Posted by Chuck on July 16, 2017
Expired Savings Account Bonuses

Published on July 16th, 2017 | by Chuck

125

[Expired] Discover Savings $100 Bonus with $15,000 Deposit

Bonus has expired, but there is a better offer now available for $150/$200, click here to view that.

Bonus is expiring soon, as it’s one of the best savings accounts we are reposting. Make sure you regularly check the deals calendar so you can view what deals are expiring soon.

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: Nationwide
  • Direct deposit required: None
  • Additional requirements: Deposit $15,000
  • APY: 1.10%
  • Initial Deposit: None
  • Hard/soft pull: Soft
  • ChexSystemsChecking does have Chex inquiry
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: None mentioned
  • Expiration date: May 15, 2017 July 17th, 2017 August 21st, 2017
  • Insured: FDIC

The Offer

Direct link to offer

There’s no landing page for this offer, but on the third page of the application there’ll be a promo code box. After inputting the promo code, you’ll see the terms of the offer. APY on this account is now 1.10%

The Fine Print

  • Apply for your first Discover Online Savings Account (OSA) by 8/21/17
  • Deposit at least $15,000 by 9/5/17
  • Not available to existing or previous Discover savings customers.
  • Bank account bonuses are treated as interest and you’re required to pay taxes on them.

Avoiding Fees

There are no fees to with this account.

Discover does not have any minimum balance requirement, and you can withdraw all the funds after opening the account and fulfilling the $15,000 deposit requirement.

Early Termination Fee

There’s no mention of a fee for closing the account at any time. Note that you need to leave the account open until March 31st or whenever the bonus posts.

Our Verdict

This bonus is very often available, but usually it requires an affiliate link which we don’t use on our site; this current offer is a public one. We’ve been trying to get Discover to do a DoC only deal, but limited progress has been made.

This deal is pretty good if you can float $15,000. It doesn’t look like there is any deposit requirement length, so you should be able to deposit $15,000 and then immediately withdraw it. In the past bonus has posted around 5-15 days after the $15,000 requirement has been met.

Lots of people like the Discover bonuses since they are so easy to do, and the interest rate offered on the account is decent too (though not the best around). We will be adding this bonus to our list of the best saving account promotions.

Hat tip to Mehuk

Useful posts regarding bank bonuses:



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lingua
lingua

Did the last one in January and the bonus posted 8 days after deposit. Pulled most the money and have kept open as a DD option since it’s once per lifetime anyways and the interest is ok.

Ritesh
Ritesh

dumb question, how do you deposit 15k at once since they dont have a branch

Pam
Pam

You can deposit via a check with a picture taken on your smart phone… be advised there is a $5000 daily limit with this method… I deposited $5000 for three days… bonus was posted three days after final deposit.

Jack
Jack

Not a dumb question! You can deposit the $15,000 on line.

Nab
Nab

@Chuck – Do you have to have a Discover card to be eligible?

Mark O
Mark O

Could you cycle through the money – deposit 5k pull it and then redeposit it etc. or do you need to have a 15k balance all at one time?

Jan
Jan

Would the bonus work if I have the discover checking already?

kk
kk

About a week ago I received a letter from Discover bank that they will close my checking account. This was sudden and out of no where. Wonder if anyone else had a similar experience? I opened the account about 4 years ago and never used it that much except for a couple of transactions a month on average.

William Charles

Might just be due to inactivity. Did you try calling them?

kk
kk

I ‘ve used this account more frequently than ever in the last month or 2 wtih debitize and few DD for Raise. Those would be around 5-6 transactions per month in total, if not less.

I did and they weren’t willing to tell me more than it was just a “business” decisions. I didn’t fight, but it was sure frustrating and uneasy to think that banks can close your accounts just like that.

I opened only 2 other checking and their Savings accounts last year (totally 4)

Albrecht
Albrecht

They have a dedicated department called “Account Protection” or some such important name which has unlimited powers to slice and dice. Our entire extended family had accounts with the bank, but because we linked them for occasional transfers from one to another, the said department nuked all of them, including any accumulated bonuses & remaining balances (thankfully < $10).

Max
Max

Whoa they can’t just take your money if you’ve got small balances left in your accounts!

Ven
Ven

I recently received a similar letter but not saying as closing the account, but to warn me saying exceeded more then federal regulated withdrawal transaction limit, which is maximum 6 transaction per a calendar month. since I am not aware of this rule, from this month I am using it as my primary bank to pay my rent/CC bills. hence crossed 12 transactions. Even trail deposit and withdraw from other bank also counted as one tran.

When I called CSR, she said there would be $15 transaction charge on each transaction (have 6 more trns then allowed limit). If this is repeated more than once in a calendar year, Discover will close your account.

since this is first time, I am not sure whether they can forgive me with out a $15*6 charge, but CSR told to call back once statement is generated.

hope this info helps few more folks around.

Albrecht
Albrecht

Any Savings account has a limit of 6 withdrawals / month. Don’t use it to pay bills, only as an exception (like a mortgage) and watch it like a hawk. Ally bank actually shows the # of outgoing transactions left for the statement period.

Elena
Elena

Found this on Wikipedia:
“Regulation places a limit of six withdrawals or outgoing transfers per month. […] “Penalties” or fees vary by financial institution. Discover Bank, for example, will close a savings account if Regulation D is exceeded 3 or more times in a 12-month period.”
Full article is here: https://en.wikipedia.org/wiki/Regulation_D_(FRB).

I had no idea that this regulation exist, thank you for bringing my attention to it!

Olly
Olly

I’d love to do this, but they won’t open savings accounts for aliens who aren’t permanent residents any more. They’re perfectly happy to lend me $40k unsecured via my Discover credit card though – figure that one out!

Hopefully they’ll still be offering this when I get my green card in a few months…

Nihao
Nihao

On the application they say “U.S. Resident Aliens” is ok. That means you either have a green card, or have been in the US long enough this year (substantial presence test).

So non-permanent residents can apply no problem.

Olly
Olly

They’ve changed the application form since my comment back in February – if you said no to the US Citizen question it used to specifically ask if you were a Permanent Resident Alien and if you said no it popped up a message saying that they couldn’t accept your application at this time.

It looks like I can take advantage of this now 🙂

William Charles

Glad to hear it!

David
David

Hey, we’re in the same boat, thanks for the info!

Cheers,
A fellow alien in limbo

saratkiran
saratkiran

I have a good amount in Discover checking. If I open Discover savings and transfer from checking to savings does it count in the 15000$ ?

Thanks

William Charles

Usually funds need to be new to the bank, but like Chuck I don’t see the fine print in this offer.

Jake N
Jake N

DP:
1/31 – opened account (under old promo)
2/3 – initial $500 deposit posted
2/6 – ACH $15k from Ally
2/16 – $100 bonus posted

I use Discover as my primary checking account, so will likely keep this open with some nominal amount just to maintain the relationship. I find their app, site, service and transfer speeds to be pretty solid. Only downside is not being able to deposit MOs from mobile.

Ryan R
Ryan R

Has Discover historically had any better savings account bonuses? I’m inclined to go ahead and do this offer, but would prefer to just hold out if there’s likely to be a $200 or $300 bonus at some point in the future (since it looks like there’s no possibility to churn with Discover).

Jeff S
Jeff S

Honestly I’m going to hold out in hopes of there someday being a larger bonus… or DoC exclusive bonus :p

Ryan
Ryan

2/22/17 – Opened account
2/23/17 – ACH $15k from Ally
2/24/17 – $500 opening deposit posted
3/2/17 – $100 bonus posted

Jdoc13
Jdoc13

2/15: Opened Discover savings account online and funded with $15,000 transfer from Ally; online access setup
3/2: $100 bonus received

MontyFC
MontyFC

How long do I need to keep the money in the account to qualify?

Den
Den

As per post: “It doesn’t look like there is any deposit requirement length, so you should be able to deposit $15,000 and then immediately withdraw it.”

mark
mark

My bonus posted very quickly. Deposited the coin on Feb 21 and received the bonus on March 2.

kiloWUTT
kiloWUTT

When is the earliest I can close this account? Does it benefit me by leaving it open somehow?

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