A Recession-Proof CD From Discover Bank

If you’re worried about hanging on to your job in the next few months and this worry has stopped you from putting your saved money into a CD, Discover Bank just might have the solution for you.

12-month CDs opened from July 1, 2009 to December 31, 2009 can be withdrawn before maturity without any penalties if the reason for withdrawal is job loss. It’s essentially a No-Penalty CD strictly if you become unemployed. And at 2.20% APY, it’s the highest 12-month no-penalty CD anyone can find these days.

To qualify for the penalty-free Benefit, one should:

• Be a full time employee when the CD is opened or renewed, and for 30 days thereafter;

• Involuntarily lose his full time job;

• Be able to provide Discover Bank proof of unemployment such as a lay-off notice or documents showing an application for unemployment benefits.

Just like the regular CDs, a $2,500 minimum deposit is required for Discover Bank’s no-penalty CD.

To learn more about this deal please click here.

If Discover Bank’s latest offering is not applicable to you then check out our Top No-Penalty CDs for this week.

About the banks

 

Discover Bank

Since 1911, Discover Bank has been providing superior banking products with service designed to help customers achieve their financial goals.

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