Discover Bank’s Latest Online Savings Account Bonuses

POSTED ON WEDNESDAY, MAY 15, 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 June 3, 2019. Here are the bonus details:

Bonus Requirements

Open an Online Savings account by June 3, 2019.
Use offer code NPBE519 when applying.
$150 bonus – fund with at least $15k by June 17, 2019.
$200 bonus – fund with at least $25k by June 17, 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
1.70%	-	-	Discover Bank	Online Savings

Rates as of January 25, 2020.

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 NPBE519. 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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65 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.

hugosalinas | Apr 14, 2019 | Comment #36

Dan, I got my bonus the next day. So you transfered out your money. To confirm, there were no problems for not keeping your money in account for any period of time, correct?

RTY | May 15, 2019 | Comment #37

hugosalinas, I did the same thing last year, but they denied the bonus and pulled it back from my account.

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.

DCGuy | Apr 3, 2019 | Comment #15

I got another bonus flyer in the mail last week about the $200 bonus with the promo code. I opened the savings account last year and got the bonus money in 2018. Should I try to open multiple accounts and try to collect multiple bonuses?

willy12 | Apr 4, 2019 | Comment #18

Interesting, It clearly says Not available to existing or prior Discover savings customers. You think we could trick them into not knowing we are an existing customer even though we are an existing customer? Would not be that expensive to try it in terms of lost interest versus a 2.5% account.

I guess Im just a fine print reading kind of guy to think we would not stand a chance at double dipping.
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Applying for either the $150 or $200 Online Savings account bonus must done online, using code NPBE419. 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.

DCGuy | Apr 4, 2019 | Comment #24

I received probably close to a dozen of the flyers over several years. I think I am "stuck" on their advertising list as a "promising potential customer". As long as they consider me as one, then hopefully, their account system will also treat me as the same.

willy12 | Apr 4, 2019 | Comment #25

I get flyers advertising one of their laughable 12 month CDs every few months.

DCGuy | Apr 5, 2019 | Comment #31

2.65% for 1 year is laughable? Try 3 years at 0.8% at a local bank where I live. One of my relatives is stuck with it until it matures next year.

Mike | May 15, 2019 | Comment #45

willy12 , the code NPBE stands for:
Never
Previously
Been
Executed or Enabled.
This info was supplied by a CSR.

8832 | May 15, 2019 | Comment #43

I had did this back in 8/2013 and they just turned me down also for previously accepting this offer.

DCGuy | May 15, 2019 | Comment #56

I got another $200 promo letter last month. They probably would deny the bonus if I tried to open a new account. They also did not pay me any bonus when I opened my first account with them several years ago. Their automated mailing system probably is ****ed up.

DCGuy | May 15, 2019 | Comment #57

Note the word that was blocked out in the previous message was not an "expletive deleted" term.

hugosalinas | Mar 25, 2019 | 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 | Mar 25, 2019 | 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.

AnnO | Apr 4, 2019 | Comment #17

Discover has gotten much faster since you did yours. I did it last summer and it paid out the day after I completed the deposits, and many other people have had the same experience.

willy12 | Apr 4, 2019 | Comment #19

Is it worth trying to double dip with a 2nd savings is the question. Not much at risk really except a few days interest both ways since their ACH is not all that fast

AnnO | Apr 4, 2019 | Comment #22

I think you (and me both) missed the window on being able to double-dip on Discover savings bonuses... last successes at that AFAIK were in fall 2017. They have stricter terms in place now, intended to be one per lifetime, basically. But if it has been several years since you closed your previous account, maybe it's worth a try! Definitely won't work if your account is still open, though, AFAIK.

willy12 | Apr 4, 2019 | Comment #23

I left one open,closed one and the checking. ,01 left in the open one. And I mist be banned for life for a capone bank bonus because I had an ING account which became a capone. (closed last year)

But I did take them for $150 on a $500 new card offer a few months ago. May never use the card again? Hard to justify keeping a card in my wallet or even my car for 4% at restaurants given how rarely I eat out without a gift card that I bought with a much bigger than 4% discount.

111 | Apr 4, 2019 | Comment #26

If the card has a decent-size credit limit, you might want to keep it open simply to avoid reducing your overall credit limit. This is useful for when you're offered 0%, no-fee balance transfer offers - helps keep your overall score from dropping too much. Just automate a small payment to a utility bill, an Amazon giftcard, etc., maybe twice a year.

HarvF | Apr 4, 2019 | Comment #16

hugosalinas Comment #13
I got my $200 bonus ONE day after funding my savings account with $25k. However, not all the funds deposited for the bonus will be available until 3 days after that day.

Fat Man | Apr 5, 2019 | Comment #28

No need to be shuffling money all over the country.
If I just stop buying pizza for one month, there's my 200 buck bonus. :)

Fat Gal | Apr 5, 2019 | Comment #29

#28, I know what you mean. If I did my own nails every other month, and if I reduce all my restaurant trips I could save $200 very quickly. But maybe that's not as exciting as getting a free bonus from Discover or Citi or whoever. And I would just blow it.

willy12 | Apr 6, 2019 | Comment #32

$200 a month on pizza? I love pizza but never ever spent that much on it in a month. Or even a quarter.

Lets see, 20 years at $160 a month at 8% means you blew nearly $95 not to mention harmed your health & waistline.

I figure i might spend $30-40 max.per month.

Fat Man | Apr 6, 2019 | Comment #33

I have a family of 7. Just ask my Fat Kids.

willy12 | Apr 6, 2019 | Comment #34

That was a typo above, $160 a month over 20 years at 8% is nearly $95k.

My secret is frozen pizza and I add extra toppings & cheese and cook it up at home.

Anonymous Fatty | Apr 6, 2019 | Comment #35

fat man and fat lady make a good point. All of us, everyone can surely find ways to eliminate frivolous or wasteful spending.Then we don't have to run around with our hair on fire chasing bonuses. But I guess it's much easier to click a few buttons on a keyboard, and shove money around. Then just sit back and wait for the 200 dollars to appear. After all, we'd never give up the "game", now would we? Addicts until the end.

"Yes, I would like an extra large veggie pizza and add pepperoni and sausage and extra cheese."

Mike | May 15, 2019 | Comment #46

Anonymous Fatty #35, now imagine if you restrain your buying and go for the bonus at the same time, you got double bonus in savings in your bank. See, it was very easy to do.

DHS | May 15, 2019 | Comment #38

Quick question, how is the bonus taxed?

AKRON | May 15, 2019 | Comment #39

Probably as interest income.

111 | May 15, 2019 | Comment #42

A few years ago when I did this Discover sent me a 1099 form, which means it was taxed Federally as ordinary income.

AKRON | May 15, 2019 | Comment #40

Well they certainly seemed to enjoy making a point of disliking their current & past customers.

willy12 | May 15, 2019 | Comment #47

Yes, I sure wish they would offer something to long suffering account holders. They clearly don't want to match even Ally. As a result, my account sits nearly dormant with .01 in it.

Nice deal for anyone who has not yet done it though.

I don't think I can do the cap one deal either because I had an ING account which turned into a cap one that I stopped using and closed out a few years ago.

They did send me a snail mail credit card offer back in Dec for $150 for a $500 spend and I did it. And now I don't use the card. I still have badwill for them over a purported credit card late fee that they charged me maybe 25+ years ago. They said my payment was late and would not waive the late fee. So I paid it and closed the account in protest. I found evidence of others saying the same thing...Capital One pretended they did not get the payment on time and would not waive the late fee even once. That was back before I started using billpay.

AKRON | May 16, 2019 | Comment #65

I despise Capital One. They send me emails for this bonus I can get if I open an account. Not even in the small print does it say that I'm not eligible since I had an account in the past. Made me furious. Also they employ America-hating spokespeople. I'm done with them.

Anon | May 15, 2019 | Comment #41

Does Discover do a hard pull credit inquiry when you open this online savings account? I already have too many.

8832 | May 15, 2019 | Comment #44

no soft pull

Mike | May 15, 2019 | Comment #48

Discrimination, punish the good customers and ponder to the dishonest person to use your bonus and leave you. The discover must change its management, if they want to become a big player in the savings world.
Why not raise the savings rates and reward the current customers, instead of the rip off artists?

willy12 | May 15, 2019 | Comment #50

They are attempting to acquire profitable customers probably from brick & mortar banks who think 2.1% is fantastic and they are willing to deal with losing rate chasers & bonus seekers in doing so.

Hard to say if their method is right or wrong because we don't know how much in deposits they are acquiring.
Regions offered me $400 in a snail mail promo that I went for recently and its hard to envision me sticking around after I get the bonus and my 6 months are up. (Because their checking account is nothing special) The bonus should come sooner than 6 months but the account must stay open 6 months to avoid an early closing fee.

Corry | May 15, 2019 | Comment #51

#48, agree, the bonus should be for the good and long term customers only.
#50, The discover is at the bottom of attracted assets in the savings account, their 10-Q discloses that and they are losing money from those bonuses given to the fly by night customers.

willy12 | May 15, 2019 | Comment #53

You have to compare that cost to jacking up their everyday rate to 2.60% or whatever.

Nobody can be all things to all people.

The benefit of attracting long term customers as opposed to rate chasers may outweigh the near term cost of the bonuses.

We have someone on the Harbor board criticizing them for having the gall to offer 2.50% because there are a few others that pay that. (Never mind that 99.9% do not)

My point is Discover is criticized for offering a sign up bonus and Harbor or whoever is criticized for offering 2.50%. FIs cannot win with this audience.

Leen | May 15, 2019 | Comment #54

willy12 #53, people will be attracted 100% from the good rates and will stay there as long as the rates are at the top. Issuing bonuses to attract customers, is going after the rate chasers only, once the bonus is received most if not all will leave that FI overnight. Your argument is not correct.

willy12 | May 15, 2019 | Comment #58

Ok, so my argument is incorrect. Why then is nobody paying 2.75% and the bonuses going away? Are we to believe that every bank executive is stupid?

I just opened a CD at CDBank and it was a nightmare and almost everyone had a problem. Here on DA there are all kind of negative reviews from people who normally do not post.

Loyalty? HAH! | May 15, 2019 | Comment #60

rate chasers have No loyalty at all. Checking, Credit card, Savings, Bonus be damed. they jump ship at every .05% - 1% change. you see it here all the time. why else would posters be asking, hard pull?, check systems? Ect.

Nothing | May 16, 2019 | Comment #61

Loyalty is a two (or more)way street! When FIs change the terms and conditions during the term of a CD, e.g. the EWP, they deserve what they get. Others/most are very ethical. Also, there is a big national bank that got an ethics award and proudly has It on display in branches...all of that after they paid over $600 Million in regulatory fines. Then they are annual CU meetings. Have you been to one lately? Last one I attended had no questions being solicited and no opportunity for any new business from the members. It's rough out there...want a friend, get a dog! Respect is earned the old fashioned way and if depositors play by the "rules" then they should be reasonable and not be overreaching rules!

gregk | May 15, 2019 | Comment #52

Remember, FIs bonus payments are a tax write-off for them, which reduces the cost considerably.

Leen | May 15, 2019 | Comment #55

gregk, if it is not for their credit card card cash cow division, the discover bank is losing money when CC business is subtracted from their business model. The cash bonuses are to attract new savers, but they fail miserably by excluding their current customers, who will eventually leave them when ignored like this kind of bonuses are given and eventually you will run out of fresh blood (never been customers before).

Quiz | May 15, 2019 | Comment #59

Are there any fees if you close the account right after the bonus is credited?

willy12 | May 16, 2019 | Comment #62

Many have early closing fees.You have to ask. I just did a regions deal. Bonus is supposed to come within 4 months. But there is an early closing fee if you close before 6 months. (I cant be sure but it might be $25?)

I have to ACH;/direct deposit in $500 a month to avoid monthly fees too. But, no minimum balance. I think I could have parked $1500 at no interest for the 6 months instead of the $500 monthly ACH. I figure that would have cost me about $18 in interest versus moving it in and out.

I had another bank, the Popular bank fiasco that also had a fee if closed within 6 months.

So you can close the account early, it just might cost you.

My discover account remains open with a .01 balance and I move a penny in & out every couple of months if I think about it.

Northern by contrast, does not have an early closing fee. But no bonus either. Just the high rate for those grandfathered in.

Joel | May 16, 2019 | Comment #63

#62, this is an example of how the old customers should or should not be treated. Northern bank got it right and they have not lost a single customer in almost a year now and the reward is included silently in the higher interest rate.
Discover should abandon the carrot approach to new customers only and slap the old customers with silly potty in the face, if they want to be relevant FI in the future.

willy12 | May 18, 2019 | Comment #68

All banks are TRYING to do what is best. They probably have data that shows the bonus deals bring them good accounts that stay for the mediocre rates.

Just like those that to the RCAs were sold data that RCA customers were good for the bank/cu.

I doubt Northern is going to remain a top rain for life but its cheap to send an email to existing customers to let them know the rate will stay high. I will move more money to them at the end of August and another in mid Sept if Andrews or someone does not have a top CD at that time. Right now, I only have $500 left with them. AA has the same rate...2.50% but only up to $50k. I opened AA first and have all my links established there. I never bothered with setting up links at Northern until recently and I got rejected out of hand over $15k. Said I could not even call in for approval since it was my first ACH.

I seem to recall Northern supposedly had a fee for transfers when i first opened the account. They probably stopped charging a fee but I never set up links. I might if they are that good and free of course.

ddbrege | May 17, 2019 | Comment #66

Discover used to be right up there with the leaders with their rates. At one time I had six figures deposited with them in my CD ladder. Today I have one at ~10K remaining that was a 10 year at 3.7% that will mature next year. I get their mailers and emails all the times, but lackluster rates at best. I still use them for a hub because of their ACH benefits with no fees. I currently have their online savings account, but opened it quite sometime ago and were never eligible for a bonus at that time.

Milty | May 16, 2019 | Comment #64

Was told assuming you open the account by 6/3 and fund the necessary amount by 6/17 then bonus is paid on 7/1. Thereafter the account can closed without penalty.

Cmb | Jul 25, 2019 | Comment #71

Down too 2.05

Cmb | Aug 3, 2019 | Comment #72

2.00 percent

PutinInvestments | Aug 6, 2019 | Comment #73

Do we know why they change the %?

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