Discover Bank: 1.15% APY + $150/$200 Bonus ($15,000/$20,000 Deposit)

disc_osaDiscover Bank is offering a refreshingly straightforward bonus for their online savings account. If you open a new account through this promotion link by 10/2/17 and use the offer code S817, you can receive one of the following bonuses:

  • Deposit a total of at least $15,000 into your account by 10/16/17 to earn a $150 bonus, or
  • Deposit a total of at least $20,000 into your account by 10/16/17 to earn a $200 bonus.

The Discover Online Savings Account has a yield of 1.15% APY as of 8/27/17, which is a competitive rate although not the absolute highest available. There are no minimum balance requirements and no monthly fees. Interest is compounded daily and paid monthly.

If you deposit the minimum amount of $15k or $20k, you effectively get a bonus of another 1% of your initial deposit. However, there is no minimum time period where you have to keep the money there after getting the bonus, so your effective ROI can be quite high.

Offer not valid for existing or prior Discover savings customers. Account must be open when bonus is credited. Bonus will be credited to the account by 10/31/17. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice.

I already have a Discover bank account that I tried out in exchange for another bonus. The rates are decent and they are low hassle, so I keep it open in case something good comes up in the future. I keep $5 in there so they don’t close it without notice.

Comments

  1. I took advantage of one of these bonuses to open a Discovery savings account that I use to separate money that I will have to pay in taxes in April. So far, I have no complaints, although their app and website are not as good as other online banks. So while maybe I would not use them for a daily-use checking account, it’s a perfectly good bank for high-interest savings, in my experience.

  2. I wonder if I could close out my current savings account with them and open a new one to get the bonus?

  3. Any idea why electronic verification of my current bank account didn’t work? Is it only available for major banks like Chase, BOA, Citi?

    • Not sure. Do they use routing numbers or username/password?

      • Username and password. I only experienced this type of verification with Robinhood. But I guess it is becoming more and more mainstream. It’s just not many banks are on board with this electronic verification. Probably only the big national banks and not my local credit union. But the trial deposit verification already came through, so it only delayed me by one day.

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