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

October 24, 2021 By Jonathan Ping 9 Comments
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disc_osaDiscover Bank has brought back this bonus for their online savings account. If you open a new account through either this link with promo code NW21 or this link with promo code CY21 (note the two different promo codes) by 12/15/21, 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 in the past and is only for new Discover customers, but if you haven’t grabbed it yet it’s a solid bonus. DoC comments report that cumulative deposits have worked, so something to consider.

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. Account must be open when bonus is credited.

The Discover Online Savings Account has a current interest rate of 0.40% APY as of 10/24/21, which is 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 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.

Filed Under: Banking, Deals & Offers
Last updated: October 24, 2021
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Comments

  1. Miguel (The Rich Miser) says
    August 27, 2017 at 12:49 pm

    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.

    Reply
  2. Joanne says
    August 28, 2017 at 9:32 am

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

    Reply
  3. Nick R. says
    September 6, 2017 at 10:28 am

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

    Reply
    • Jonathan Ping says
      September 6, 2017 at 11:19 am

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

      Reply
      • Nick R. says
        September 7, 2017 at 3:30 am

        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.

        Reply
  4. Roberta says
    January 22, 2019 at 1:50 am

    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.

    Reply
  5. MikeM says
    January 23, 2019 at 1:12 pm

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

    Reply
  6. SamKha says
    April 12, 2020 at 6:10 pm

    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

    Reply

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