Discover Savings Account Bonus 2020: Get $150 Or $200

Update 8/13/22: Looks like the $500 option has now expired. If anybody finds a working offer let us know.

Update 7/28/22: Looks like there is a new $500 option with promo code BONUS722E1. Requires a $50,000 deposit, code seems to apply for anybody but no landing page so possibly YMMV. Hat tip to usccstrategy

Update 6/21/22: Deal is back and valid until 9/15/22. New promo code is GOBR622

Update 1/3/22: There is also a direct link working again. Promo code OR222. Hat tip to chooseyourusername17

Update 12/30/21: Direct link is no longer working, but promo code SAVEQ122E2 should work until 3/30/22. Hat tip to reader Celia.

Update 10/23/21: Deal is showing again.

10/19/21: Cumulative deposits seem to still be working, as always still a risk.

Update 9/24/21: Hello old friend…this deal is finally back again. Unknown if cumulative deposits will still work or not. Hat tip to reader Gadget & Dev

Offer at a glance

Maximum bonus amount: $200
Availability: Nationwide
Direct deposit required: None
Additional requirements: Deposit $15,000 for $150 bonus, or $25,000 for $200 bonus
APY: 0.50%
Initial Deposit: None
Hard/soft pull: Soft
ChexSystems: No for Online Savings
Credit card funding: None
Monthly fees: None
Early account termination fee: None mentioned
Expiration date: Open by 06/15/2022
Insured: FDIC

Contents

1 The Offer
2 The Fine Print
3 Avoiding Fees
- 3.1 Early Termination Fee
4 Our Verdict
5 Deal History

The Offer

Direct link to offer

Apply for your first Discover Online Savings Account by 09/15/22, AND
Enter offer code OR222 when applying, AND
Deposit a total of at least $15,000 into your account within 30 days to earn a $150 Bonus, OR
Deposit a total of at least $25,000 into your account within 30 days to earn a $200 Bonus.
According to this datapoint cumulative deposits will work, YMMV as always. Lots of DP suggesting this works now.

The Fine Print

Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover (this bit is new)
Account must be open when bonus is credited.
Bonus will be credited to the account by 11/4/19.
Bonus is considered interest and will be reported on IRS Form 1099-INT.
Offer may be modified/withdrawn.

Avoiding Fees

Discover’s Online Savings Account does not have any fees, nor any minimum balance requirement. You can withdraw any funds you wish after fulfilling the $25,000 (or $15,000) deposit requirement.

Early Termination Fee

There is no mention of an early termination fee according to the Online Savings Account Guide. You must, at minimum, leave the account open until the bonus posts, or November 30, 2017.

Our Verdict

The deposit requirement increasing to $25,000 shouldn’t matter too much as it looks like cumulative deposits work anyway. The best part of this deal is that there is no deposit minimum length so you should be able to deposit the (or $15,000) and then immediately withdraw it. In the past the bonus has posted 5–15 days after the deposited has been received but recently it has been taking much longer. A lot of people like these Discover bonuses because they also offer a decent APY (0.40% currently), although there are better APYs available. This is one of the best savings account bonuses currently available.

Useful posts regarding bank bonuses:

Deal History

Quick note: The bonus usually isn’t extended as such, but a new deal with a new promotion code comes along and we just use the verbiage ‘extended’. Obviously no guarantee they will continue to do so.

Update 4/7/20: Extended until 5/11/20.
Update 3/2/20: Deal has been extended until 4/6/20 (hat tip to reader Pat)
Update 2/4/2020: Deal has been extended until 3/2/20
Update 1/7/20: Deal has been extended until 2/3/20.
Update 12/3/19: Deal has been extended until 1/20/20
Update 11/6/19: Deal has been extended until 12/2/19
Update 10/8/19: Deal has been extended until 11/4/19.
Update 9/10/19: Deal extended until 10/7/19
Update 8/6/19: Deal extended until 9/9/19
Update 7/2/19: Deal extended until 8/5/19
Update 6/5/19: Deal has been extended until July 1st, 2019. I’ve updated the promo code and expiration dates below.
Update 6/5/19: Deal has been extended until July 1st, 2019. Updated the promo code.
Update 4/2/19: Deal has been extended until June 5th, 2019.
Update 3/5/19: New code and now valid until April 1st, 2019.
Update 2/5/19: New code and valid until 3/4/19 now.
Update 1/16/19: Yesterday there was a small issue with the promo code, that has now been resolved.Update 01/15/2019: There is a new working link and code. This time good for applications through February 4th, 2019.
Update 12/04/2018: There is a new working link and code. This time good for applications through January 14th, 2019.
Update 11/03/2018: There is a new working link and code. This time good for applications through December 3rd, 2018.
Update 10/09/18: There is a new working link and code. This time good for applications through October 31st, 2018.
Update 09/10/2018: There is a new working link. This one is definitely not an affiliate link of any type.
Update 07/20: There is a new working link that doesn’t look like it’s a NerdWallet link, but might be an affiliate link for another site.
Update 07/12/18: There is a new working link that is valid until 7/31/2018. This is another NerdWallet link and they will get comission if you use it. I personally don’t like NerdWallet as they are affiliate link focused and don’t always post the best deals. That being said I want my readers to have the best choice possible so that’s why I’m adding it. If anybody finds a non NerdWallet link let us know. You might also just be able to use promo code SAVE718E1 or SAVE718E2 and it should work. We don’t receive anything if you use the NerdWallet link or any other bank account bonus or credit card link as we believe remaining independent is important.
Update 06/05/18: Bonus has been extended until 6/29/18
Update 05/18/18: Gadget & rediff found a new working code: SAVE518E1. This means NerdWallet won’t get paid when you use this code. This link should also work, but not sure if it’s one time use or not.
Update 05/09/18: Deal is back and valid until 6/4/18. New promo code is NW518. Sadly I think this is an exclusive offer to NerdWallet and they get paid if you use this link. Personally I hate NerdWallet because I find they suggest inferior offers on a regular basis but this Discover Savings bonus is a great deal. I’ve tried to get Discover to agree to give money to charity instead of paying out affiliate commissions but they never respond.
Update 03/27/18 : Deal has been extended until 05/04/2018. New promo code is SAVE318D2. Hat tip to reader Gadget.
The Discover savings bonus has been extended again until April 2nd, 2018.
Offer has been extended again. You must now open it by 02/28/18 and deposit by 03/14/18
Originally posted on September 19th, 2017. Reposting on November 2nd, 2017 because the offer has been extended. The $200 offer now requires a deposit of $25,000 instead of $20,000. Bonuses for AAA & AAII have not been extended yet.

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netflixstudent

DP:

7/28/22: Account Opened with $200 bonus

8/3/22: $5000 Deposit
8/4/22: $5000 ACH Withdrawal to 1st External Bank
8/4/22: Cancelled ACH Withdrawal
8/4/22: $5000 ACH Withdrawal to 2nd External Bank
8/4/22: Cancelled ACH Withdrawal
8/5/22: $150 “Account Promotion”

8/8/22: $5000 ACH Withdrawal to 1st External Bank
8/8/22: Cancelled ACH Withdrawal
8/8/22: $5000 ACH Withdrawal to 2nd External Bank
8/8/22: Cancelled ACH Withdrawal
8/9/22: $50 “Account Promotion”

8/11/22: $5200 ACH Withdrawal

Account was not locked. Super easy and fast bonus!

Kev

Did you cancel the ach transfer right after making a transfer? I tried the same thing but my bank account was on hold for a day and discover didnt find any transfer request from there.

ThirdMan

Attempted to sign up for BONUS722E1 offer code, got following response:
We’re sorry, that code has officially expired.

Looks dead for now. GOBP622 still active.

Jester

just tried as well…tragedy.
That’s the $200 code, right?

I think it may be better to wait for me.

Thirdman

Yeah, GOBP622 is for $200 promo. Waiting as well, see if the $500 comes back.

Thanks all, what a great bonus.

8/8 Opened account
8/9 $20,000 deposit
8/10 $150 bonus
8/12 $30,000 deposit
8/13 $350 bonus

Aaro

Had a pretty similar experience across P1-P3. The deposit of bonus are super quick– anyone see any rules around how long the $50k needs to be stored there, or how long account needs to be opened?

JDT112

Anyone else have a really long wait for when the funds become available? I’ve got a 6K deposit that posted yesterday and says it won’t be available for withdrawal until 8/24. Seems a little ridiculous to me.

Yes, my first deposit had a long wait like that. But the second deposit was much shorter, and will oddly be available before the first. But with a $500 bonus for two simple deposits, I’m not complaining!

Zephie

7/29 Opened account and initiated $10,000 deposit
8/4 Deposit arrives
8/8 Deposit is now “available balance,” 3x transfer out and cancel $5,000
8/9 $150 and $50 bonus posts

May I ask what bank did you use for the transfer? and did you cancel right after the transfer request? or after seeing a scheduled transfer on Discover?
I tried the same thing but nothing is showing on my Discover account. Do I need to wait until it is posted on discover account before cancel request ?

Gar

Opened the account 2 days ago and moved $25k so far due to deposit limit. $150 bonus already posted today. Hope to see the rest of the bonus when I post another $25k.

George

Thoughts on the “You have made 6 or more limited transactions this month. Additional limited transactions may lead to account closure” message?

sg77

I think you can ignore that. See the last part of this entry from Discover’s FAQ:
“If you exceed these transaction limitations during any calendar month, we may refuse to pay each transaction in excess of the limitations. If you exceed these limits on more than an occasional basis, we reserve the right to close your Account. Note: We are currently not enforcing the monthly transaction limit on savings and money market accounts. Therefore, exceeding these limitations on more than an occasional basis will not result in the closure of your account.”

Just FYI, I was able to transfer and cancel a few times the last few days, and now I get a message that “Your transfer couldn’t be completed.
But there are more ways you can move money to this account. Consider these options:
Log in to your external bank account to make a transfer
Schedule a wire transfer from your account
“

Second fyi – adding a new external account let me do another transfer attempt

ReedMuller

Today got the $500 bonus.

Already had a checking account, and just opened a saving account with the promo code BONUS722E1.
8/1: Opened saving account.
8/1: 10x $5k money in and out from checking account.
8/3: $150 Account Promotion.
8/3: $350 Account Promotion.

It was a super easy bonus and thanks Doc community!

robertw

So you just moved 5K Back and forth 10 times there? Thats weird it worked so quickly.

Yes, you don’t need to deposit $50k at one time, cumulative deposits work. You can check other DPs.

Carlos

How did you deposit back and forth so fast?

Adam

yes, we would like to know

I deposited money back and forth between checking and saving accounts(there is no waiting). I did 10x transfers in less than 5 minutes.

Howard

Has there been any current Discover savings account holder applying for and actually getting the new $500 bonus?

Same question. Not having landing page and not sure where to enter BONUS722E1 into offer code area or equivalent.

dizzy

I was able to get to the enter bonus page by starting as a new account owner. It identified me as having a similar bonus in the past and said I was not eligible for current one