Discover Bank recently announced that they will allow penalty-free early withdrawals from their 12-month certificates of deposit for new and renewing account holders who lose their jobs.

Discover Bank is making this penalty-free offer on its most popular 12-month CD term at the same rate at which it would normally offer any CD for the same term. Accounts are FDIC-insured, and banking specialists are available by telephone 24 hours a day.

To be eligible, account holders must open or renew a 12-month CD with a minimum $2,500 balance between July 1 and Dec. 31, 2009. If the account holder involuntarily loses his or her job during the term of the CD, they will be allowed to make a partial withdrawal of the funds or close the account with a full return of their principal and any credited interest with no penalties. The program also applies to self-employed people under certain circumstances.

For more information or to open a penalty-free 12-month CD call 1-800-347-7000 or go online to www.discoverbank.com/12monthcd.

Discover Bank also offers CDs with terms from three months to 10 years. In addition to CDs, Discover offers Money Market accounts and IRA CDs. Discover Bank deposit accounts can be opened over the phone at 1-800-847-7000 or at www.discoverbank.com.

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