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!
Other Discover Bank promotions include a checking account that offers 1% cash back on your spending and Certificate of Deposits (CDs) that can earn up to 5.00% 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, U.S. Bank, 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 – 4.30% APY
The Discover Online Savings Account is a high-yield savings account that offers a competitive rate of 4.30% APY, over 10x the national average[1].
This savings account is a great 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 $389 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.
| Bank | APY Rate | Earned Interest |
| Discover Bank | 4.30% | $430 |
| National Bank | 0.41% | $41 |
2. Discover Certificate of Deposit – Up 5.00% APY
As of September 2023, you can earn up to a 5.00% APY with a Certificate of Deposit (CD) from Discover Bank.
To open a CD, a minimum deposit of $2,500 is required. The interest rate offered is based on the CD term:
| CD Term | APY Rate |
| 12-Month Term | 5.00% APY |
| 18-Month Term | 5.00% APY |
| 2-Year Term | 4.30% APY |
| 3-Year Term | 4.30% APY |
| 5-Year Term | 4.00% APY |
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 5.00% APY
Availability: Nationwide
Expiration: N/A
Requirements:
- Open a new Discover Certificate of Deposit using this link.
- Select CD term and deposit at least $2,500.
- 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:
- Open a new Discover Cashback Debit account.
- 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. Iit 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 7/27/2023
2. U.S. Securities and Exchange Commission. Investor.gov Compound Interest Calculator, Retrieved 4/21/2023
thanks for writing about this, john. i was on the fence on opening a Discover or Amex HYSA and this bonus offered by Discover was the deciding factor. excellent website. thanks again for helping your readers!