Discover Credit ! How does CD Account with Discover Credit Card Works? Have you Tried it?

Discover Credit ! How does CD Account with Discover Credit Card Works? Have you Tried it?

I was looking at CD Account Option with My Discover Credit Card. They are giving a High interest rate for 3 to 6 month cds with minimum deposit of $2500. I was wondering if anyone have tried it before and how does it work?

The Answer : Believe it or not, "Discover" is an actual bank and is FDIC insured. Its a Morgan Stanley company. Basically how it works is that you fill out the online application. You will need a bank account number with the routing number (you should link it to your checking account). Then $2500 will be transfered from your checking to Discover CD account.Though, I found a better bank that offers a higher interest rate for a lower minimum. Its at EmigrantDirect.com and the minimum to open a CD is $1000. Just fill out the online application and have your bank account and routing number ready. I have a savings account with EmigrantDirect, but I don't have the CD yet.