Discover Bank Promotions

About Discover Bank

Discover Bank offers some of the highest interest rates for its savings account.

What to Open at Discover Bank

• Online Savings Account. Discover online savings account offers a high 4.35% APY with no monthly service fee or minimum opening deposit.

• Money Market Account. The Money Market account offers a high, competitive APY and more money flexibility. You get a free debit card and checks. You can write checks, pay bills, and make debit card purchases (up to 6 of these types of transactions per month). You can make unlimited ATM withdrawals.

  The minimum to open is $2,500. After that, there is no minimum balance requirement.

• 12-month CD. Discover offers one of the best APYs for a 12-month CD. The minimum deposit to open is $2,500. If you can commit to not touching that money for a year, then you'll get a higher APY than with the regular savings account.

• Discover credit cards. Discover Bank offers some popular credit cards, all with no annual fee. You can find a wide array of options, including credit cards for cash back, travel rewards, student, business, and bad credit. All Discover credit cards have no foreign transaction fee.

What Not to Open at Discover Bank

• Short term CDs. For CD terms less than 12 months, the interest rate isn't great. In this case, it's much better to just save your money into the Discover Online Savings Account.

What You Need to Apply

• Social Security number or taxpayer ID
  
• Name and address
  
• Date of birth
  
• Email and phone number
  
• Account information to fund your account

Monthly Fees

Discover Bank has no fees at all. Many other banks have a monthly fee if you do not meet a minimum balance or direct deposit requirement. With Discover, there are no fees and it is still a member FDIC bank so your money is safe.

Online Savings:

• $0 monthly service fee
  
• $0 for official bank check & expedited delivery
  
• $0 for deposited item returned
  
• $0 for incoming wire
  
• $0 for each excessive withdrawal
  
• $0 for stop payment order
  
• $0 insufficient funds fee

Money Market:

• $0 minimum balance fee
  
• $0 ATM fee at over 60,000 ATMs in the US
  
• $0 for check order
  
• $0 for replacement debit card
  
• $0 for deposited item returned
  
• $0 for incoming wire
  
• $0 for each excessive withdrawal
  
• $0 for stop payment
  
• $0 insufficient funds fee

Certificate of Deposits:

• $0 monthly service fee
  
• $0 for official bank check
  
• $0 for incoming wire

Discover Bank Locations

Discover is an online bank, which means you can't just walk into a neighborhood branch to do business and ask questions.

Discover only has 2 physical locations in Delaware:

• A full service bank at 502 E. Market Street, Greenwood, DE
  
• An administration office at 12 Read's Way, New Castle, DE

Common Questions

• Is Discover a bank?
  Discover is an online bank based in Greenwood, Delaware. It was originally established in 1911 as Greenwood Trust Company and was acquired by Discover in 1985. Discover offers a full range of services, including online banking, loans, and Discover credit cards.

• Is Discover bank safe?
  Yes, though it's an online bank, Discover Bank is FDIC insured. That means you are protected against the loss of your deposit if the bank fails, up to $250,000. This makes Discover a good place to save and earn more interest on your savings.

• How do I withdraw money from my Discover bank account?
  Discover savings account does not offer an ATM card. You can withdraw by transferring funds to your Discover checking account or to an external bank account.
  Federal law limits you to 6 withdrawals and transfers per month for savings accounts. However, there are no limits on official checks mailed to you.
  

• How long does it take to deposit money to Discover?
  Funds from ACH credit transfers and wire transfers initiated at an external bank to Discover will be available for withdrawal on the business day they receive the deposit.

  Funds from ACH transfers initiated at Discover Bank (to be withdrawn from your external bank account) are generally available within 4 business days after the date your request was initiated.

  Sometimes the availability of funds may be delayed up to 10 business days. For instance, if you are a new customer or if you have overdrawn your account repeatedly in the last 6 months.

  Note: Business Days are Monday through Friday, excluding Federal Reserve Bank Holidays.

• How often is Discover savings account compounded?
  Discover Online Savings offers 4.35% APY. The interest is compounded daily and deposited monthly. You'll start earning interest as soon as you deposit money into a Discover savings account.

• Can you deposit cash with Discover Bank?
  Discover Bank does not accept ATM cash deposits. Customers can deposit cash into a separate checking account, such as one with a local bank or credit union, and then transfer the money into a linked Discover Bank account.

• Can I have 2 Discover Savings Accounts?
  Discover Bank has no limit on the number of online savings accounts you can open.

Discover Credit Card Promotions

• How much is Discover card cashback bonus?
  Discover It will match all the cash back you've earned at the end of your first year. This offer is only for new customers. This card earns 5% cash back in bonus categories that change each quarter (up to the quarterly maximum; requires free activation each quarter). All other purchases earn 1% cash back.

• What is the 5% cash back calendar for Discover It?
  5% cash back on up to $1,500 in purchases in rotating categories that change each quarter (requires free and easy sign-up for 5% Cashback Bonus)*
  Limitations apply*. See issuer's website for additional program details.

What Banks Give Bonuses for Opening Accounts?

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, in the Discover App or by phone. Enter Offer Code CY923 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 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Get Deal

Expires 12/14/2023

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, in the Discover App or by phone. Enter Offer Code CY923 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 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Get Deal

Expires 12/14/2023

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 Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.

Get Deal

Member FDIC

U.S. Bank Smartly® Checking and Standard Savings - Up to $800 Bonus

Earn up to $800 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 29, 2023. Member FDIC.

Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:

• Enroll in online banking or the U.S. Bank Mobile App
• Make two or more direct deposit(s) totaling $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500

Earn up to $200 with a new Standard Savings account.

• Make new money deposit(s) totaling $25,000 by January 31, 2024
• Maintain that balance until July 31, 2024

Earn an additional $100 by fulfilling both the Bank Smartly Checking and Standard Savings requirements!

Offer may not be available if you live outside of the U.S. Bank footprint.

Click Here to Learn More

Expires 12/29/2023

Citi Priority - Earn up to $2,000 Cash Bonus

Learn More

Expires 1/9/2024

• Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
• New to Relationship customers can choose their Relationship Tier.
• Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
• Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
• If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
• Bonus will be paid within 30 days after you successfully complete all required activities.
• Restrictions apply.

Member FDIC

BMO Smart Advantage Checking - $400 Cash Bonus

Open a new BMO Smart Advantage Checking online and get a $400 cash bonus when you have a total of at least $4,000 in qualifying direct deposits within the first 120 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.

Get Deal

Expires in 4 days

Member FDIC

Chase Total Checking® - $200 Bonus

Open an Account

Expires 1/24/2024

• New Chase checking customers enjoy a $200 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*

What the Experts Say

CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said: