UPDATE 8/2/2016: The $100 bonus has expired.
Discover Bank is offering a $100 bonus when opening a new Online Savings account, with a minimum of $15k. This promotion is for customers who have never had a Discover Bank Online Savings or Money Market account.
$100 Bonus Requirements
- Open an Online Savings account by July 29, 2016.
- Use offer code -------- when opening.
- Fund with at least $15k by August 12, 2016.
- $100 bonus will be credited by September 12, 2016.
- Account must be opened when bonus is credited.
Thanks to DA reader, RJM, for the Forum post about this deal.
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 or other U.S. person,
be at least 18 years old, have a valid Taxpayer Identification Number,
have a valid physical U.S. address and provide an electronic consent and signature.
Applying for the $100 Online Savings account bonus must done online. Since this bonus is only available to customers who have never had a Discover Bank Online Savings or Money Market account, funding the new Online Savings account must be from an external bank account, through a phone transfer, or by mail.
Discover Bank of Commerce (FDIC Certificate # 5649) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 5.82% (excellent) based on March 31, 2016 data. In the past year, Discover Bank has increased its total deposits by $1.95 billion, an excellent annual growth rate of 4.01%. Please refer to our financial overview of Discover Bank 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. Today, Discover Bank has assets in excess of $86 billion and more than 415,000 ATMs spread across the United States.
How the $100 Bonus Compares
Assuming an Online Savings account is opened with the required minimum deposit of $15k, and is kept opened for two months to ensure the bonus being awarded:
- $15k for 2 months in Discover Bank’s Online Savings = $100 bonus
- $15k for 2 months in Discover Bank’s Online Savings = $23.66 interest
- $15k for 2 months in a savings account earning 1% = $24.90 interest
The above rates are accurate as of 7/11/2016.
Other Bank Promotions and Bonuses
Not eligible for US Bank’s Summer Bank Bonus? Check out my latest bank and credit union bonus blog posts to find other promotions. In addition, DepositAccounts.com readers and I also post often on bonuses in the Bank Promotions Forum.