Discover Bank Deposit Bonus: $150/$200 ($15,000/$25,000 Required)

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disc_osaBonus still available in 2023. Discover Bank has an ongoing deposit bonus for new customers for their online savings account. If you open a new account through this link (currently shows promo code SAVE323W2 with expiration date 5/31/23) or this link (currently shows promo code GOBP223 with expiration date 6/15/23), you can receive one of the following bonuses:

  • Deposit at least $15,000 within 30 days of opening to earn a $150 bonus, or
  • Deposit at least $25,000 within 30 days of opening to earn a $200 bonus.

This offer has been available off and on for over 5 years and is always only for first-time Discover Savings account customers, but if you haven’t grabbed it yet it’s a solid bonus.

*To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code GOBP223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.

The Discover Online Savings Account has a current interest rate of 3.60% APY as of 4/11/23, which is sort of a competitive rate although not the 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, the $150 bonus is effectively another 1% of your initial deposit. The $200 bonus on $25,000 deposited is a lower percentage, but if you have the extra cash then it may still be a good rate. There is no fixed minimum time period where you have to keep the money there after getting the bonus, so your effective ROI can be quite high since the bonus should post shortly after you complete the required deposits. Keep in mind that you must still have an open account for the bonus to post.

I did not experience a hard credit pull when opening my Discover bank account on a previous bonus. Historically, their rates are competitive but not the rate leaders. Their overall feature set is not exceptional (average speed transfers), so it is not my primary savings account at this time. Maybe it is convenient if your primary card is the Discover It credit card?

Bottom line. The Discover Savings account is a simple, barebones piggy-back savings account with no minimum balance and no monthly fees. The rates are historically competitive but rarely the highest. With no monthly fees, this is a solid low-risk bonus if you have the funds available and have never had a Discover bank account before.

My Money Blog has partnered with CardRatings and may receive a commission from card issuers. Some or all of the card offers that appear on this site are from advertisers and may impact how and where card products appear on the site. MyMoneyBlog.com does not include all card companies or all available card offers. All opinions expressed are the author’s alone, and has not been provided nor approved by any of the companies mentioned.

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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.

  4. Jonathan I was wondering how you interpret the (contradictory?) increase in Money Market rates with the stagnation and even reduction in 3-5 year CD rates since the Fed announcement in December, which I personally didn’t think was particularly dovish.

  5. Thanks Jonathan! Appreciate you sharing these offers. Looks like a nice rate and a quick $200 dollars.

  6. Something is wrong with the site – Got stuck at 3rd step of the new account registration step.
    I have tried it twice so far. Wanted to know if anyone else experienced this

  7. Just got a similar offer for an existing savings account
    Add 15K and leave it through 7/31 and get $150 extra plus the regular interest

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