Offer at a glance
- Maximum bonus amount: $100
- Availability: Nationwide, but you must be a Discover credit card holder (e.g Discover it or Discover it Miles)
- Deposit Requirement: $15,000
- Additional requirements: Account must be open at time of bonus posting
- Hard/soft pull:Â Soft
- Credit card funding:Â None
- Monthly fees: None
- Early account termination fee: None
- Expiration date: September 15th to open, September 30th to fund
The Offer
No direct link to offer, hat tip to Oren’s Money Saver for letting me know about this deal
- Open a Discover Savings account with the promotional code Save8715 and fund it with at least $15,000 and receive a $100 sign up bonus.
The Fine Print
- If funding by phone, the limit you can fund is $5,000 the rest of the funding will then have to be done online
- Limit of one offer per customer
- Offer good on Discover Online Savings Account only
- Offer limited to new customers only
- Account must be open at the time of receiving the bonus
- Bonus will be posted within 30 days of funding the account with $15,000
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
There are no monthly fees on this account.
Our Verdict
It looks like you’ll need to fund the account with $15,000 and then keep that invested for a maximum of thirty days before you can withdraw the funds and close out the account. Let’s see how much you’d earn on $15,000 for one month at different interest rates, keep in mind this account earns at a rate of 0.95% APY, to make things easier in brackets I’ve put the difference compared to the Discover account.
- 0.95% APY: $11.875
- 1% APY: $12.5 (+0.625)
- 2% APY: $25 (+$13.125)
- 3% APY: $37.5 (+$25.625)
- 4% APY: $50 (+$38.125)
- 5% APY: $62.5 (+$50.625)
If you have a spare $15,000 laying around, then this is a decent saving account bonus. You’re not required to keep the funds in there for long and the rate is quite competitive (when comparing to standard checking/savings accounts but not so much to reward checking accounts or high yield prepaid cards). It’s also possible to get a $50 bonus on their cash back checking account as well.
A question a lot of people will have is: Is this bonus also doubled for the Discover double cash back promotion? I don’t see why it would be, that promotion doubles your Discover credit card cash back, but not your deposit account cash back with Discover. I’d be more than happy to be proven wrong though.
You can view a full list of all the bank bonuses that we recommend signing up by going here.
Hat tip to Oren’s Money Saver for letting me know about this deal
