Flights: $10 per 1,000 points
  • Hotels, cruises, and vacation packages: $7 per 1,000 points

Transferring your Membership Rewards® Points

If you choose to transfer your points to another program, generally, 1,000 Membership Rewards® Points will transfer as 1,000 miles, points, or credits.

However, transfers that have a different value include (as of the publication date of this article):

  • British Airways and Iberia: 250 Membership Rewards points = 200 Avios
  • El AL Israel Airlines: 1,000 Membership Rewards points = 20 Matmid points
  • Hilton: 1,000 Membership Rewards points = 1,500 HHonors points
  • JetBlue Airways: 250 Membership Rewards points = 200 JetBlue TrueBlue points
  • Starwood Preferred Guest: 1,000 Membership Rewards points = 333 Starpoints
  • Virgin America: 200 Membership Rewards points = 100 Elevate points

Occasionally, there are transfer specials for participating loyalty programs.

Statement credit and gift cards

Using points to put a dent in your credit card bill won’t be the best use of your points. 1,000 points equals just $6 in a statement credit.

Several of the gift cards through Membership Rewards® will give you more in cash value. For example, 1,000 points can get you a $10 gift card at restaurants, retail stores, and hotels including:

  • Hyatt Hotels and Resorts
  • Mandalay Bay Resort & Casino
  • Maggiano’s Little Italy
  • Seasons 52
  • Banana Republic
  • Crate and Barrel

There’s an entire list of the redemption values for gift cards on the Membership Rewards® site.

Other rewards

Using points for shopping, charitable donations, and entertainment are other redemption options. But, again, these options won’t give you as much value for your points as redeeming for flights and gift cards.

The value of 1,000 points ranges from $5 to $7 when shopping at retailers through Membership Rewards® or at Ticketmaster, Amazon.com, BestBuy.com, or Newegg.com.

The fine print

The American Express® Gold Card has an annual fee of $250. If you spend a lot of money on the card, the fee can be worthwhile. However, if you don’t spend a lot, you might want to consider a no fee option.

In addition – when you transfer points to a U.S. frequent flyer program, there’s a $0.0006 fee charged per point to compensate for the federal excise tax. Although this fee has a lot of zeros in it, the cost may still be impactful if you’re transferring a lot of points. For instance, 100,000 points transferred will cost you $60.

On the plus side, this card has no foreign transaction fee.

Benefits and protections

Car Rental Loss and Damage Insurance

If you pay for a qualifying car rental with your American Express® Gold Card, the rental car is covered against damage and theft after declining the collision damage waiver. Rentals that won’t qualify for coverage are trucks, off-road vehicles, full-size sport vehicles, and exotic cars.

Purchase Protection

If an item you purchase is lost, stolen, or damaged within 90 days of purchase, you may be reimbursed for it.

Pros and cons

Pro: 3X points on travel. If you fly often for work or play, this card rewards you well each time you use it.

Con: The fee. The biggest con here is the annual fee. But, since there are several ways you can earn points in the 3X and 2X categories, you may be able to easily cover this fee throughout the year.

Pro: Membership Rewards. This card is enrolled in the Membership Rewards® Points program and gives you many options for point redemption. The Membership Rewards® site is also incredibly easy to navigate, and there’s no ambiguity in point value. The rewards portal shows examples of exactly what your points are worth for each redemption option.

Con: The fee to transfer points. The ability to transfer points to another program is a pro, but being charged for U.S. frequent flyer program transfers is a tiny gotcha in the fine print.

Pro: No foreign transaction fees. One area in the fees where you do catch a break is with foreign transaction fees. This aspect of the card is fitting since it’s one that rewards you for planning travel.

Who will benefit most from the American Express® Gold Card?

Your ability to earn enough points to surpass the fee will determine whether this is a good card for you.

And if you’re shopping around for a rewards program that will give you the most value for travel, Chase Ultimate Rewards® is an option you should compare to American Express Membership Rewards®.

The Chase Sapphire Preferred® Card*, in particular, is part of the Chase Ultimate Rewards® program and allows you to transfer points to other travel partners as well. Plus, it has an offer that gives 1.25 cents per point for travel. This is slightly more value than what you get for flights with American Express Membership Rewards® since 1,000 points per $10 works out to 1 cent per point.

Before signing up for any rewards card, you should do this type of comparison shopping to figure out which offer will give you the most value for your spending habits.

*The information related to Chase Sapphire Preferred® Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Taylor Gordon
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Taylor Gordon is a writer at MagnifyMoney. You can email Taylor here

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Earning Interest, Reviews

Discover Bank CD Rates Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Discover Bank
Most people know Discover as a credit card company, but it also operates an online bank and offers some of the best rates and terms on checking and savings accounts and certificates of deposit (CDs).

Savings account bonus offer: Earn up to $200 on your first Discover savings account

As a bank, Discover offers some of the best products on the market. Currently, they’re offering a major deal on their online savings account, which currently earns 1.80% APY. If you apply for their savings account for the very first time by 12/02/19 and deposit a balance of at least $15,000 by 12/16/19, you can earn a $150 bonus. If you deposit a balance of at least $25,000 by the same date, you can earn a $200 bonus. Applying for the account is easy as you don’t need to go to a branch. Bonuses will be credited to your account by 12/30/19. You can apply online or over the phone. Just be sure to enter or mention the promo code MM1119 when you apply.

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If you’re looking for CDs in particular, Discover is currently considered to have some of the best CDs due to their customer service and digital tools.

Discover Bank CD rates

CD term

Annual Percentage Yield (APY)

3 months

0.35%

6 months

0.65%

9 months

0.70%

12 months

2.10%

18 months

2.10%

24 months

2.15%

30 months

2.15%

3 years

2.15%

4 years

2.15%

5 years

2.20%

7 years

2.25%

10 years

2.30%

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How do Discover Bank CD rates compare?

While Discover Bank CD rates aren’t always the highest available, they are consistently among the top offers across all terms. However, you may be able to find a similar or even better rate with a CD that has a lower minimum deposit than Discover’s $2,500 requirement. Currently, several nationwide banks offered a 12-month CD at a rate higher than Discover’s 12-month CD APY, while requiring a lower minimum deposit. For example, at the same time the above rates were available at Discover, there were 12-month CDs with rates as high as 2.10% APY with a lower minimum balance amount to earn the APY.

It’s always great to go for the highest interest rates possible, but keep your CD investing strategy in mind. If you’re investing in CDs using the ladder strategy, it might be easier to keep everything in one bank since you’ll be switching in and out of CDs frequently.

Discover also stands out from its competition in the CD space with its mobile app and 24/7 U.S.-based customer service. If you value such features, keep those particulars in mind when weighing Discover CD rates against others’.

What you need to know about Discover Bank’s CDs

Discover Bank is very transparent in terms of fine print. It’s not difficult to understand what’ll happen with your money after you invest it. We’ll cover the basics here about what you need to know to invest in Discover Bank’s CDs.

How to open a CD

It’s very simple to open up a CD with Discover Bank. Go to their CD webpage and click on the orange “Open an Account” button near the top right of the page. You can then choose which accounts you’d like to open. Select “CD,” choose a CD term and enter how much you’d like to deposit.

You’ll then need to complete the application by providing your name, address, date of birth, phone number, Social Security number, employment status and possibly even your driver’s license. Once your application is complete and accepted, you’ll need to fund the account.

How to fund the CD

You’ll need to fund it within 45 days of submitting your application, which you can do in one of three ways:

  • Transfer funds from another bank account over the phone. (You can only do this when you first fund your account.)
  • Transfer funds from another bank via online transfer.
  • Write a check to yourself and send it to the following address:Discover Bank
    P.O. Box 30417
    Salt Lake City, UT 84130

The minimum deposit amount for each of Discover Bank’s CDs is $2,500. Once you open a CD, you can’t deposit more money later, so it’s a good idea to make sure you have all the cash you want to invest before you open the account.

Withdrawing funds from the CD

When you want to withdraw money from your CD, the biggest thing to consider is whether that CD has matured yet, or finished its term.

If your CD has not matured, you’ve got options: You can take the interest out penalty-free at any time, or you can withdraw the principal (or the money you deposited) at any time as long as you pay an early-withdrawal penalty. This penalty varies depending on the original term of your CD:

  • less than one year: three months’ worth of simple interest
  • one year to less than four years: six months’ worth of simple interest
  • four years: nine months’ worth of simple interest
  • five years to less than seven years: 18 months’ worth of simple interest
  • seven years or longer: 24 months’ worth of simple interest

If your CD has finished its term, you can withdraw your money penalty-free, allow the CD to renew or roll it into a CD of a different term length. (More on that in a bit).

Earning interest on a Discover CD

Your CD will start earning interest on the same business day that you fund the account. The interest will be added to your account once each month, however.

When it comes to what to do with your interest, you have two options: The default option is to allow it to compound within the CD (meaning you’ll earn interest on that interest), or you can have it automatically deposited each month into another Discover bank account.

What happens once the CD matures?

You’ll get a heads-up notice about a month before your CD matures so you can decide what to do with the money. You have two main options: Either reinvest it into another CD (of the same term length or a different term length), or withdraw the money from the CD and put it into another account (such as a checking or savings account, or perhaps a CD at a different institution).

If you don’t let Discover know what you want to do with the maturing CD, the CD will automatically renew into another one of the same term length. You have a nine-day grace period after your CD automatically rolls over to make any changes or withdrawals penalty-free.

The bottom line

As far as big-name banks go, Discover offers great CD products. Wells Fargo, for example, only offers interest rates as high as 1.55% APY on a $5,000 deposit for a 58-month CD. Chase Bank offers even lower maximum rates — an abysmal 1.05% APY, and only if you can commit a minimum of $100,000 for 10 years.

If you’re the kind of person who likes to keep your finances in one place, Discover also has great credit cards, as well as competitive online savings and checking accounts. No matter how long you’re considering putting money in a CD, Discover is worth a look. Even if it doesn’t have the best available rate, it’s usually within several basis points of the top offerings and well above the average APY.

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Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here