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Discover Bank Promotions: Up to $500 Savings Account Bonus

Discover Bank is giving up to a $500 bonus when you open a Discover Online Savings Account and make qualifying deposits! Get either a $150 or $500 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 Deposits (CDs) that can earn up to 3.50% 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 BankSoFi, 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 – Up to $500 Bonus

Get up to a $500 bonus when you open a Discover Online Savings Account and make deposits.

  • Earn a $150 bonus if you deposit at least $15,000 within 30 days of account open date
  • Earn a $500 bonus if you deposit at least $50,000 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.

Ninja Update: The current maximum bonus of $500 is higher than the previous $200 offer, but now requires you to fund the savings account at least $50,000 vs $25,000.

Bonus Amount: up to $500
Availability: Nationwide
Expiration: December 7, 2022

Bonus Requirements:

  1. Open a new Discover Savings Account using this link.
  2. Enter promo code BONUS1122E during account sign-up.
  3. Deposit a total of least $15,000 within 30 days of account opening to receive a $150 bonus. Deposit a total of $50,000 or more within 30 days of account opening to receive a $500 bonus.
  4. Receive bonus within 30 of account the qualifying for the bonus.
Discover Promotions: Online Savings Account
(Image from Discover Bank)

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 4.25% APY

As of December 2022, you can earn up to a 4.25% 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 TermAPY Rate
12-Month Term4.00% APY
24-Month Term4.10% APY
3-Year Term4.15% APY
4-Year Term4.20% APY
5-Year Term4.25% 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: 1.50% APY to 4.25% 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.

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.

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