April 02, 2009

Discover Bank Product Helps Americans Preserve Retirement Funds

IRA CD Accounts Offer Security and Guaranteed Return with Tax Advantages

NEW CASTLE, Del., Apr 02, 2009 (BUSINESS WIRE) -- Americans nearing retirement who want more peace of mind than their equities-based individual retirement accounts can provide have at least one surefire option to get a guaranteed return: IRA CDs.

"If you've worked hard to build a nest egg and you're seeing it slip away in this economy, you don't need more uncertainty from the markets," said Christina Favilla, president of Discover Bank. "A Discover IRA CD provides a fixed rate of return and a variety of terms to meet your future retirement needs."

Discover Bank offers both traditional and Roth IRA CDs, and the convenience of online account opening with the ability to fund your account through an automated transfer of funds. IRA CDs work much like traditional CDs, in which principal is protected and interest is fixed during the term. Discover Bank pays competitive rates that consistently exceed the national average of the top 50 U.S. banks, according to Informa Research Services.

Other benefits:

  • Transfer funds from a traditional IRA or rollover funds from a 401K to an IRA CD.
  • Enjoy contribution limits of up to $5,000 for people under 50, and $6,000 for those over 50.
  • Choose flexible terms from 3 months to 10 years.
  • Rest easy with FDIC protection for up to $250,000 per account.
  • Calculate your savings growth with online tools.
  • Select between a Roth or Traditional IRA CD.

"IRA CDs have been in the market for some time, but perhaps the growing uncertainty in the economy makes them more essential these days to people nearing retirement," Favilla said. "People want to stop seeing their retirement investments disappear and in return are looking for security, peace of mind and a guaranteed return."

For more information, visit

About Discover Bank

Discover Bank is one of the 100 largest banks in the United States and an affiliate of Discover Financial Services (NYSE: DFS). It offers certificates of deposit, money market deposit accounts and other consumer financial products and services. Founded in 1911, Discover Bank is FDIC-insured and chartered under the laws of the State of Delaware. The bank maintains a branch in Greenwood, Delaware, with deposit, finance and credit card operations in New Castle, Delaware. For more information, visit

SOURCE: Discover Financial Services

Discover Financial Services
Jon Drummond
Corporate Public Relations