This deal has expired, you can view the current deal here.
Offer at a glance
- Maximum bonus amount: $100
- Availability: Nationwide
- Direct deposit required:Â None
- Additional requirements: Deposit $15,000
- Initial Deposit: $500
- Hard/soft pull: Soft
- Credit card funding: None
- Monthly fees: None
- Early account termination fee: None mentioned
- Expiration date: July 29, 2016
- Insured: FDIC
The Offer
Direct Link (via Milestomemories)
- Get $100 bonus when opening a Discover Savings account and funding it with $15,000 by 8/12/16. Use promo code SAVE616B.
There’s no landing page for this offer (and it probably doesn’t matter if you use the Direct Link above or not), but on the third page of the application there’ll be a promo code box. After inputting the promo code, you’ll see the terms of the offer.
In the past, when Discover wanted a promo to be invitation-only, they made that clear when the promo code was input in the system. As such, I’m confident this will work for anyone.
The Fine Print
- Deposit at least $15,000 by 08/12/16
- Offer not valid for existing or prior Discover savings customers
- Account must be open when bonus is credited
- Bonus will be credited to the account by 09/12/16
- Bonus is considered interest and will be reported on IRS Form 1099-INT
- Offer may be modified/withdrawn without notice
Avoiding Fees
There are no fees to with this account.
Discover does not have any minimum balance requirement, and you can withdraw all the funds after opening the account and fulfilling the $5,000 deposit requirement.
Early Termination Fee
There’s no mention of a fee for closing the account at any time. Note that you need to leave the account open until 9/12/16 when the bonus posts.
Our Verdict
$100 isn’t an awful lot, but it’s a very easy bonus to do so long as you have the $15k to part with for ~30 days. Just do the initial funding of $500 right away or soon after opening the account, then deposit another $14,500 before August 12, then wait until September 12 to get the bonus.
Once the bonus posts (whenever that is) you can withdraw all the funds if you wish. Just beware that Discover closes empty accounts so leave in $1 if you want to keep the account.
Discover Savings account offers a competitive .95% APY. That’s not the best rate around, but it’s near the top. You can just open this for the bonus and then transfer out the money. Personally, I opened a Discover Savings under a previous deal, and I’ve just been using it as a regular savings account. (Someone who has large cash reserves should probably open up one of the other accounts which offer slightly higher interest; at large numbers, even a .1% can make a difference.)
Since the 5% Netspend accounts were just neutered, many people are looking for an alternative Savings account. I’ve been poking around to see if there’s any Discover offer, so it was nice to see Milestomemories post this deal today which he got in the mail. As noted, this offer should work for anyone so long as you input the promo code.
If you’re just doing this for the bonus, it might be worth holding out to see if Discover comes out with a better offer. We’ve seen them offer the same $100 bonus with just $10,000 deposit or even just $5,000. More often, however, those lower-dollar offers only come with $50 bonus, not $100.
We’ll add this to our Best Bank Bonus page. Also, check out this Bank Bonus Resource page for lots of useful info about opening bank accounts.
