[Expired] Discover Savings Bonus $150/$200 with $15,000/$25,000 Deposit

Deal has now ended, but you can view more great bank account bonuses by clicking here.

Update 5/15/20: Extended until 6/1/20

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: 1.25%
  • Initial Deposit: None
  • Hard/soft pull: Soft
  • ChexSystemsNo for Online Savings
  • Credit card funding: None
  • Monthly fees: None
  • Early account termination fee: None mentioned
  • Expiration date: Open by  6/1/20 Deposit funds by 6/15/20
  • Insured: FDIC

The Offer

Direct link to offer

 

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  • Offer may be modified/withdrawn.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 (1.25% 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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Cristian
Cristian

Any idea when the saving account bonus will be back for new discover saving account?

Nate
Nate

They’ll probably bring it back once they’ve finished coding against the bonus being triggered by the transfer/delete trick. Just my guess.

ieatdogfood
ieatdogfood

My memory is terrible and I know I ran across this answer before but can’t find it anymore.

What’s the limit of external accounts you can add to Discover Savings at one time? It won’t let me add more than 8 at one time right now. I’m stuck on an endless loop of verification after trying to add another account, and it just goes back to the previous screen to choose verification method even though I already entered the verification code correctly.

Looney Tunes
Looney Tunes
ieatdogfood
ieatdogfood

Thanks. I have no idea what’s going on and Via SM, Discover didn’t tell me anything indicating something was wrong other than to clear cookies, close browser, blah blah. I think I’m going to bite the bullet and delete one to see if it lets me add another one. I’m just afraid if I delete one, I “permanently” remove that slot and therefore will only have 7 linked after that.

That will be a bad loss not to be able to use Discover to link anymore Gadget

ieatdogfood
ieatdogfood

Deleting an external account and trying to add another one did nothing but the same endless verification loop. Now I only have 7 external accounts linked instead of the 8 I had originally. *sigh* I will have to call in to get this fixed.

ieatdogfood
ieatdogfood

For some reason, my app is broken to link external accounts. Linking via desktop works fine. I am not banned or flagged. Thank goodness.

Edwin
Edwin

What exactly is the “transfer out delete” trick and what’s the benefit of it? I keep seeing comments about it but don’t see it mentioned in the original post.

I opened my account around 5/27, and my deposit into Discover for 25k arrived on 6/9. If I withdraw the 25k today on 6/9, will I still get the $200 bonus?

Why would I want to initiate the withdrawal and then cancel it immediately? When can I follow through with the real withdrawal in that case?

Thanks!

JS
JS

The “trick” was to transfer out some amount, say $5000, then cancel the transfer, and the ledger would show a +$5000 when the transfer cancelled and it would count as a $5000 deposit.

Chris
Chris

Used MD20 Promo Code, here are my datapoints:

Date Transaction Description Amount
6/4/2020 ACCOUNT PROMOTION $200.00
6/3/2020 CANCELLED ACH [Bank B] $12,501.18
6/3/2020 ACH WITHDRAWAL [Bank B] ($12,501.18)
5/29/2020 INTEREST PAID $1.18
5/29/2020 ACH DEPOSIT FROM [Bank A] $12,600.00
5/25/2020 ACCOUNT OPENING

miafll
miafll

Is it worth to keep the Discover saving account? Are their rates used to be competitive as to Marcus / Synchrony / AMEX HY?

The thing I dont like about Discover is it takes 5 business days before they send the PUSH transfer to the external bank while immediately deduct the fund from the Discover side – so you lose 5 or 7 days of interest. AMEX HY and Marcus when they PULL from external bank they start the interest accrual on the date the PULL is initiated, even though they still hold the fund for 3 to 5 business days before funds become available – when the fund is available has no impact to us, but when the fund becomes part of the current balance therefore earns interest, can be quite meaningful especially when the APY is much higher and the sum is fairly large.

Are people keep their Discover accounts once the one and done bonus deal is in the past?

L
L

I use Discover as my main hub.

JS
JS

I keep it. There are no fees and the interest rate is solid.

Cole
Cole

Just tired to open using the offer code MD20, displays error that the code has expired.

Gwen
Gwen

I got the same error today.

Sruti
Sruti

right, i did too and called them on the phone number on the offer link. they said the code hasn’t expired and had us try MG20 and MH20 after consulting with their web support team, none of which worked. so, they asked me to go ahead and submit the application and transferred to some one else that could apply the bonus manually when they see the deposit made. they were also going to look into why all the codes say “expired” online. so, call them, if the code still doesn’t work today.

Kimberly
Kimberly

I just got the same error too.

Kimberly
Kimberly

I called Discover and two separate people said the code should still be good and that I should just put in my application. We went ahead and tried to set up an account over the phone but MD20 wouldn’t work for them either. Then the rep read through a bunch of messages and realized that their marketing team put a hold on the code, so it appears that MD20 was pulled early, even though the official site and their promotion information still says that the code is good until June 1st.

Temp
Temp

I got the same error, yesterday as well

George
George

Same result…

J
J

Same

Eric Van Boven
Eric Van Boven

Mine did same. Started it a few days ago and it accepted it (but did not submit yet) but as of 2 days ago expired.

sak
sak

hi im new, how do i transfer money as a direct deposit to discover to make this bonus, can i just transfer it from my checking out account, this is my first time.

OnFire
OnFire

Yes, you transfer the money from another bank directly into this account.

Duke I.
Duke I.

Just received this email. I won’t attempt the transfer delete trick.

Congratulations! You have qualified to receive a $150.00 account opening bonus which you will receive within approximately 2 business days.

Don’t forget – you still have a chance to earn the additional $50.00 if your account has a total deposit amount of at least $25,000.00 by June 15, 2020.

Eric
Eric

How soon are people closing their Discover accounts after getting the bonus?

ieatdogfood
ieatdogfood

They aren’t closing. It’s once in a lifetime and they are very useful.

Eric
Eric

Im ok with the Savings account bonus being once in a lifetime. Just trying to limit the number of bank accounts I have open.

obrother
obrother

This is a good one to keep. Competitive rates, functional site/apps, good service, and ACH pushes sometimes work as DD for other banks.

BlueBlanket
BlueBlanket

Just tried the transfer and delete trick and after the second time it says request cannot be processed

BlueBlanket
BlueBlanket

Never mind, I tried it again and it worked,