[Expired] Discover Savings $100 Bonus with $15,000 Deposit

This deal has expired, you can view the current deal here.

Offer at a glance

  • Maximum bonus amount: $100
  • Availability: Nationwide
  • Direct deposit required: 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  • Offer may be modified/withdrawn without notice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.
    Chuck
  • On July 4, 2016, 13:47

View Comments (25)

  • I got this in mail today...
    open a savings account by 5/1
    deposit 15000 by 5/15
    $100 will be deposited by 5/31

  • Did anyone else have an issue with the bonus not posting? I met 15k by 8/2 and it still hasn't posted.. contacted customer support last week and they said they made a dispute but no word yet..

  • I've opened a Discover Savings in the past and have since closed it. Is there a specific period of time I need to wait in order to be eligible?

    • Yeah, prior savings customers need not apply. I called them regarding this last week,
      and mentioned that Chase is offering $200 bonus, even for prior customers.
      I asked Discover (politely) to get with the program 'cause they are missing out
      on potential customers. I have their checking account and love it by the way..

    • You need to deposit the money before 8/12, and you need to l leave it there until the bonus posts, which might not be until 9/12.

      You are correct that there's no technical requirement to leave the money in for 30 days. Let me clarify that.

      • Thanks for your reply Chuck. I understand what you meant, but I still don't get where the terms state 15k must be in account when bonus is posted. It just says acount must be open when bonus is posted.

        • Hmm, good point. I'll leave the post as is just in case they require that. But you are right that technically I don't see that requirement in the terms.

      • I don't think so, just website error. I went on the website early this morning (8am EST) and it worked fine--showed a check was written on 6/30.

        If you go from the iPhone app you can access other parts of the website but all the links are still broken.

    • Most likely? At any rate, they opened it for me and I have quite a few Chex inquiries in the last few months.

      This is a nice offer -- just in time to move funds from a NetSpend card and get a bonus with it while I'm at it! Already had all the ACH details on Discover's checking website, so the opening deposit should come out from the NetSpend account directly in a few days. Will post back later with results :)

      • ACH pull from NetSpend succeeded without any issues, and now have the $15k there. With any luck, if the bonus posts in 30 days, I'll still have time to open Citi for their $400 bonus with the same money xD

      • Thanks, good to know. My wife just recently got denied on Associated Bank so I've got a little pull back feel going. Would like to get this one just due to the quick payout.

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