| Promotion | Bonus Amount | Promotion Expiry | Qualifications |
|---|---|---|---|
| Online Savings Account (Promo code DD924) | $150 or $200 | Mar. 13, 2025 | Deposit |
Are Discover Bank Bonuses Worth It?
Discover Bank offers a variety of account types, but there's currently only one bonus available for its savings account. And as mentioned, you'll need to search Google to find it.
If you do find the promotion, you'll have an option of two bonus amounts. You can deposit $15,000 to earn a $150 bonus—for a return on deposit of 1%—or you can deposit $25,000 to earn a $200 bonus, for a return of just 0.8%.
These returns are relatively low compared to other savings account bonuses we track, which have a median return of 1.6%. So if you're hoping to open a new account and earn a great bonus at the same time, you should explore the best savings account bonuses before making a decision. But, if you're interested in Discover for its low fees and relatively high rates, it could be a good time to open an account. Just be sure to check the best high-yield savings account rates first, to see if there might be a better place to stash your cash.
How to Open a Discover Savings Account
You can open a Discover savings account online by following a few simple steps:
- Visit Discover’s page and select "Open an Account": On the Discover savings account page, select the "Open an Account" button. You’ll see an online account application.
- Fill out the application: If you're an existing Discover customer, your information will be populated for you; if you don't have a Discover account, the site will ask for your personal details. The application will ask for your name, Social Security number or taxpayer identification number, date of birth, and mother's maiden name. It will prompt you to enter your address, phone number, and email.
- Review account disclosures: After entering your information, you’ll be shown the account disclosures. The disclosures detail what fees apply and when and how interest is compounded. Review the disclosures and confirm that you have read them and agree to the terms.
- Make your initial deposit: Although Discover doesn't have a minimum balance requirement for savings accounts, you can make an initial deposit at the time you open your account by electronically transferring funds from another checking or savings account.
About Discover
In addition to being a credit card issuer, Discover is also a digital banking company. It was incorporated in Delaware in 1960, and today, Discover Bank offers rewards credit cards, checking accounts, certificates of deposit (CDs), money market accounts, individual retirement accounts (IRAs), and high-yield savings accounts.
Discover only has one physical branch (it’s in Delaware); its products are solely available online or through the company's mobile app. However, it does have over 60,000 no-fee ATMs you can use to withdraw money.
Discover's online banking servicesshould be a good fit for those seeking a digital bank that offers a suite of different services. It might be a particularly good fit for those who:
- Prefer paperless, digital transactions
- Hate paying fees
- Typically use their debit card for day-to-day transactions
- Prefer to bank with an established "name" financial institution
Frequently Asked Questions (FAQs)
Does Discover Have Any Bonuses?
Discover isn’t offering very many promotions for its bank accounts right now—see the above list. Check our picks for the best bank account bonuses to explore other options.
Are Discover Bank Bonuses Taxable?
If you earn a bank bonus from Discover or any other bank, that bonus is taxable just like the interest you earn on a savings account. At the end of the year, Discover Bank will send you a Form 1099-INT that you can use to file your taxes.
Is Discover Good for Savings?
Discover is a reputable financial institution, and its savings accounts could be useful for those looking for a low-cost, high-yield savings account. There is no minimum deposit required to open an account, and there are no monthly fees, yet the account pays a significantly higher-than-average annual percentage yield (APY). Before opening a new account it’s always wise to compare rates to the best high-yield savings accounts, however.
What’s the Minimum Deposit for a Discover Savings Account?
There is no minimum deposit required to open a Discover savings account, making it a good option for those with limited funds available for a new account.
How Is Interest Calculated for a Discover Savings Account?
With Discover's online savings account, interest is compounded daily and it's credited to your account on a monthly basis.
Is Discover’s Savings Account FDIC-Insured?
All of Discover's deposit accounts, including its savings accounts, are insured by the Federal Deposit Insurance Corporation (FDIC), so your money is protected up to a maximum of $250,000.
How We Track Bank Account Bonuses
Every business day, Investopedia tracks 23 banks and the current, new, extended, and expired account bonuses they offer customers. Banks are chosen based on consumer interest and we add banks to our list as needed to ensure we're always reporting on the best bank bonuses. We update our picks for thebest bank account bonuses, thebest checking account bonuses, and thebest savings account bonusesas needed, chosen based on bonus amounts, bonus requirements, and account features. We aim to provide you with news about checking and savings account bonus offers so you can take advantage of them as soon as possible.
