September 14, 2021 12:00 PM PT

Discover Savings Bonus: $150 or $200 Promotion

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You could earn $150 or $200 when you open a Discover Online Savings Account. Find out how to qualify for this 2021 Discover Bank promotion.

Discover has more than just credit cards. It also offers solid bank accounts with good interest rates. Plus it's one of CreditDonkey's highest rated banks.

Now, you can earn even more when you open your first Discover Online Savings Account. Take advantage of the code below to get an extra boost toward your savings.

Discover Savings Bonus: Earn $150 or $200

With some of the best interest rates available, the Discover Online Savings Account is a great way to grow your money.

Here's what you need to get their latest cash promotion:

Bonus Amount$150 or $200
How to Get ItUse code CY21 to open the account.
Deposit $15,000 for a $150 bonus, or $25,000 for a $200 bonus.
How to QualifyDeposit must be made within 30 days of opening your account.
Must be your first Discover Online Savings Account.
Where to OpenOnline or by phone at 1-800-347-7000

Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online or by phone. Enter Offer Code CY21 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 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2021
Discover Bank
Member FDIC

Discover Online Savings - $150 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online or by phone. Enter Offer Code CY21 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 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2021

What is the Discover Online Savings Account?

Tired of monthly fees eating into your savings? There's a better way to grow your savings.

The Discover Online Savings Account is a high-yield savings account that helps you grow your money faster. Here are just a few of the benefits you usually won't find at a traditional bank:

  • Earn 0.40% APY (over 5x the national average)
  • $0 monthly fee
  • $0 insufficient funds fee
  • No minimum balance
  • Interest compounded daily and paid monthly
  • Simple-to-use mobile app

What You Need to Open a Discover Online Savings Account

Opening an online savings account is simple. All you have to do is:

  1. Fill out the application with basic info like your name, address, and SSN
  2. Choose your account type
  3. Designate beneficiaries (optional)
  4. Fund the account (optional)
  5. Set up your login info

There's no minimum balance and no minimum deposit to open your account. But if you want to get the cash bonus, you have to deposit the required amount within 30 days of opening.

How to Deposit Money

Once your account is set up, there are a couple ways to deposit money into your account:

  • Deposit a check using the mobile app
  • Make an online transfer from a Discover Bank Account or other bank account
  • Set up direct deposit
  • Mail a check made payable to you with a deposit slip or your account number on the memo line to:

    Discover Bank
    PO Box 30417
    Salt Lake City, UT 84130

Because Discover Bank is online only, there are no physical branches for you to deposit cash. If you frequently use cash, it may be better to choose a bank with branches near you.

How to Withdraw Money

It's also easy to withdraw money from your Online Savings Account:

  • Online transfer to another bank account
  • Domestic wire transfer
  • International wire transfer
  • Request an official bank check

Federal law says you can't make more than six withdrawals or transfers out of your savings account per calendar month.

If you make more than six withdrawals or transfers, the bank may refuse to pay the excess transactions. They may even close your account if you frequently go over the limit.

Discover Bank Offers for 2021

Discover Bank
Member FDIC

Online Savings Account - Earn 0.40% APY

  • No fees
  • No minimum opening deposit
  • No minimum balance required
Discover Bank
Member FDIC

Online Checking Account - Earn Cash Back

  • 1% cash back on up to $3,000 in debit card purchases each month
  • No fees
  • Access to over 60,000 no-fee ATMs in the U.S.
Discover Bank
Member FDIC

Certificate of Deposit

  • 0.50% APY for 12-month term
  • 0.60% APY for 36-month term
  • 0.80% APY for 5-year term
Discover Bank
Member FDIC

Money Market Account

  • Earn 0.30% APY for balances under $100,000
  • Earn 0.35% APY for balances $100,000 and over
Discover Bank
Member FDIC

Discover CD Rates

  • $2,500 minimum opening deposit
  • No fees
  • FDIC insured
TermCD Rates
3 Months0.20% APY
6 Months0.25% APY
9 Months0.30% APY
1 Year0.50% APY
1.5 Years0.50% APY
2 Years0.55% APY
2.5 Years0.60% APY
3 Years0.60% APY
4 Years0.65% APY
5 Years0.80% APY
7 Years0.80% APY
10 Years0.80% APY
Discover Bank
Member FDIC

IRA Certificate of Deposit

  • 0.50% APY for 12-month term
  • 0.60% APY for 36-month term
  • 0.80% APY for 5-year term
Discover Bank
Member FDIC

Discover Cashback Checking – Up to $30/Month Cashback

Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Checking has no minimum balance requirement, no fees, and free online bill pay.

Other Bank Offers You Might Like

Ally Bank

Online Savings Account - 0.50% APY

$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.

CIT Bank
Member FDIC

CIT Savings Builder - Earn 0.40% APY

Earn up to 0.40% APY. Here's how it works: Maintain a minimum balance of $25k OR make at least a $100 minimum deposit every month. Member FDIC

Axos Bank
Member FDIC

High Yield Savings

  • 0.61% APY on balance < $25,000
  • 0.25% APY on balance $25K-$100K
  • 0.15% APY on balance > $100K
  • No minimum balance requirements
  • No fees to open or maintain account
  • Free ATM card upon request
  • FDIC Insured
Quontic
Member FDIC

High Yield Savings - 0.55% APY

  • 0.55% APY
  • $100 minimum opening deposit
  • No monthly service fees

Bottom Line

An extra $150 or $200 is a great way to break in your savings account.

And with Discover Bank, you won't have to worry about annoying maintenance fees, overdraft fees, or rock-bottom interest rates.

Open an account today for a more efficient way to save for your future.

Or check out some of the top current bank promotions for more options.

Discover Bank
Member FDIC

Discover Online Savings - $200 Cash Bonus

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online or by phone. Enter Offer Code CY21 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 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/21, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2021
Chase
Member FDIC

Chase Total Checking® - $225 Bonus

  • New Chase customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
CIT Bank
Member FDIC

CIT Bank Money Market Account - 0.45% APY

  • 0.45% APY
  • $100 minimum opening deposit
  • No monthly maintenance fee
HSBC Bank
Member FDIC

HSBC Premier Checking - $450 Welcome Deposit

Expires 1/5/2022
  • Get a $450 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
  • Open your new HSBC Premier checking account online by January 5, 2022; and
  • Make recurring monthly Qualifying Direct Deposits totaling at least $5,000 from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $450 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
  • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
TD Bank
Member FDIC

TD Beyond Checking - $300 Cash Bonus

  • New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
  • Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days
  • Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Rush Bill Payments and more.
  • Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts.
  • TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
  • Overdraft Payback - Get overdraft fees automatically reversed up to two times a year.
  • Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle.
  • TD checking accounts come with an instant-issue debit card. And, you can pay with confidence with Zero Liability protection and 24/7 fraud monitoring.
  • Monthly maintenance fee waived on one TD Simple Checking℠ account and any Savings and Money Market accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments.

Donna Tang is the head of purpose and audience at CreditDonkey, a bank comparison and reviews website. Write to Donna Tang at donna.tang@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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About Discover Bank

Discover Bank offers some of the highest interest rates for its savings account. In addition, Discover offers cashback checking. There are no fees for checking and savings accounts.

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