Discover Bank has been offering bonuses on new Online Savings accounts for several years, but the latest bonus is definitely the best one so far: a $150 or $200 bonus when opening a new Online Savings account by October 2, 2017. To put these new bonuses in perspective, as recently as this past April, the bonus was $100; in early 2013, a $10k minimum deposit only earned a $25 bonus.
- Open an Online Savings account by October 2, 2017 at this promo page.
- Use offer code S817 when applying.
- $150 bonus – fund with at least $15k by October 16, 2017.
- $200 bonus – fund with at least $20k by October 16, 2017.
- Maximum bonus is $200 per account.
- Not available to existing or previous Discover savings customer.
- Account must be opened when bonus is credited.
- Bonus will be credited by October 31, 2017.
In my last Discover Bank bonus blog post, I included comments from DA reader, 767, about his experience in applying for a bonus. I believe it’s a worthwhile read.
Thought I'd share my hassle free and quick $100 earning experience. I opened my account online on 3/1 using promo code SAVE117D3 but had to call them for verification, I presume because I have a security freeze on my credit file.
I verified my information with the US based customer service rep and proceeded to set up online external transfers. I verified the trial deposits and transferred $15k in to my new Discover account which showed up on 3/3. Like all new bank accounts, there was a security hold. On 3/8, the $100 posted and the funds became available for transfer out.
As I see no requirement to keep all $15k on deposit, I plan to transfer out most of it but keep the account open for the time being.
Headquartered in Greenwood, Delaware, Discover Bank is an internet bank with no brick-and-mortar branches. To qualify to open an account of any kind with Discover Bank,
Each Account Owner must be a U.S. citizen, U.S. Resident Aliens or other U.S.
person at least 18 years old and have a valid taxpayer ID and physical U.S. address.
Applying for either the $150 or $200 Online Savings account bonus must done online, using code S817. Since this bonus is only available to customers who do not have (or ever had) a Discover Bank Online Savings or Money Market account, funding the new Online Savings account must be from an external bank account.
You can send us a check or transfer funds from an existing bank account.
Discover Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.61% (excellent) based on March 31, 2017 data. In the past year, Discover Bank has increased its total non-brokered deposits by $4.85 billion, an excellent annual growth rate of 15.74%. Please refer to our financial overview of Discover Bank (FDIC Certificate # 5649) for more details.
As one of the largest financial services firm in the country, Discover Bank traces its roots back to the Greenwood Trust Company, which was established in 1911. Discover Bank came into being following the purchase of the Greenwood Trust Company in 2000. Today, Discover Bank has assets in excess of $93.6 billion and more than 415,000 ATMs spread across the United States.
How the Bonuses Compare
Assuming an Online Savings account is opened with the required minimum deposit of $15k, and is kept opened for the required one month to ensure the bonus being awarded:
- $15k for 30 days in Discover Bank’s Online Savings = $150 bonus + $14.30 interest
- $15k for 30 days in a savings account earning 1.40%* = $17.39 interest
Assuming an Online Savings account is opened with the required minimum deposit of $20k, and is kept opened for the required one month to ensure the bonus being awarded:
- $20k for 30 days in Discover Bank’s Online Savings = $200 bonus + $19.07 interest
- $20k for 30 days in a savings account earning 1.40%* = $23.18 interest
*1.40% is currently the best nationally available savings account rate.
As you can see, the value of the bonuses clearly exceeds the additional interest that could be earned in a top savings account.
The above rates are accurate as of 8/25/2017.
Other Bank Promotions and Bonuses
Not eligible for Discover Bank’s Online Savings bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.