Published on June 5th, 2018 | by sirtheta304
Discover Savings Bonus $150/$200 with $15,000/$25,000 Deposit
Update 06/05/18: Bonus has been extended until 6/29/18
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: 1.55%
- 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 6/29/18 Deposit funds by 7/13/18
- Insured: FDIC
- Apply for your first Discover Online Savings Account by 6/29/18, AND
- Enter offer code SAVE518E1 when applying, AND
- Deposit a total of at least $15,000 into your account by 7/13/18 to earn a $150 Bonus, OR
- Deposit a total of at least $25,000 into your account by 7/13/18 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 7/2/18.
- Bonus is considered interest and will be reported on IRS Form 1099-INT.
- Offer may be modified/withdrawn.
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 $20,000 (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.
- 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.
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 (1.5% currently), although there are better APYs available. This is one of the best savings account bonuses currently available.
Useful posts regarding bank bonuses:
- A Beginners Guide To Bank Account Bonuses
- Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
- PSA: Don’t Call The Bank
- Introduction To ChexSystems
- Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
- What Banks & Credit Unions Do/Don’t Pull ChexSystems?
- How To Use Our Direct Deposit Page For Bank Bonuses Page
- Common Bank Bonus Misconceptions + Why You Should Give Them A Go
- How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
- Affiliate Links & Bank Bonuses – We Won’t Be Using Them
- Complete List Of Ways To Close Bank Accounts At Each Bank
- Banks That Allow/Don’t Allow Out Of State Checking Applications