UPDATE 2/15/2017: Offer has been extended through March 3, 2017 and coupon code has changed (SAVE117D1).
Deal Summary: $100 bonus on new Online Savings account.
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
January 31March 3, 2017.
- Use offer code
SAVE12D3SAVE117D1 when opening.
- Fund with at least $15k by March 15, 2017.
- $100 bonus will be credited by March 31, 2017.
- Account must be opened when bonus is credited.
There is no promotion page for the SAVE117D1 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 SAVE117D1 code, have CSR explain the bonus in detail, and then apply for the bonus either on the phone or online.
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 5.75% (excellent) based on September 30, 2016 data. In the past year, Discover Bank has increased its total non-brokered deposits by $5.34 billion, an excellent annual growth rate of 10.97%. 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 $89 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% = $12.44 interest
The above rates are accurate as of 2/15/2017.
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.