Discover Bank Has $100 Bonus On New Online Savings


UPDATE 8/2/2016: The $100 bonus has expired.

Availability: Nationwide (internet bank)

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.

0.95%$500-Discover BankOnline Savings
Accounts mentioned in this post. Rates as of October 23, 2016.

$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.

Bank Overview

Discover Bank of Commerce (FDIC Certificate # 5649) has an overall health grade of "A" at, 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, readers and I also post often on bonuses in the Bank Promotions Forum.

DCGuy (anonymous)   |     |   Comment #1
I opened a savings account last year using an offer code and I was told that they had to specifically offer you the bonus in order for you to qualify for it.  I later closed the account.  Since I am on their system as having opened an account, I will never open another account with them.
DCGuy (anonymous)   |     |   Comment #4
Note that several months after opening my savings account with a "rejected" bonus offer code, I received in the mail an offer to open a savings account from Discover Bank with another offer code, BUT the offer code in the mail notice is only valid if you are a new customer.  So why send me an offer to open an account with a bonus code when I am already a customer?
Anonymous   |     |   Comment #5
They may not know it but "obviously" they waived that requirement by mailing the offer to you! Or, if a (unilateral) mistake, that does not make them mutual mistakes!
Anonymous   |     |   Comment #2
Comparing the bonus under
" How the $100 Bonus Compares ", well it is not quite right, you are missing legging and trailing days when the money is being sent and received and processed.
I had this experienced with them.
I opened it on Wednesday and sent the ACH next day, they claimed the ACH arrived on Monday and is in process and since this is a new customer there is a 5 day hold for clearing of the funds.

Further down the road when was time to receive the bonus there was intentional delay do to some holidays of 3 days.

When I closed the account after 6 months I asked for a check to be mailed to me and that delay was again intentional and 10 days long.

Long story short, it is not going to be like you think is going to be, count on the money to be delayed close to 2 months instead of one, from the moment of opening the account to pulling the money back.
Ken Tumin
Ken Tumin   |     |   Comment #3
Good point in that 2 months will probably be the minimum period required. The comparison section has been updated.
RJM   |     |   Comment #6
I don't think the $15k has to stay in for more than 30 days.  I plan to ACH the bulk of it out after a month.

But I will keep the account open for speedy transfers to my cashback checking.

I just realized their system doesn't allow transfers within discover bank to be scheduled in advance. That doesn't make much sense.

My initial deposit was posted today and it says available tomorrow.

I still have a discover checking from years ago. The cashback from billpays and small debit card transactions is a nice small ongoing bonus.

I use Fidelity's 2% credit card for the build of my purchases but transactions under $5, I use the discover debit card.
cheapnewyorker   |     |   Comment #7
Sounds like a good offer, and I actually was going to take advantage of it but don't see mention of the $100 bonus on that page

I also received an email from Discover encouraging me to open an account, as well as a mailing in the postal mail, but none mentioned a $100 bonus.
RJM   |     |   Comment #8
I dont believe its a targeted offer. That is, anyone can get it, You enter the code on the 4th & last page of the application.
When the cashback checking had a $50 bonus, it didnt have a place for a code and I didnt get an advertisement but I got the $50, twice actually, I think by mistake.
My guess is we will get the $100 bonus but if my experience from last time is any indicator, it might be a month or two late.
I dont plan to abandon the savings account, just move about $14,900 out after the 30 days just because 1% is more than .95%.
Worst case is you only lose a very small amount of interest versus a 1% account but the upside is you get the $100 and thats 10-15+ times what you would lose if the $100 doesnt come.
Good risk/reward.  Id put the $100 at about 98% or more.

The cashback checking had a few promos since I had it, one for a direct deposit into the account of so much and others for double the 10 cents for transactions for certain months. And those came without issue.
RJM   |     |   Comment #9
I just talked to a discover bank rep for something else and she told me the $15k doesn't even have to remain for 30 days to get the $100. Just have to DEPOSIT the $15k and keep the account open.

Still, I plan on leaving it there for about 33 days just to make sure.

And then keep the account open for a long time.
cheapnewyorker   |     |   Comment #10
I finally found the page that actually shows the $100 bonus: Promo code is HMB716
I just applied for the account through that link and the following message showed at the end:
Important information about your bonusTo get your $100 Bonus: What to do: Apply for your first Discover Online Savings Account (OSA) by 08/31/16. Enter Offer Code HMB716 when applying. Deposit at least $15,000 by 09/15/16. What to know: Offer not valid for existing or prior Discover savings customers. Account must be open when bonus is credited. Bonus will be credited to the account by 10/15/16. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice.
RJM   |     |   Comment #11
Im sure there are probably a half dozen different promo codes for various offers.
I got the by mail offer with $100 bonus about a week after I already opened the account for the $100 bonus. LOL

Curious that they when touting their no fees, they still charge a $15 fee for going over 6 withdrawals per month. It would seem like that could be a $5 or $1 fee rather than $15.
They boast that they will send out unlimited Discover checks but still want a $15 fee for accidentally doing 7 electronic withdrawals in a month.
RJM   |     |   Comment #12
My $100 bonus was credited to my account on the 26th.

I opened it on the 7th, my deposit was credited on the 12th and the $100 showed up on the 26th. No indication that the money must stay there the full month but I'm going to leave it there for just over a month anyway just to be sure.

When I opened the discover checking, it took 3-4 months and multiple emails to get my bonus so it seems they have gotten their act together.
cheapnewyorker   |     |   Comment #13
I opened my account on 7/16. My deposit was credited to my account on 7/21, although it was debited from my funding account on 7/19. I got the bonus credited to my account on 7/27. I am happy with the speed of receiving this bonus.
Anonymous   |     |   Comment #14
Ken's 8/2/2016 update is incorrect.  Discover Bank's $100 bonus offer has NOT expired (I checked with them this morning).  Just use the code indicated in Comment #10 above.  It's good until 8/31/2016.
Anonymous   |     |   Comment #15
Any one else discovering the ordeals one has to endure with this bank for the sake of a $100 bonus?  It's easy depositing funds into this FI and they did credit the awards quickly (my family and I established three accounts), - but between seemingly arbitrary security freezes (very tedious to get removed) and cancelled outgoing ACH transfers (for which no one can offer any explanation of) getting your funds out of it is proving far more difficult.  Whether they inhibit this process via calculation or are just incompetent I'm not quite sure, but my experience with them hasn't been a positive one, and in fact they are now vying with HSBC as the most headache inducing FI I've regretted becoming involved with.
RJM   |     |   Comment #16
Ive had no problem with discover. Other than a  delayed bonus on the cashback checking years ago. That I eventually got twice.
They wont let you transfer in less than $25 from their end and you cant set transfers in advance between discover accounts. But those are minor annoyances.
I still use the cashback checking for bill pays and small debit card transactions for the 10 cents each.
I transferred out the bulk of the $15k without issue after a month and am now carrying about a $200 balance.
I haven't had any security freezes or cancelled ACH transfers.
cheapnewyorker   |     |   Comment #17
Thanks for the info. Thankfully I have not had these issues, but I have not tried to do any ACH transfers out of my savings account. I also have a Cashback Checking account and haven't had issues with transfers, but I don't use the account that much or do transfers much.