Discover High Yield Savings: $150 or $200 Bonus Offer for February 2024

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Earn up to $200 bonus by opening a Discover® Online Savings Account. Find out how to qualify with the correct bonus.

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.

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, in the Discover App or by phone. Enter Offer Code CY124 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 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 03/14/24, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Get Bonus Offer

What is Discover Paying on Savings Account?

Tired of your savings not doing anything? There's a better way to grow your savings. Discover Online Savings Account is a high-yield savings account that pays 4.30% APY. This helps you grow your money faster.

Here are just a few of the benefits you usually won't find at a traditional bank:

  • Earn 4.30% 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

Savings Calculator

Savings Calculator

Is Discover Cash Bonus a Good Deal?

Discover Bank's savings bonus is a good deal, however you need a pretty hefty deposit to earn it. But if you already have that much saved anyway, you can make some extra cash by switching your savings to Discover.

Plus, Discover's savings account has no monthly fees and a competitive APY. While the APY may not be as high as some other online savings accounts, the cash bonus will more than make up for that.

Overall, if you already have the savings, it's smart to take advantage of the offer and boost your savings.

Requirements 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. Enter the promo code in order to get your bonus
  3. Fund your account

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.

Is Discover® savings account a good bank?
Yes, Discover is FDIC insured (FDIC Cert #5649). This means that if Discover defaults, the federal government guarantees the balance in your savings account, up to $250,000.

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

Discover® Bank Offers

How long does it take to get a Discover bonus?
Discover® savings account bonus will be credited to the account within 60 days of the account qualifying for the bonus.

Other Bank Offers You Might Like

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

Expires 3/14/2024

To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY124 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 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 03/14/24, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 4/17/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 5/31/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 5/31/2024.
  • To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
  • Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Citibank
Member FDIC

Enhanced Direct Deposit - Earn $300 Cash Bonus

Earn $300 cash bonus when you open a new eligible checking account with Enhanced Direct Deposit and complete required activities. Member FDIC

  • Open a new eligible Citi Checking account with Enhanced Direct Deposits
  • Deposit at least two Enhanced Direct Deposits directly into your new checking account within 90 calendar days from account opening.
  • Your total combined Enhanced Direct Deposit must equal $1,500 or more.
  • Earn a $300 cash bonus. Your cash bonus will be deposited to your open, eligible checking account within 30 calendar days after required activities have been completed.
CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.05% APY

  • 5.05% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

Donna Tang is a content associate 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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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

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