December 23, 2019 6:00 PM PT

Discover Online Savings: $150 or $200 Bonus

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Want a high yield savings account? Discover Bank has a bonus promo for opening your first savings account, plus a 1.7% APY and no fees. Find out how to qualify for the Discover Savings bonus.

Discover is an online bank known for their credit cards and some of the highest savings interest rates on the market. It frequently offers cash bonuses, making it a great way to jumpstart your savings.

Discover Savings Bonus Promotion

You can earn a bonus of up to $200 when you open your first Discover Online Savings account and make the required minimum deposits.

Here's how it works:

  • Earn $150 when you deposit a minimum of $15,000 into your first new account, OR
  • Earn $200 when you deposit a minimum of $25,000

Below is a list of the current bonus offers. Note the expiration date and the promo code. You can click through to get the deal.

Promotion is available to everyone nationwide.

    Discover

    Discover Online Savings - $150 Cash Bonus

    To get your $150 or $200 Bonus offer: What to do: Apply for your first Discover Online Savings Account by 2/3/20, 11:59 PM ET, online or by phone. Enter Offer Code CY120 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 by 2/17/20, 11:59 PM ET. 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. Account must be open when bonus is credited. Bonus will be credited to the account by 3/2/20. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice. See advertiser website for full details.

    Expires 2/3/2020
    Discover

    Discover Online Savings - $200 Cash Bonus

    To get your $150 or $200 Bonus offer: What to do: Apply for your first Discover Online Savings Account by 2/3/20, 11:59 PM ET, online or by phone. Enter Offer Code CY120 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 by 2/17/20, 11:59 PM ET. 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. Account must be open when bonus is credited. Bonus will be credited to the account by 3/2/20. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice. See advertiser website for full details.

    Expires 2/3/2020

Is Discover Bank FDIC insured?
Discover is covered by FDIC insurance, just like a traditional bank. In the unlikely event that the bank fails, FDIC insures the money in your accounts up to $250,000.

Deals Fine Print

  • The bonus is open to first-time account holders only. You will not qualify if you already have a Discover Online Savings Account or a savings account that is co-branded or an affinity account provided by Discover.

  • You must make the required qualifying deposit before the stated date to earn the bonus. Your account must be open in order to credit the bonus.

  • Your savings bonus is treated like interest and will be taxed. It will be reported on IRS Form 1099-INT.

How To Get Discover Savings Bonus

It's easy to open a Discover Bank Online Savings account in just a few minutes. Be sure to enter the promo code.

  1. Apply for a new savings account either online or by phone. You'll need to provide basic information including:

    • Name
    • Address
    • Birthdate
    • Social Security number

    Discover Customer Service: You can also apply by phone by calling 1-800-347-7000.

  2. Select Savings Account. You'll also need to choose individual or joint account option.

  3. You can fund your account now or wait till later. Remember, to earn the bonus, you must complete a qualifying initial deposit of at least $15,000 before the Fund By Date.

  4. Verify your account information and e-sign your application. You should receive a confirmation email shortly. Discover will also send a welcome packet with account information within several business days.

  5. Your cash bonus will credit to your account within approximately 2 weeks.

Discover will conduct a soft credit check when applying for their banking accounts. A soft pull does not hurt your credit score.

What Discover Bank Online Savings Offers

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Discover Savings account works just like one you might open at a traditional bank. But because it's an online bank, you'll earn a much higher interest rate (compared to the national average).

Here are other features you can expect:

  • No Balance Requirements
    Discover Savings Account has no minimum opening deposit or balance requirements.

    Discover Savings bonus offer DOES have a requirement: $15,000 or more as a qualifying deposit. But once you get the cash bonus, there's no rule saying the money must remain there.

  • No Monthly Fees
    You'll pay no monthly maintenance fee on your account regardless of your balance. There are also no fees for common banking activities.

  • Daily Compounded Interest
    Interest is compounded daily and paid monthly. All balances earn the same high interest rate.

  • Auto-Saver Option
    Schedule recurring transfers from a Discover checking (Cashback Debit Account) into your savings. This feature lets you maximize interest on your funds.

  • Round-the-Clock Customer Service
    Representatives are available 24/7 by phone to assist with your account or to open a new one. Call 1-800-347-7000.

Note that the Discover savings account does not offer an ATM card for easy withdrawals. However, you can also open a Discover checking account for no monthly fee. It will come with a debit card for withdrawals.

Discover Savings Account Fees

Discover Savings Account is about as free as you can get.

  • No fee for official bank checks
  • No fee for expedited delivery for official bank checks
  • No fee for incoming wire transfers
  • No excessive withdrawal fee
  • No stop payment order fee
  • No deposited item returned fee
  • No insufficient funds fee
  • No account closure fee

The only fee you may encounter is $30 for outgoing wire transfers.

How to Fund Discover Savings account

You can fund and make deposits to your Online Savings Account in several ways:

  • Automatic (ACH) or wire transfer from a different bank

  • Transferring funds from a PayPal account

  • Depositing a check through the mobile app

  • Mailing a physical check made payable to you with your account number on the memo line to: Discover Bank, PO Box 30417, Salt Lake City, UT 84130

How to Withdraw Money From Discover Savings Account

Online banks like Discover have benefits (like the high APY). But you can't just walk into a branch to take out money like with a traditional bank.

Here are several ways to withdraw funds from your savings account:

  • Transfer to another Discover account
    Your best bet is to transfer funds instantly to another Discover account like the Cashback Checking or Money Market. Both accounts offer a debit card you can use to withdraw cash at ATMs. .

  • Electronic transfer
    Or you can do an online transfer to another bank, though transfers to other banks can take a few business days. Use the website or mobile app to move money to a different account with ATM access.

  • Domestic or International Wire Transfer
    Wire transfers are a faster way to access your cash. But they come with a fee.

  • Request a Bank Check
    Bank checks are free. But they can take time, which isn't ideal if you need your savings now.

Does Discover Bank have ATMs?
Discover Bank doesn't have its own ATM network. However, some accounts, including the Discover's Cashback Checking and Money Market, offer free access to 600,000 ATMs in the AllPoint and MoneyPass network.

How Banking Promotion Compares

Compare the Discover savings bonus to these savings offers from other banks.

    Chase

    Chase Total Checking® + Chase Savings℠

    • Enjoy up to $350 when you open a new Chase Total Checking® account with Direct Deposit and/or open a new Chase Savings℠ account, deposit $10,000 or more in new money and maintain a $10,000 balance for 90 days
    • Enjoy a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit
    • Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 days, and maintain a $10,000 balance for 90 days
    • Access to 16,000 Chase ATMs and nearly 4,900 branches
    • Open your account online now.
    • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
    • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
    Chase

    Chase Savings℠

    • Enjoy a $150 bonus when you open a new Chase Savings℠ account, deposit a total of $10,000 or more in new money within 20 business days, and maintain a $10,000 balance for 90 days
    • Access to 16,000 Chase ATMs and nearly 4,900 branches
    • Link this account to your Chase checking account for Overdraft Protection.
    • 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.

Other Discover Products

Discover Bank also offers these financial services:

  • Credit cards: Discover is popular for its cash back and travel rewards credit cards. All Discover credit cards have no annual fee and no foreign transaction fee.

  • Cashback checking: You get 1% cash back on purchases made with your debit card (on up to $3,000 per month). No monthly service fees or minimum balance requirements.

  • Money market: The interest rate is a little lower than the Online Savings account, but you get ATM access and checks. No monthly service fees or minimum balance requirements.

  • CDs: If you can commit to not touching your money for a while, you can earn higher rates. The minimum is $2,500.

Bottom Line

Online savings accounts can help you boost your savings with higher than average interest rates. Discover Bank frequently offers cash bonuses so keep your eyes open for the promotion. You must be a new Discover Bank Online Savings Account customer and meet the bonus offer requirements.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service 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.

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