Discover Bank Promotions: $150/$200 Savings Account Bonus & 1% Cash Back Checking

Contents

1 Discover Bank Promotion(s)
- 1.1 Discover Bank $150 or $200 Savings Bonus
  - 1.1.1 Is This Discover Welcome Bonus A Good Deal?
  - 1.1.2 Fine Print
- 1.2 Discover Checking 1% Cash Back (Up To $30/Month)
2 Bottom Line

Find updated Discover Bank (discover.com) Checking, Savings, CD and IRA promotions and bonuses here.

Discover Bank is an online-only bank and has no retail branches. They are able to offer better rates by operating their banking services online. Their line of deposit accounts include Savings, Checking, Money Market, CD, and IRA CD accounts. Discover Bank originally began when it acquired the Greenwood Trust Company in 1985 and is also now headquartered in Greenwood, Delaware.

For more current offers, see our bank bonuses page. Popular offers can be had from banks like Chase Bank, Bank of America, BMO Harris, TD Bank and many more.

Bonus offer: Get $200 cash for a new checking account with Chase…

Discover Bank Promotion(s)

Discover Bank $150 or $200 Savings Bonus

What you’ll get: $150 or $200 bonus
Where it’s available: online, nationwide
How to earn it:
- Apply for your first Discover Online Savings Account (online, by phone or Discover App).
- Enter the code on the offer page when applying.
- Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus.
- Deposit must be posted to account within 30 days of account open date.
When it expires: 12/15/22

Learn More at Discover

Is This Discover Welcome Bonus A Good Deal?

Due to the high deposit requirements, this Discover promotion is not as good as many of the best bank bonuses out there right now. If you have the money for the $15,000 or $25,000 deposit, it’s still worth considering.

Many banks give you a welcome bonus to get you to sign up, but then they charge you a lot of fees to make up for it later. But Discover has low fees, so if you qualify, the welcome bonus could be thought of as free money in your pocket.

Fine Print

Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover.
Eligibility is based on primary account owner.
Account must be open when bonus is credited.
Bonus will be credited to the account within 30 days of the account qualifying for the bonus.
Bonus is interest and subject to reporting on Form 1099-INT.
Offer may be modified or withdrawn without notice.

See more bonus offers that don’t require direct deposit…

Discover Checking 1% Cash Back (Up To $30/Month)

The Discover Cashback Checking account is a great option if you’re looking into online checking accounts, which essentially is also considered a free checking account. One of the ways this account sets itself apart from competitors is by allowing you to earn up to $30/month in cash back bonuses.

This isn’t like the other sign-up bank promotions available, but rather an extra perk for an already great checking account.

If you’re wondering about the convenience of accessing your cash, you’ll have over 60,000 ATM locations which are free. These ATMs are scattered throughout the country at popular drug stores, convenience stores, grocery stores, etc., such as CVS, Walgreens, Tom Thumb, Target, 7-Eleven and many others.

Discover CashBack Checking Features:

No monthly fees or monthly balance requirements (standard with online banks; traditional banks usually have monthly maintenance fees)
Access to over 60,000 free ATMs in the U.S. (uses the Allpoint network; the largest ATM network big online banks use)
Earn 1% cash back on up to $3,000 in debit card purchases each month
Free Online Bill Pay (standard with most banks)
Free Check Reorder (good perk; most banks charge for re-orders)
Free Replacement Debit Card (standard with most banks)
Free Official Bank Check (standard with most banks)
Free Expedited Delivery for your Replacement Debit Card (good perk; some banks charge for this)
Free Outbound ACH Transfers (standard with most banks)
Free Incoming Wire (good perk; most traditional banks charge for this)

Earning Cash Back:

Earn 1% cash back on up to $3,000 in debit card purchases each month
ATM transactions, the purchase of money orders or cash-equivalents, cash over portions of point-of-sale transactions, and Peer-to-Peer (P2P) payments are not eligible for cashback rewards.
In addition, purchases made using third-party payment accounts (services such as Venmo and PayPal, who also provide P2P payments) may not be eligible for cashback rewards.
You can redeem your cashback bonus for any amount.

Bottom Line

Discover Bank is a part of Discover Financial Services, which is one of the biggest companies in the U.S. that issues credit cards. Over the years, it has become known as a top online bank for both individuals and families.

If you want a new savings account with a high annual percentage yield (APY), don’t like paying fees, and have a few thousand dollars to put in as an opening deposit, the $150 to $200 Discover bonus may be worth looking into.

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