Discover is a popular financial institution that is well known for its credit card products. However, it also has a sizeable online banking business. Through Discover Bank, you can choose a checking account, several different CD products, a money market account, and a high-yield savings account.
While Discover Bank isn’t known for offering huge bank bonuses like U.S. Bank, there are still a couple of very attractive Discover Bank promotions available.
Let’s take a look.
Discover Promotions for December 2024
Discover Online Savings Account – up to $200 cash bonus
The Discover Bank savings account bonus is one of the better offers currently available for a high-yield savings account. Through March 13, 2025, you can earn up to $200 when you sign up for a new savings account and complete the following requirements.
- Sign up for a new Discover savings account using Discover promo code GBPE924.
- Earn a $150 bank bonus when you deposit at least $15,000 into your account within 45 days of account opening.
- Earn a $200 cash bonus when you deposit at least $25,000 into your new account within 45 days of account opening.
Once you’ve completed the requirements, your bonus will be deposited into your online savings account within 60 days. This promotion is only available to new Discover savings customers.
Discover® Cashback Checking Debit – up to $360 cash bonus
Sign up for the Discover® Cashback debit account and you could earn up to $360 in cash back.
Each month, you’ll earn 1% cash back on up to $3,000 in purchases. The bonus you earn will be deposited into your Discover checking account at the end of the month.
Discover It Cash Back Credit Card – cash back match
If you want a Discover credit card, the Discover It Cash Back credit card is one of the best cash back cards available.
Each quarter, you can earn 5% cash back on rotating categories, up to $2,500 in purchases (1% cash back after that). The categories change each quarter, but they could include grocery stores, restaurants, gas stations, and more.
All other purchases made with your card will earn an unlimited 1% cash back.
What makes the Discover It Cash Back card stand out from other cards is that it offers cardholders matching cash back during the first 12 months of card ownership.
That means if you earn $300 in cash back during your first year, Discover will give you an additional $300.
How to Open a Discover Savings Account
We realize that opening a new savings account can be time-consuming. Luckily, opening a Discover online savings account isn’t overly complicated. Just follow these steps.
- Visit the Discover website and then select “Start Now.”
- Choose whether you’re an existing Discover Bank customer or a new customer. Your savings account application will be pre-populated with your information if you’re an existing customer. However, if you’re a new customer, you must enter your information, including your name, address, date of birth, social security number, and more.
- Once you’ve filled out your information, you’ll receive bank disclosures to read and agree to.
- Finally, you’ll need to make your initial deposit. While Discover doesn’t have a minimum deposit, you must complete the required deposit amount to earn your Discover savings bonus.
About Discover Bank
Discover Bank was first established in Deleware in 1960. While many people think of Discover as a credit card issuer, they also have a large banking operation. However, nearly all of its banking is done online. Why? Because they only have one physical branch location in Delaware.
Each of the bank’s products is available online and through its mobile app. With more than 60,000 no-fee ATMs available to customers, it’s easy to withdraw cash. If you want to deposit cash, you can do so at any Walmart store.
Discover Bank is a great option for anyone looking for an online banking experience and who hates paying monthly fees to use their bank account.
Is a Discover Welcome Bonus a Good Deal?
Even though other bank bonuses offer a larger reward, many charge fees for their accounts. However, Discover Bank doesn’t charge a monthly fee for their checking account or high-yield savings account. Plus, the Discover It Cash Back card has no annual fee.
How do Discover Bank promotions stack up against other banks?
If you’d prefer a bank account with a branch location near your home, you’ll want to compare this Discover Bank bonus to some of the other promotions available. Here are a few options to consider.
Capital One 360 Checking
Earn up to a $250 cash bonus when you complete qualifying activities.
U.S. Bank Smartly Checking Account
Earn up to a $450 bonus when you open a U.S. Bank Smartly Checking account and set up qualifying direct deposits.
BMO Smart Advantage Checking
Earn a $350 bonus when you sign up for a BMO Smart Advantage checking account and complete qualifying activities.
Frequently Asked Questions About Discover Bank Promotions
Are Discover Bank bonuses taxable?
If you sign up for one of the Discover bank promotions, the bonus is taxable, just like any interest you earn on your savings account. At the end of the year, you’ll receive a Form 1099-INT that you can use when filing your taxes.
Does Discover have any promotions?
Discover Bank currently has a couple of bank bonuses available. While the value isn’t as high as with some other banks, these would be a great way to earn a reward if you switch to a no-fee savings or checking account.
What’s the minimum deposit for a Discover savings account?
The Discover online savings account doesn’t have a minimum deposit requirement. However, if you want to earn the Discover savings bonus, you’ll need to deposit at least $15,000 within 45 days of opening your account.
Can I get multiple Discover promotions?
Most Discover promotions are only available for new accounts. That means if you’ve had an account open in the past, you most likely won’t be eligible. However, this is only relevant for each type of account. That means you could get a checking account bonus and a savings account bonus.
Do Discover offers expire?
Just like many other banks, Discover offers will expire. Most of the time, the expiration date will be listed on the offer.
However, it’s important to remember that while offers expire, they often return periodically throughout the year. That said, if you’re looking for a new account and find a Discover bonus that looks appealing, there is no reason to wait.
How do you close a Discover bank account?
If you want to close any of your Discover bank accounts, you can do so by calling 800-347-7000. Before you move forward with closing your account, make sure you have moved any funds in your account somewhere else so your account balance is $0.
