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: Soft
- Credit card funding: 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
Anyone getting this error and how did you fix it?
To complete your application, we will need to confirm some information.
Please call us at 1-888-204-9001 (TDD 1-800-347-7454). Banking Specialists are available 24 hour s a day, 7 days a week to personally assist you.
There is no need to re-submit an application at this time. Multiple applications may result in the processing multiple initial deposits.
Yup, I had to do verification as well with Discover. Just took a minute.
I anybody wants to use my referral when you sign up (assuming you have a spare $15k). Check it out at sharethebonus.com.
One more thing: they did not give me credit for initial $15K deposit for 5 days. After several calls asking about the bonus (always a different story, but no bonus), I did an ACH withdrawal of $14,999.99. That transfer will not happen for *7 days*. My credit union, AmexSavings and Chase all do ACH transfers, both directions, in max 2 days. Discover took 5 days to credit my deposit, and are holding it hostage for 7 days before giving it back to me. This is a bank float game, where your money is not available to you so that they earn interest on it without paying you any (I used to work at a bank).
I opened Disc Savings on 8/28/15 and ACH’d $15K that day. They did not give me credit for the deposit until 9/2/15, thus they say my account was opened on 9/2/15. Today is 10/6/15, they still have not paid the $100 bonus. Cust Svc says I “definitely qualify” for the bonus, they will have to review. Review could take up to two weeks.
Follow-up: I wasn’t clear on this Comment (above). Discover is apparently playing games. They have not done what they promised.
My offer code was Save8715, $100 bonus if $15K for 30 days. They still haven’t paid the bonus, yesterday afternoon they told me their review will take 6-8 weeks (that’s up from 2 weeks, which they said the day before).
I used the same code and had the same issue beginning in July. Many calls to Disc and always a different story. Finally talked to a supervisor who said a case was opened with the promo dept which can takes 3+ weeks, followed by 4-6 weeks for the bonus to post. They offered me an immediate $50 credit instead, which I accepted. Decided it wasn’t worth the hassle to wait for the full $100 which may or may not ever post.
I should mention they offered the $50 after I threatened to close my accounts 🙂
I have a similar experience to Victor and Mary. Perhaps unlike them, I happen to be an attorney who knows some folks that just love class action lawsuits.
Victor and Mary – post back if you’d like to connect about investigating our options.
My specific experience:
I did this offer 35 days ago and took screen shots to show everything went thru. 30 days later no bonus. Wrote to their customer service folks and the reply was:
“I am sorry to say, it appears your account was disqualified from the promotion. However, I have reviewed your account and I cannot find a reason for that disqualification. That being said, I have escalated this matter to our Promotion Specialists to be investigated. Our Promotion Specialists will determine what happened and either credit your account or contact you to advise you of the reason that you did not qualify for the bonus. Please note that investigations of this type are be difficult and may take up to 8 weeks to be completed.”
I did everything I was supposed to do, they can’t tell me why they think they shouldn’t have to do what they said they would do, and they will take 8 weeks to figure it out.
Stay away. Far away.
Read all your comments and now I have received an email from Discover that makes me want to take a chance even after all the trouble some of you have had. I am going to try to paste the fine print from the email into this post.
FINE PRINT:
Bonus valid through 10/31/15. Limited to new savings customers only—1 per customer per account. Offer good on Discover Online Savings Account. To receive $50 or $100 bonus: 1) Offer Code Save5915 must be used when applying by 10/31/15; and 2) Minimum deposit of $5,000 must be received by 11/15/15 for $50 Bonus or Minimum deposit of $10,000 must be received by 11/15/15 for $100 Bonus. Bonus will be issued by 12/31/15 as credit to the account, which must be open at issue. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice.
END FINE PRINT
Thanks for posting the info. If I assume an opportunity cost of 5% interest savings this offer is only about $25 better. At best we leave the fund’s in 1.5 months (11/15 through 12/31) and get $100. I’d get approx $75 in my savings account alternatively. This is of course assuming I have to keep the $10k in the account that long.
Unless I’m missing something I’ll pass on this one. If you’re someone with $10k laying around earning zilch then maybe this is an OK deal.
Can anyone help with this?
There were 3 Offer codes listed:
Save5915 can give $100 for a $10k deposit
Save8715 needs $15k to get the $100
Save4715 gives what? (anthonyjh21 above on Sept 12.)
Can anyone please update if I’m missing anything?
And I received offer code Save7915 in the mail which only gives me $50 for $10k deposit
I just received another one in the mail yesterday. It’s for $100 after $10k deposit and bonus posts within 30 days. Interestingly enough the code is different – Save9915. Must open the account by 10/31 and deposit by 11/15
Thanks so much for that code?
Do you think that this is targeted? Because in the mail they offered me only $50 for $10k.
Can I use your code and get the $100?
Thanks
Posted earlier on 9/29/2015 and set up an account. Got my $100 today (11/4/2015).
I also set up a checking account at about the same time for the $300 bonus. I hope that goes as well. That will take longer due to the two DD required. (My DD is monthly.)
I really appreciate this site. It is a wonderful forum for sharing our experiences, both positive and negative.
YMMY
I just called Discover Bank and the rep. confirmed that the customer doesn’t need to maintain $15k for any period of time. All it matters is whether the balance reflected $15k and then the customer can even take it out next day.
But, really scary situation to read Victor’s experience.I also got some bad experience with Discover that the initial mandatory $500 deposit still not posted in Discover, which was initiated a week back. The source bank also doesn’t show that the Discover has taken the money out. Called them and the rep. has no idea of what I am talking and she said this case is a special case and has been escalated to a special dept. Don’t understand on how they can mess up a simple transfer.
Vijay
Called Disc. yesterday on the initial $500 deposit not yet available until now and the rep. spoke to special dept. and confirmed that it’s an known issue and this transaction will not go through and this transaction will disappear from the account view in couple of view. Never got in to this kind of situation with any banks in the past. Hope what they said is true.
Vijay
Beware: I opened the savings back in July using the promo listed on this page and deposited the $15k. Called them right after to confirm the promo went thru, and the rep said yes. 6 weeks later and still no bonus. Called again and they claim no promo used to open account. They’ll look into it and contact me in 3 weeks. Sent them a message online later in the day, and they replied that my case had been resolved, no promo on account.
Also be careful not to set up an external transfer in addition to the opening deposit. I did this and they initiated the $15k deposit twice, resulting in overdraft fees at my external account.
So all this effort and $30 fee to show for it.
File a claim with the CFPB.
Update: after several weeks and persistent calls to Disocver CS, I was given a $50 courtesy adjustment. Not $100 but better than nothing! So if you don’t receive the bonus, this may be an option.
I was also reimbursed the overdraft fee of $30
Yeah, it’s through 10/15/15 now. Code is Save4715.
Anyone have a clear answer as to whether or not they’ll double this w/ the double promotion? I know DoC semi-answered, but I’d love to see any data points of people who actually spoke with Discover.
Any way to confirm this is extended to October 2015? Can u fund with a credit card as a purchase?
BTW. The one I did was deposit 5000 by the end of July and get 50 by the end of August.