[Expired][Update] Discover Savings Bonus $500 with $50,000 Deposit

Update 11/28/22: Deal is back until 12/30/22 with promo code BONUS1122D. Hat tip to reader Beltway

Update 11/21/22: Deal is back with promo code BONUS1122E. Hat tip to Georgia_peas22

Update 11/10/22: Readers are saying that neither promo code works anymore and that Discover reps are saying that the $500 offer code BONUS1122D will only be valid beginning on November 28th.

Update 11/9/22: $450 bonus no longer available.

Update 11/8/22: Reader putout notes that the $500 offer code BONUS1122Dalso shows a further expiration date of 12/30/22.

Update 11/7/22: Can also get a $500 bonus with promo code BONUS1122D. Requires a $50,000 deposit. Hat tip to reader JoeLoser

Offer at a glance

• Maximum bonus amount: $500
• Availability: Nationwide
• Direct deposit required: None
• Additional requirements: Deposit $50,000 within 30 days
• APY: 3% currently
• Hard/soft pull: Soft
• ChexSystems: No
• Credit card funding: None
• Monthly fees: None
• Early account termination fee: None mentioned
• Expiration date: Open by 11/8/2022 | December 31, 2022 Varies by code
• Insured: FDIC

The Offer

Direct link to offer

• Get a $500 bonus when you apply for your first Discover Online Savings Account and deposit a total of at least $50,000 into your account within 30 days. Enter offer code BONUS1122E when applying.

 

The Fine Print

• Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner.
• Account must be open when bonus is credited.
• Bonus will be credited to the account within 30 days of the account qualifying for the bonus.
• Bonus is interest and subject to reporting on Form 1099-INT.
• Offer ends 11/8/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice.

Avoiding Fees

There are no fees or minimum balances for this account.

Early Termination Fee

No mention of an early termination fee. The account must be open to get the bonus, though.

Our Verdict

There is no mention of a holding period for the $35,000 deposit so you can deposit the $35,000 and immediately withdraw it. Also, in the past, cumulative deposits worked to get similar Discover bonuses (in that case you wouldn’t even need $35,000 to do this deal).

This is a similar structure to the standard Discover $150-$200, but we’ve never seen it go up to $450. This is a really easy and lucrative deal for anyone who never had a Discover account, we’ll add this to our list of Best Bank Bonuses.

Hat tip to reader Bockrr

Useful posts regarding bank bonuses:

• A Beginners Guide To Bank Account Bonuses
• Bank Account Quick Reference Table (Spreadsheet) (very useful for sorting bonuses by different parameters)
• PSA: Don’t Call The Bank
• Introduction To ChexSystems
• Banks & Credit Unions That Are ChexSystems Inquiry Sensitive
• What Banks & Credit Unions Do/Don’t Pull ChexSystems?
• How To Use Our Direct Deposit Page For Bank Bonuses Page
• Common Bank Bonus Misconceptions + Why You Should Give Them A Go
• How Many Bank Accounts Can I Safely Open Within A Year For Bank Bonus Purposes?
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