UPDATE 4/20/2017: Offer has been extended through May 31, 2017, and has a new coupon code (SAVE417E1).
Discover Bank is offering a $100 bonus when opening a new Online Savings account with a minimum deposit 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
March 3May 31, 2017.
- Use offer code
SAVE117D1SAVE417E1 when opening.
- Fund with at least $15k by
March 15May 30, 2017.
- Account must be opened when bonus is credited.
There is no promotion page for the SAVE417E1 code, but I was able to verify with CSR that it is a valid code. Details about the promotion are available after entering the code on the third page of the online application. Unfortunately, the online application requires entering a great of personal information before you reach that page. The best option may be to call Discover Bank (800.347.7000), confirm the validity of the SAVE417E1 code, have CSR explain the bonus in detail, and then apply for the bonus either on the phone or online.
I’m going to thank DA reader, 767, in advance for using his March 9, 2017, comment chronicling his experience in applying for the $100 bonus. Hearing about individual experiences (good or bad) is helpful for us all.
Thought I'd share my hassle free and quick $100 earning experience. I opened my account online on 3/1 using promo code SAVE117D3 but had to call them for verification, I presume because I have a security freeze on my credit file.
I verified my information with the US based customer service rep and proceeded to set up online external transfers. I verified the trial deposits and transferred $15k in to my new Discover account which showed up on 3/3. Like all new bank accounts, there was a security hold. On 3/8, the $100 posted and the funds became available for transfer out.
As I see no requirement to keep all $15k on deposit, I plan to transfer out most of it but keep the account open for the time being.
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 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, through a phone transfer, or by mail.
Discover Bank has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 6.50% (excellent) based on December 31, 2016 data. In the past year, Discover Bank has increased its total non-brokered deposits by $4.79 billion, an excellent annual growth rate of 16.53%. 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. Today, Discover Bank has assets in excess of $91 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 the required one month to ensure the bonus being awarded:
- $15k for 30 days in Discover Bank’s Online Savings = $100 bonus + $11.82 interest
- $15k for 30 days in a savings account earning 1.25%* = $15.54 interest
*In the past, I have used a 1.00% savings account for the comparison, but as 1.25% is currently the best nationally available savings account rate, 1.25% is now the norm.
The above rates are accurate as of 4/20/2017.
Other Bank Promotions and Bonuses
Not eligible for Discover Bank’s online savings 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.
This blog post was originally published by DepositAccounts.com on July 11, 2016.