Posted by Chuck on October 30, 2015
Bank Account Bonuses

Published on October 30th, 2015 | by Chuck

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Do This Now: Signup for $400 in Discover Bank Bonuses, $300 Checking + $100 Savings

Discover $300 Checking with Direct Deposit

Direct Link

We’ve covered the $300 Discover checking account bonus in detail. $300 for a checking account which can be done online is a very good deal. And it doesn’t even tie up any money – just two $250 direct deposits within 90 days of account opening. For those who have a real direct deposit that they can change, this is a real no-brainer deal. If not, you can try various ACH transfers to see if they’ll work, but there’s no guarantee that it will.

This offer goes on until November 15, 2015 which gives us a couple of weeks still. Be sure to use offer code: Bonus4915 and you’ll see the offer details pop down on the screen – no guessing game there.

Discover $100 Savings with $5k

Direct Link

Discover often runs $50 or $100 bonuses for opening a savings account as well, usually with the requirement that you fund the account with $5k or $10k. We’ve mentioned some of these deals in the past.

The good news is that currently there is a great offer on the Discover Savings which is to get $100 bonus for just $5,000 of money deposited by November 15, 2105. Use offer code: Save8915 and the details of the bonus will pop down. (HT: moneymetagame)

This offer ends tomorrow October 31, 2015.

Two good things about this Discover Savings account:

  • They only require that you add $5k to the account, you don’t have to keep the money there (it may be worth keeping it there until the bonus posts in 30 days).
  • Discover also offers comptetive interest rates for their savings accounts. Currently, it’s just .95% APY, but in any case it’s a good account to have in the long run to keep whatever liquid funds you have. (See some 5% options here.)

Final Thoughts

Each of these bonuses is pretty good on their own. The only catch with the Checking bonus is direct deposit requirement and with the Savings it’s the $5k of funding.

I didn’t receive any sort of direct communication about these offers, but I called into Discover (regarding the $300 checking bonus) and was able to confirm that the offer got tied to my account. It’s still worth taking screenshots along the way of the offer showing on your screen so that they can’t try claiming it’s a targeted offer.

I’m not sure if I would have gotten around to troubling myself with Savings bonus, but once doing the checking it makes it easier since both account are managed in the same login – less mental space taken up in my brain that way. Additionally, for those who open lots of bank accounts, there ends up being too much activity on you Chex report and I’m hoping that when opening two accounts in quick succession the activity will get combined and show as one. (This won’t matter for most people, only for someone who opens lots of bank accounts.)

According to the Discover rep, some people are allowed to manage their banking in their credit card login, while others can not. Some sort of algorithm in the system decides whether you can or can not. He told me to try using my Discover card login credentials and see if it takes it. If not, just use a new login, which is what ended up happening.



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Mike
Mike

It is super easy for me to change my direct deposit but my wife does not have a direct deposit. Can I set my direct deposit to her account so she will get the bonus or does it need to be under her name?

jay
jay

You can. Just has to be a real DD. doesn’t matter who’s sending it.

dan
dan

Only for new customers?

tim
tim

they only pull chex for the checking account; i was able to open a savings account but was denied the checking because my chex account was frozen (i thought i had lifted the freeze but chex’ website is terrible)

Drew
Drew

Any update on the ETF? The detailed article linked at the top just says nothing was found at the time…no data points.

I’m hoping the PNC $5k deposit for $400 bonus posts soon so I can send it right over to this savings account. But $300 for just two small deposits is generous on it’s own.

MSAddict
MSAddict

hi Chuck I didn’t get the purpose of this post everyone knows about this promotion even you posted it before but this is only for new customers correct?

G Dub
G Dub

Me nor my wife knew about this so thanks! You just got us 800 dollars.

Corey
Corey

I don’t have a Discover account so can’t login. Anyone else figure out how to create a login everytime it asks me for an account number when I try to register.

Chris
Chris

It requires an existing account to open the checking account this offer is for.
However, you can open a savings account without already having an existing relationship with the bank.

So, you can open a savings account (fund it with $500) and the immediately login with the newly create account credentials and open the savings account.

So, you have to float $500 for the savings account, and make two $250 direct deposits for a $300 payment. Not bad at all.

Gene
Gene

@chuck sithe
possible to fund with CC please?
thanks

Josh M
Josh M

I just signed up for the savings offer (already have the checking) I didn’t read anything about needing to keep the entire $5k in the account, so I assume I am safe to take $1500 out in the next few days?

Steve
Steve

To be safe I’d leave it in until the bonus posts, but yeah, based on T&C’s, I don’t see why you couldn’t withdraw almost immediately.

Grant
Grant

I’m having trouble signing up for the checking account – when I get to the funding page, it says that my routing number is invalid – I’ve tried entering the routing numbers from 3 different banks, and I get the same error each time. Is anyone else having the same problem?

Chao
Chao

please help me understand this offer.

I don’t have any discover credit card. In order to qualify the checking bonus, do I need to open the saving account first? does the saving account require the credit card to meet the bonus?

Thanks!

Corey
Corey

You can reject my previous comment figured it out haha

Dan
Dan

I wish there were some datapoints on what counts as DD for Discover. I’m self employed so don’t have the ability to set up employer DD.

Mike
Mike

Does opening either the checking or savings result in a soft or hard pull?

John
John

I clicked on your link for the savings account. I don’t see any mention of $100 bonus, or any bonus for that matter.

Whats the deal?

Thanks!

Johnny D
Johnny D

to fulfill the 5k requirement for the savings, can i simply transfer 5k from my chase checking account to my discover savings and that will fulfill it?

PedroNY
PedroNY

That’s my plan x2 to cover Mrs. PedroNY.

Cheers,

PedroNY

Martin
Martin

do you think a paypal transfer would work as well just as fine?

Steve
Steve

For Savings, sure. Just needs to be New Money.

PedroNY
PedroNY

Great deal, thanks for posting, I had to pull the trigger. I think this deal only works if you have Discover credit/debit card, otherwise you are not able to use that PROMOCODE, at least that’s the way I read T&Cs.

$300 + $100 x 2 = $800
$10,000 deposit for a month is another ~$8 in interest.
Split part of your paycheck for DD to this account, and that’s about all you need.

Great deal for spouses, especially if you recently picked up a Discover card due to Apple Pay promo.

Thank you,

PedroNY

Steve
Steve

I don’t have a Discover card, and the promo codes worked for me. (I took screenshots to verify.) I opened the Savings account first, then the Checking.

Steve
Steve

Checking T&C’s: Offer is available only to current Discover credit card members or deposit customers

Opening a Savings account (which doesn’t have this language) *should* qualify you as a deposit customer. In any event, as I wrote about, the promo codes were applied for me.

Gary
Gary

Thankfully I read this post today due to tomorrows deadline since I don’t have a Discover card. Click on Direct Link, scroll to bottom and click Get Started. Promo auto populates. Spent about 5 minutes setting up the Savings account and then another 5 minutes setting up the Checking account. Funded with $5k from the Citibank account I set up last month for that 40k TY point bonus. Just keep moving the cash around from account to account. Will be doing the exact same exercise with for my wife next.

As Pedro said, $800 not bad for about 30 minutes worth of time.

vj
vj

Will serve transfer count as ACH direct deposit

Miguel M
Miguel M

My DD is just over $1500 and is tied up in the Santander extra20 bonus. Has anyone had any luck pushing the 2x $250 to Discover from Schwab/Ally/Santander/etc.? Or can I push to Santander from Ally temporarily?

jim
jim

I think I froze my chex when i applied for US bank credit card. I applied for US bank checking promo but got denied and was told to go to US bank because my checkx credit report is frozen.

I don’t think i will get the discover card too cos my checkx credit report is frozen.

DD requirement also kills the deal

Miguel M
Miguel M

[DATAPOINT] I also was able to successfully use both the Checking and Savings promotions and I do not currently have a Discover CC. I first made Discover Bank account by opening a Savings account and then opened a checking account with my new credentials.

Steve
Steve

Same here.

Tom
Tom

My government paycheck allows me to do “allotments” to payees. Will this count as a payroll DD?

anthonyjh21
anthonyjh21

Unfortunately due to Discover being a recent player in the banking bonuses there aren’t any data points (that I know of) on what meets DD requirements. The DoC list of methods that banks count as DD doesn’t even have a place for Discover!

To exacerbate things, we have Serve/RB/BB with the recent blocking of adding a new bank account. Supposedly we can still w/d and possibly add a new bank account for this method, but I’m not certain enough to remove my Santander account being fed by my Serve. Also, there’s the issue that Discover has no alert option for when a DD was triggered.

So, where do we go from here? Seems a few people have asked this question but it’s starting to feel like we’ll have to wait a few weeks for data points to roll in due to no alerts and the assumption there is no precedence for Discover having similar sign up bonuses. Anyone else with contrary data or opinions that want to chime in? Seems we’re in the guinea pig, shotgun era for DD requirements!

Matt
Matt

The new Serve terms a very clear, you can still (definitely) withdraw from your Serve account to a bank account.

You can also (still) add or remove bank accounts at will (although only 1 linked account at a time). I’m not sure what in the recent Serve email leads people to believe you can no longer link/de-link a bank account.

anthonyjh21
anthonyjh21

Please site the specific portion of the announcement that leads you to believe you can “definitely” still withdraw. I’ve read it over and over and I know I’m not the only one who isn’t 100% sure about it due to the verbiage.

What leads people to believe you can (possibly) no longer add new accounts for the purpose of withdraws is because they didn’t explicitly list this in their email. It probably was intentional as they prefer you don’t withdraw to a bank. The fact remains we don’t know until there’s data points that indicate it’s still possible. Until then, believing it’s definitely possible to still withdraw w/ new accounts is dangerous logic imo.

tony
tony

I deleted my previously linked bank and added a new one yesterday, instantly verified, haven’t actually withdrawn though.

Eric
Eric

Thanks for confirming this can be done. I was actually going to call Serve today or tomorrow to ask. The bank account you added is NOT an option in the “Add Funds” section, correct?

Martin
Martin

Will a 5k transfer from my PayPal balance to the savings account fulfill that requirement?

feng
feng

where is the link? follow the link on the thread, I did not see any $300 offer, only $100

Tom
Tom

Three step process:
1 click “direct link” above
2 scroll down Discover page and click “get started”
3 log on or create account
The result will populate with the $300 promotion

Matt
Matt

Reading is fundamental.

From the post: “This offer goes on until November 15, 2015 which gives us a couple of weeks still. Be sure to use offer code: Bonus4915 and you’ll see the offer details pop down on the screen – no guessing game there.”

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