Discover Bank’s Latest Online Savings Account Bonuses

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Deal Summary: $150 or $200 bonus when opening a new Online Savings account.

Availability: Nationwide (internet bank)

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:

Bonus Requirements

  • 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.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.10%--Discover BankOnline Savings
Rates as of March 20, 2019.

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.

Availability

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.

Bank Overview

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.

Related Pages: Salisbury savings accounts, savings accounts, nationwide deals, bank bonuses, Internet banks

Comments
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8 Comments.
buckeye61
buckeye61   |     |   Comment #1
I think this offer is a little better then Capital One's for lower deposits(Less the $50K). I did this bonus two years ago(lower bonus amount then) and they deposited the bonus within 30 days of the qualifying deposit, and it has a slightly higher savings rate.
Reply
3
willy12
willy12   |     |   Comment #2
I opened one years ago for a cash bonus. It was late and I had to contact them but I eventually got it.
Reply
3
Dan
Dan   |     |   Comment #3
I just did this and received the bonus on the same day the transfer hit the account. No need to leave the money there for any period of time either.
Reply
5
payitforward
payitforward   |     |   Comment #4
Do the initial funding dollars need to be maintained for a certain period? When is the bonus distributed?
Reply
2
TheBombingRange
TheBombingRange   |     |   Comment #5
In the past, you could do the $200 bonus for up to three of their accounts: the generic savings, the AAA savings, and the AAII savings (which has a 5 bp boost over their public rates). Not sure if they are running this promotion on the AAA and AAII savings accounts too, but making $600 on the same $25k deposit moving in and out of their accounts. I had the bonuses post within like 15 days of depositing into each account too, it was great.
Reply
4
zg2
zg2   |     |   Comment #7
Are there any current bonus offers for other Discover savings accounts such as AAA & AAII ?
Reply
1
deplorable 1
deplorable 1   |     |   Comment #6
Too bad they don't offer these bonuses to existing account holders. I have 3 Discover savings accounts from when they were offering a $50 bonus for opening the account with $1 and I needed a savings account with a low min. for my kid and nephew.
Reply
1
zg2
zg2   |     |   Comment #8
I saw on another site that the bonus offer worked if you previous savings had been closed 2+years ago, but it did not wrk for mw
"“Our records show that you are ineligible for this promotion because you have opened a similar account in the past.”"
Has this offer worked for anyone with a Discover savings that was closed over 3years ago (as min was)?
Reply
1
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POSTED ON THURSDAY, NOVEMBER 15, 2018 BY KEN TUMIN
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Availability: Nationwide (internet bank)

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POSTED ON FRIDAY, JULY 6, 2018 BY KEN TUMIN
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Availability: Nationwide (internet bank)

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POSTED ON THURSDAY, MAY 31, 2018 BY KEN TUMIN
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Availability: Nationwide (internet bank)

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POSTED ON FRIDAY, FEBRUARY 23, 2018 BY KEN TUMIN
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Availability: Nationwide (internet bank)

Discover Bank increased the rates today of its Online Savings Account and Money Market Account by 10 bps. The Online Savings Account now earns 1.50% APY on all balances. The Money Market Account now earns 1.40% APY on balances of $100k and over. Balances under $100k now earn 1.35% APY. Discover Bank also increased the rates of eight of it CDs.

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POSTED ON THURSDAY, FEBRUARY 22, 2018 BY KEN TUMIN

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