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Discover Bank Promotions: $200 Savings Account Bonus

Discover Bank is giving a $200 bonus when you open a Discover Online Savings Account and make qualifying deposits! Get either a $150 or $200 bonus depending on your total deposits.

Other Discover Bank promotions include a checking account that offers 1% cash back on your spending and Certificate of Deposit (CD) that can earn up to 1.00% APY.

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

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 – Up to $200 Bonus

Get a $150 or $200 bonus to kick-start your savings when you open a Discover Online Savings Account.

Discover Promotions: Online Savings Account
(Image from Discover Bank)
  • Earn a bonus of $150 if you deposit at least $15,000 within 30 days of account open date
  • Earn a bonus of $200 if you deposit at least $25,000 within 30 days of account open date

You must be a new Discover Bank Online Savings Account customer in order to be eligible for this bonus.

Bonus Amount: $150 or $200
Availability: Nationwide
Expiration: June 15, 2022

Bonus Requirements:

  1. Open a new Discover Savings Account using this link
  2. Enter promo code OR222 during account sign-up
  3. Deposit a total of least $15,000 within 30 days of account opening
  4. Receive bonus within 30 of account the qualifying for the bonus

2. 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 using this link
  2. Earn 1% cash back on up to $3,000 in debit card purchases each month

3. Discover Certificate of Deposit – Up 1.00% APY

Earn up to 1.00% APY with Certificates 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 TermAPY Rate
3-Month Term0.20% APY
6-Month Term0.25% APY
9-Month Term0.30% APY
12-Month Term0.55% APY
18-Month Term0.60% APY
24-Month Term0.65% APY
30-Month Term0.70% APY
3-Year Term0.75% APY
4-Year Term0.80% APY
5-Year Term1.00% APY
7-Year Term1.00 APY
10-Year Term1.00% 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: 0.20% APY to 1.00% APY
Availability: Nationwide
Expiration: N/A

Bonus Requirements:

  1. Open a new Discover Certificate of Deposit using this link
  2. Select CD term and deposit at least $2,500
  3. Earn interest based on your CD term

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. Not only does it offer a bonus of up to $200, 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.

Between these deals and the Chase Bank promotions, you have a lot of ways to earn bank account sign-up bonuses.

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

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