Discover Bank Bonuses: December 2024

Discover Bank offers a variety of accounts with low fees and useful features, but it doesn’t offer very many promotions for its online bank accounts—currently, you can earn a bonus of $150 to $200 by opening your first savings account with Discover and depositing $15,000 to $25,000. But take note that this bonus requires the promo code DD924.

Discover Bank: Online Savings Account Bonus [Promo Code DD924]

• Bonus amount: $150–$200
• Expiration date: Mar. 13, 2025
• Account APY: 3.80%

How to Get the Bonus

This bonus is only available when entering the promo code DD924 on the application.

1. Apply for your first Discover Online Savings Account by March 13, 2025. It is not sufficient that it be a new account. It must be your first savings account with Discover.
2. Deposit at least $15,000 or $25,000. You won’t need to make this deposit right away, but you’ll need to get it done within 45 days in order to be eligible for a bonus. Deposit at least $15,000 within 45 days of account open date to earn a $150 bonus, or deposit at least $25,000 within 45 days of account open date to earn a $200 bonus.
3. Earn your bonus within 60 days. You’ll need to keep your account open until you receive the bonus as a deposit into that account. Other than that, there are no requirements to earn the bonus.

Bonus Restrictions and Account Fees

• This bonus is only available only with the promo code DD924.
• The offer is only available to people who have never had a Discover savings account before, including savings accounts that are co-branded and offered through other outlets.
• If you don’t meet the requirements, you may still be eligible for the bonus if you open a joint account with someone who actually does qualify, as long as you list them as the primary account owner. 
• Discover Bank doesn’t charge any fees for its Online Savings Account except for a $30 outgoing wire transfer fee.

Important

If you decide to transfer your money back out after earning the bonus, make sure to close your account to avoid any potential fraud risks. 

Compare Discover Bank Bonuses

Are Discover Bank Bonuses Worth It?

Discover Bank offers a variety of account types, but there’s currently only one bonus available for its savings account. And as mentioned, you’ll need to search Google to find it.

If you do find the promotion, you’ll have an option of two bonus amounts. You can deposit $15,000 to earn a $150 bonus—for a return on deposit of 1%—or you can deposit $25,000 to earn a $200 bonus, for a return of just 0.8%.

These returns are relatively low compared to other savings account bonuses we track, which have a median return of 1.6%. So if you’re hoping to open a new account and earn a great bonus at the same time, you should explore the best savings account bonuses before making a decision. But, if you’re interested in Discover for its low fees and relatively high rates, it could be a good time to open an account. Just be sure to check the best high-yield savings account rates first, to see if there might be a better place to stash your cash.

How to Open a Discover Savings Account

You can open a Discover savings account online by following a few simple steps: 

1. Visit Discover’s page and select “Open an Account”: On the Discover savings account page, select the “Open an Account” button. You’ll see an online account application.
2. Fill out the application: If you’re an existing Discover customer, your information will be populated for you; if you don’t have a Discover account, the site will ask for your personal details. The application will ask for your name, Social Security number or taxpayer identification number, date of birth, and mother’s maiden name. It will prompt you to enter your address, phone number, and email. 
3. Review account disclosures: After entering your information, you’ll be shown the account disclosures. The disclosures detail what fees apply and when and how interest is compounded. Review the disclosures and confirm that you have read them and agree to the terms.
4. Make your initial deposit: Although Discover doesn’t have a minimum balance requirement for savings accounts, you can make an initial deposit at the time you open your account by electronically transferring funds from another checking or savings account.

About Discover

In addition to being a credit card issuer, Discover is also a digital banking company. It was incorporated in Delaware in 1960, and today, Discover Bank offers rewards credit cards, checking accounts, certificates of deposit (CDs), money market accounts, individual retirement accounts (IRAs), and high-yield savings accounts. 

Discover only has one physical branch (it’s in Delaware); its products are solely available online or through the company’s mobile app. However, it does have over 60,000 no-fee ATMs you can use to withdraw money.

Discover’s online banking services should be a good fit for those seeking a digital bank that offers a suite of different services. It might be a particularly good fit for those who:

• Prefer paperless, digital transactions
• Hate paying fees
• Typically use their debit card for day-to-day transactions 
• Prefer to bank with an established “name” financial institution

Frequently Asked Questions (FAQs)

Does Discover Have Any Bonuses?

Discover isn’t offering very many promotions for its bank accounts right now—see the above list. Check our picks for the best bank account bonuses to explore other options.

Are Discover Bank Bonuses Taxable?

If you earn a bank bonus from Discover or any other bank, that bonus is taxable just like the interest you earn on a savings account. At the end of the year, Discover Bank will send you a Form 1099-INT that you can use to file your taxes.

Is Discover Good for Savings?

Discover is a reputable financial institution, and its savings accounts could be useful for those looking for a low-cost, high-yield savings account. There is no minimum deposit required to open an account, and there are no monthly fees, yet the account pays a significantly higher-than-average annual percentage yield (APY). Before opening a new account it’s always wise to compare rates to the best high-yield savings accounts, however.

What’s the Minimum Deposit for a Discover Savings Account?

There is no minimum deposit required to open a Discover savings account, making it a good option for those with limited funds available for a new account.

How Is Interest Calculated for a Discover Savings Account?

With Discover’s online savings account, interest is compounded daily and it’s credited to your account on a monthly basis.

Is Discover’s Savings Account FDIC-Insured?

All of Discover’s deposit accounts, including its savings accounts, are insured by the Federal Deposit Insurance Corporation (FDIC), so your money is protected up to a maximum of $250,000.

How We Track Bank Account Bonuses

Every business day, Investopedia tracks 23 banks and the current, new, extended, and expired account bonuses they offer customers. Banks are chosen based on consumer interest and we add banks to our list as needed to ensure we’re always reporting on the best bank bonuses. We update our picks for the best bank account bonuses, the best checking account bonuses, and the best savings account bonuses as needed, chosen based on bonus amounts, bonus requirements, and account features. We aim to provide you with news about checking and savings account bonus offers so you can take advantage of them as soon as possible.

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation.