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Discover Bank's CD Promotion for Discover Credit Card Customers


Discover Bank is offering a CD promotion for its Discover Credit Card customers in which you can get up to 1% cashback bonus (up to $250) credited to your card account when you open a CD. The offer code is D120119, and the promotion is scheduled to last through August. This doesn't seem to be listed at Discover Bank's website. A reader reported receiving this by email, and I just called Discover Bank for more details. At first the CSR didn't know about it, but he was finally able to confirm it. According to the CSR, it's available to any Discover card customer. Also, I was told it only applies to the 3-year and 5-year CD which is a major downside since the one-time 1% cashback bonus is not as significant when spread across 3 or 5 years.

Here is the email that the reader reported receiving:

3.25% APY 5 yr CD Exclusively for Discover Cardmembers. Offer only available through the end of August.

Offer Code: D120119

When you open a Discover Bank CD, you lock in a great rate, guarantee your returns and - for a limited time - earn Cashback Bonus on your Discover Card.
Exclusive Limited Time Offer
Deposit $2,500 during August with the offer code: D120119 and earn up to 1% Cashback Bonus on your savings and up to $250 Cashback Bonus, based on your savings amount, credited to your Discover Card account*. Deposit more, and earn more!
$2,500 CD earns $25 Cashback Bonus
$10,000 CD earns $100 Cashback Bonus
$25,000 CD earns $250 Cashback Bonus

The current rates as listed at Discover Bank's CD rates page as of 7/29/09 are 2.75% APY for the 3-year CD and 3.25% APY for the 5-year CD. So with a 1% cash back bonus, that approximately adds 0.33% to the 3-year CD and 0.20% to the 5-year CD. So the effective rates when factoring in the bonus become 3.08% APY for the 3-year and 3.45% APY for the 5-year. It's not a hot deal, but the rates plus the bonus make for a competitive CD.

I have more details about Discover Bank CDs, money market account, and their new savings account in this previous post. It should be noted that some readers have reported customer service issues. Discover Bank is still offering 2.00% APY on their new online savings account as of 7/29/09.

Discover Bank has decent ratings for safety and soundness: 3½ stars (good) at BauerFinancial and 3 stars (performing) at Both ratings are based on 3/31/09 financial data. Discover Bank is a member FDIC (Certificate # 5649).

Thanks to the reader who mentioned this promotion in the Daily News & Deals Post.

Other High Certificate of Deposit Rates
Related Pages: CD rates, IRA rates, Discover Bank, Salisbury, savings account ADS3

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Anonymous | | Comment #1
What is meant by "up to 1% Cashback Bonus"? Does this mean if I'm still in the 0.25% tier, then I'll only get 0.25%? If so, then this deal is even worse.
Banking Guy
Banking Guy | | Comment #2
I interpreted that to mean that if your initial CD deposit is $24,999, the cashback bonus will only be $100 instead of $250. Consequently, it's less than 1%. The only way it can be 1% if you deposit exactly $2,500, $10,000 or $25,000.
Anonymous | | Comment #3
Banking Guy,

I just called the toll-free no. on the discover bank web-site and I was told that it is the credit card arm which is offering this promotion and was transferred to some other rep. This service rep told me that the offer code is valid only if it is sent to me. If a particular offer code is used, it may not be valid. So I informed the service rep that I am the credit card customer and gave him the offer code posted on this blog and was told that since I did not receive this offer code, it is not valid!
Anonymous | | Comment #4
Bummer, dude.
Anonymous | | Comment #5
I called Discover Bank twice and spoke to two different customer service reps. to make sure they are on the same page about validity of 1% cash back bonus with a code D120119.
Both said the code is valid for any current Discover Card holders in good standing. I opened CD account on the second call. 1% of opening deposit will be credited to Discover Card in December 2009.
elbasmohandes | | Comment #6
Actually, this offer is available on their website here:

I just opened a 3 years CD online and then called the toll free no. on the above page to confirm that the cashback will be credited to my Discover card account.