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Discover is a popular online bank that may be best known for its cash-back credit cards. But Discover also offers other banking products, including a checking account, certificates of deposit, a money market account and one of the best no-fee savings accounts on the market. An alluring sign-up bonus now offers $150 or $200 cash when you open a new savings account.
How Can You Earn a Discover Savings Account Bonus?
There are just a few steps you need to take to qualify for a Discover promotion:
- Open a new savings account using a Discover offer code.
- Meet qualifying conditions. In most cases, you’ll need to deposit a minimum amount of money within 30 days of opening the account .
- Receive your Discover bonus, usually within 30 days of meeting the requirements.
Here is the Discover new-account promotion currently available. Offer details are accurate as of Aug. 10, 2022.
Discover Promotions for 2022
Discover Online Savings: Earn $150 or $200*
Discover’s savings account features a 1.60% APY that compounds daily and is paid monthly. You pay $0 for monthly maintenance, and there are no fees for insufficient funds, excessive withdrawals or closing the account.
- What is the offer? Open a new Discover Online Savings account online, using offer code GBP622. Then, deposit at least $15,000 into your account within 30 days to receive a $150 Discover bonus. Or, deposit at least $25,000 within 30 days to receive a $200 Discover bonus.
- What is considered a deposit? Virtually any money you transfer into your Discover online savings account qualifies for the promotion, including: check deposits made through Discover’s mobile app; online transfers from another Discover bank account; online transfers from an external bank account; direct deposits from an employer or government agency; checks mailed with a deposit slip to Discover Bank.
- When do you receive your bonus? Discover will deposit the bonus into your account within 30 days of satisfying the bonus requirements.
- Is there a time limit on the offer? This promotion expires on Sept. 15, 2022. It’s available to first-time Discover savings account customers.
Is a Discover Welcome Bonus a Good Deal?
This Discover promotion is not as attractive as many of the best bank bonuses available today, because of the hefty deposit requirements. If you have the cash to swing the necessary $15,000 or $25,000 deposit, it may be worth considering.
Still, many banks lure you in with an enticing welcome bonus, only to charge excessive fees to make up for it down the line. But Discover charges minimal fees, meaning the welcome bonus may be considered truly free money in your pocket if you qualify.
What Else Should You Know About Discover Savings Account Promotions?
Your Account Must Be Open to Receive a Welcome Bonus
Your Discover Online Savings account must be open when your bonus is paid. In other words, you can’t transfer the money and then immediately close out the account.
It can take a few weeks to receive your Discover bonus from the time you meet the qualification requirements.
Your Bonus May Be Taxable
Any Discover bonus or promotion you earn is considered taxable income. This means Discover reports it to the IRS and issues you a Form 1099 during tax season.
You Must Be a New Customer
This Discover bonus is for new savings account customers only. You will not qualify if you have a prior or existing Discover savings account.
That said, you can score a savings account bonus if you have other Discover products, such as a credit card or loan. Those don’t count toward the qualification requirements.
Bottom Line
Discover Bank is a subsidiary of Discover Financial Services—one of the largest credit card issuers in the U.S. It’s built a name for itself over the years as a leading online bank for individuals and families alike.
If you are in the market for a new savings account with a high APY, don’t like paying fees and have several thousand dollars for an opening deposit, then the $150 to $200 Discover bonus may be worth checking out.
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Discover Bank Bonus & Promotions Of August 2022 – Forbes Advisor & Latest News Update
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