Discover Bank’s Latest Online Savings Account Bonuses

POSTED ON TUESDAY, MARCH 19, 2019 BY Ken Tumin

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.

APY	MIN	MAX	INSTITUTION	PRODUCT	DETAILS
2.10%	-	-	Discover Bank	Online Savings

Rates as of March 25, 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 28^th 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.

Comments

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14 Comments.

buckeye61 | Mar 19, 2019 | 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.

willy12 | Mar 19, 2019 | 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.

Dan | Mar 19, 2019 | 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.

payitforward | Mar 19, 2019 | Comment #4

Do the initial funding dollars need to be maintained for a certain period? When is the bonus distributed?

AnnO | Mar 20, 2019 | Comment #10

When I did this last year, the bonuses were basically immediate (like the next day) when you reach the specified amount of *cumulative* deposits. Many people, including myself, never had the whole amount in the account at the same time - you could withdraw and redeposit to reach the cumulative total. You just have to be done by the deadline as of the time you apply (currently April 15, 2019).

TheBombingRange | Mar 20, 2019 | 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.

zg2 | Mar 20, 2019 | Comment #7

Are there any current bonus offers for other Discover savings accounts such as AAA & AAII ?

AnnO | Mar 20, 2019 | Comment #11

Last time there were any, they now had stipulations that the limit is 1 bonus per person across all Discover savings products. No more double/triple-dipping.

deplorable 1 | Mar 20, 2019 | 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.

zg2 | Mar 20, 2019 | 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)?

AnnO | Mar 20, 2019 | Comment #9

Until a year or so ago, people could double/triple dip on Discover bank bonuses. They no longer allow that, and AFAIK it is a 'lifetime' thing, no amount of years waited will be enough anymore. :-(

DCGuy | Mar 21, 2019 | Comment #12

I closed a savings account over a yea ago after I had opened it several months and they did not pay the bonus. I kept receiving mail offers about the bonus for a couple of years and after I closed the account. I then opened a new account using the bonus code on the flyer and I got the bonus. I still receive the bonus flyers in the mal, but have not tried to open an account for the third time.

hugosalinas | 17 hours ago | Comment #13

I got approved and got an email stating that I need to fund by April 15 for Bonus payout is by April 29. Are people getting the Bonus sooner than that, maybe a few days after funding of account?

willy12 | 14 hours ago | Comment #14

I did mine years ago and I think they promised it within 60 days and I did not get it by then. I emailed them and they promised I would. Then I did maybe a week or two later.

Then a few months later they had some kind of direct deposit transfer in promo. I think it required a $10k transfer in for another bonus. I pushed $10k from ally, not being sure it would work but it did and that bonus came quicker...within a few weeks.

Availability

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How the Bonuses Compare

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