November 9th, 2010
I’ve been targeting 3-posts a week and so far I’m a little behind. But last week was shortened by a Friday absence and this week we have the very important Veteran’s Day. Regardless I hope all of the bank rate postings have been helpful. By the way, I also tried to do my part to spur on the economy by freeing up some monthly expenses, but at this point was unable to re-finance. The sad thing is I could probably force one, but I don’t like the idea of just stopping my payments when I can in fact afford to make them. I believe I made an agreement, and I plan on fulfilling it even though it seems the “good guys” are getting the shaft. Oh well, enough of my rant. Today I bring you Discover Bank.
Discover Bank has for the most part remained in good standing. The bank backs their credit card business so they don't have a bunch of mortgage loans going bad. Looks like they are doing good. When we last updated them in 2010, the 2nd quarter profit number was $48MM. It jumped up to $308MM in the 3rd quarter. For all of 2011, the profit was $2.1BB. That is a considerable increase.
|Star Rating:||5 (*****)|
|Address:||502 E. Market Street|
|Penalty:||6-month loss of interest (5-year CD)|
Discover Bank has retail and institutional rates. I haven't dealt with the retail side of things, but the folks on the institutional side are wonderful. Individual investors can open a CD on-line or over the phone. Institutional investors have to complete a series of forms. Once all documentation has been completed, Discover Bank issues an account# to wire into. The 6-month penalty is a nice feature as well. Their CD rates are competitive.
|Retail CD Rates|
So go forth and "discover" yourself some yield, Man.
-- By +Chris Duncan