[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 Offer may be modified or withdrawn without notice.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:
    Chuck
  • On November 28, 2022, 16:50
Tags: bank bonusbigdiscovernationwide bank bonuses

View Comments (516)

  • 01/05/23 deposit $50,300
    01/27/23 $500 bonus
    02/05/23 transfering, but leaving some and keeping account, since discover has lifetime bonus terms so apparently cant do this offer ever again

  • When entering BONUS1022E or BONUS1122E I get this: We're sorry, that code has officially expired.

  • The terms state that this has to be your first Discover account. I had a Discover AAA and a Discover AAII account way back in early 2018. Any thoughts on if I would still be eligible for the bonus or will they count the earlier accounts I had with them? In the past, I have gotten bonuses from some banks with that wording in their terms, but I still got bonuses even if I had an account with them years ago.

    • Unfortunately this promo has been expired since the end of last month. Maybe it will come back.

      But to answer your question, Discover is known for upholding their lifetime language. Lots of data points of even someone having an account longer ago than just 5 years and they couldn't get the bonus.

      You could try entering a valid promo code during the application process (don't have to complete it) and, based on what someone wrote earlier, it might let you know if you aren't eligible.

  • 12/16: Deposited 15k
    12/21: Withdraw/Cancelled 10k
    12/21: Withdraw/Cancelled 15k
    12/21: Withdraw/Cancelled 10k
    12/22: Withdraw 15k
    12/27: Deposited 15k
    1/8: Received 150 bonus
    1/12: Received 350 bonus

  • I thought about keeping this account opened after receiving my bonus. But, it literally takes Discover almost 10 days to complete any money transfer. That’s crazy. My 50k+ loss interest for 10 days while they transfer it. It took that long when I funded the account and now same length to withdraw it out. Ridiculous.

  • DP 1:
    12/1: Deposited $50K
    12/5: Withdrew all but $50
    12/23: Received bonus $500

    DP 2: (different account)
    12/1: Deposited $25K
    12/6: Withdrew $25K
    12/12: Deposited $50K
    12/15: Withdrew all but $50
    12/13: Received bonus $150
    1/4: Received bonus $350

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