Discover Bank Promotions: 3.60% APY Savings Account

Here are all the available Discover® Bank promotions and what you need to know about them; how to qualify, best bonuses currently available, when the offers expire, and more!

Discover Bank promotions include an online savings account, a checking account that offers 1% cash back on your spending, and Certificate of Deposits (CDs) that can earn up to 4.00% APY.

See the full details for these offers and other Discover bonuses below!

For more current bank offers, see our bank bonuses page. The most popular offers are from Chase Bank, SoFi, KeyBank, BMO and Axos Bank.

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Current Discover Bank Promotions

Here are the best Discover Bank promotions available for you today. Each promo or offer has different bonus amounts and requirements, so pay attention to each deal carefully.

1. Discover® Online Savings Account – 3.60% APY

The Discover Online Savings Account is a high-yield savings account that offers a competitive rate of 3.60% APY, over 5x the national savings average^[1].

It’s a solid choice for someone who is looking to grow an emergency fund or save for a big ticket item such as a down payment on a house or a car. This high interest rate means that your money will grow faster over time, helping you reach your financial goals sooner.

For example, let’s say you have $10,000 available to save for 12 months. You’d earn $319 more in interest with Discover Bank than you would with the average national bank^[2]. That’s a big difference that only gets bigger with time due to compound interest.

2. Discover® Certificate of Deposit – Up 4.00% APY

As of May 2025, you can earn up to a 4.00% APY with a Certificate of Deposit (CD) from Discover Bank. The interest rate offered is based on the CD term:

Interest earned is calculated using simple interest, not compound interest. Simple interest is determined by multiplying the daily interest rate by the principal by the number of days that elapse between payments.

Interest Amount: 2.00% APY to 4.00% APY
Availability: Nationwide
Expiration: N/A

Requirements:

1. Open a new Discover Certificate of Deposit using this link.
2. Select CD term and deposit funds.
3. Earn interest based on your CD term.

3. Discover® Checking Account – 1% Cash Back

Get 1% cash back when you open a Discover checking account and use its debit card for spending.

The Discover® Cashback Debit account is a free online checking account with a debit card that lets you earn cash back for your spending. You can earn a maximum of $360 in cash back every year with this checking account.

Best of all, there are no account fees and no monthly minimum balance required!

Bonus Amount: 1% up to $3,000 in debit card purchases each month
Availability: Nationwide
Expiration: N/A

Bonus Requirements:

1. Open a new Discover Cashback Debit account.
2. Earn 1% cash back on up to $3,000 in debit card purchases each month.

The Bottom Line

Discover is more known for its credit cards, but they’re making a strong push in consumer bank products. In 2019, they pretty much eliminated all fees on their banking deposit products.

In my opinion, opening a Discover® Bank Online Savings Account is worth it. It also gives you a opportunity to try out Discover’s bank accounts and see if it’s the right long-term fit for you.

Discover savings accounts are generally regarded as one of the top places to save your cash, combining the security and safety of a big bank that consistently offers a competitive rate.

I’ll add these Discover promotions to the list of the best bank bonuses.

References:

1. FDIC. National Savings Rates Index, Retrieved 4/24/2025

2. U.S. Securities and Exchange Commission. Investor.gov Compound Interest Calculator, Retrieved 4/21/2023