Discover Bank has been offering bonuses on new Online Savings accounts for several years. The latest one offers a bonus of up to $200 when opening a new Online Savings account by April 1, 2019. Here are the bonus details:
- Open an Online Savings account by April 1, 2019.
- Use offer code NPBE319 when applying.
- $150 bonus – fund with at least $15k by April 15, 2019.
- $200 bonus – fund with at least $25k by April 15, 2019
- Maximum bonus is $200 per account.
- Not available to existing or prior Discover savings customer.
- Not available to existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover.
- Account must be opened when bonus is credited.
Compared to other internet banks, Discover Bank’s Online Savings account hasn’t been the most competitive one. However, they have a long history of keeping their rates close to the other well-established internet banks like Capital One and American Express National Bank.
The Discover Bank Online Savings account has no monthly maintenance fee or minimum balance fee. There is an Excessive Withdrawal Fee of $15 per withdrawal beyond the six allowed per month.
Discover Bank also has other accounts that give it an edge over other internet banks including a money market account with check writing capability and a free checking account.
Headquartered in Greenwood, Delaware, Discover Bank is an internet bank with no brick-and-mortar branches. To qualify to open an account of any kind with Discover Bank,
Each Account Owner must be a U.S. citizen, U.S. Resident Aliens or other U.S.
person at least 18 years old and have a valid taxpayer ID and physical U.S. address.
Applying for either the $150 or $200 Online Savings account bonus must done online, using code NPBE319. Since this bonus is only available to customers who do not have (or ever had) a Discover Bank Online Savings or Money Market account, funding the new Online Savings account must be from an external bank account.
You can send us a check or transfer funds from an existing bank account.
Discover Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 8.28% (excellent) based on December 31, 2018 data. In the past year, Discover Bank has increased its total non-brokered deposits by $5.43 billion, an excellent annual growth rate of 14.58%. Please refer to our financial overview of Discover Bank (FDIC Certificate # 5649) for more details.
As one of the largest financial services firm in the country, Discover Bank traces its roots back to the Greenwood Trust Company, which was established in 1911. Discover Bank came into being following the purchase of the Greenwood Trust Company in 2000. With assets in excess of $108 billion, Discover Bank is currently the 28th largest bank in the country.
How the Bonuses Compare
We are starting to see more bonus offers from internet banks. With rate increases slowing down, banks may see bonuses as a better way to attract customers. This Discover bonus has some advantages over the current Capital One bonus. Unlike Capital One, there isn’t a time requirement that the minimum balance has to be maintained. Also, Discover Bank Online Savings account currently has a slight interest rate edge. The downside is a larger minimum deposit to qualify for the $200 bonus ($25k at Discover vs. $10k at Capital One).
Be sure to check out our full list of savings and checking account bonus offers.