New Discover Savings $100 Sign-Up Bonus & Why it is a Great Deal!

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Discover Savings Bonus 2016

This offer is now expired.

Discover Bank is offering a $100 bonus for signing up for their online savings account. I personally received this offer in the mail, however I do not believe that it is targeted. Let’s take a look and see if it is worth pursuing.

The Offer

$100 bonus when you open a new account with at least $15,000. (THE OFFER IS NOW EXPIRED)

Key Terms

  • Open by 7/29/16.
  • Fund by 8/12/16.
  • Offer not valid for existing or prior Discover savings customers.
  • Account must be open when bonus is credited.
  • Bonus will be credited by 9/12/16.
  • Bonus is considered interest and will be reported on IRS form 1099-INT.

Analysis

Right off the top I should mention that Discover has had a similar bonus in the past with only a $5K deposit requirement. In fact, I opened an account last year with such an offer. With that said, considering you only need to park the $15K in the account for 30 days, this is still a very good deal if you only keep the money in the account for the minimum required time.

If you have a limited amount of funds and/or aren’t eligible for this deal, then don’t forget about the Chase $200 savings bonus which requires a $15,000 deposit as well. That bonus requires the funds stay in the account for 3 months, although the bonus is double. Either way, bonuses like these which¬†only require a deposit and no other hoops are my favorites.

Conclusion

If you have never had a Discover Savings account before and are looking for a way to put your liquid money to work, this new Discover Savings Bonus 2016 may be the right deal for you. You may be able to hold out for a deal with a lesser deposit requirement, but of course there is no guarantee of that. While I won’t be able to participate, I believe my wife is going to sign-up. Happy saving!


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15 COMMENTS

  1. I assume this deal wouldn’t exclude anyone from a potential checking account bonus? They had one last year, albeit for a very short time.

  2. I already have this account and wanted to report its a pretty good one for storing excess cash. Pays 0.95%, slightly less than the best online but ACH deposits and withdrawals are processed relatively quickly. DISC CDs are OK but nothing special.

    • You should look into Lake Michigan Credit Union and their 3% APY max checking. A quick Google and you should get hits. I park $15k and use it as as my checking account from which bills are paid. Besides a few easy things, the 10 debit transactions (no minimum) is really the only hurdle to jump. I typically use it for small purchases throughout the month and if I don’t hit all 10 transactions by the end of the month I’ll buy the remainder as .50 amazon gift cards.

        • No residential or membership requirements. I think there may be a $5 membership fee but I could be wrong. It was relatively easy to open online. The debit card does take 1-2 weeks but other than that it was easy.

        • I forgot to mention it is a hard pull from TU. For me (and most) it’s the one bureau that we’d all want a HP from so IMO it’s not a big deal.

  3. I opened an account during the last promotion. Not sure why; but it look a long time for my ACH deposit to clear. Discover did not honor the $100 bonus despite parking the money there for 3 months.

  4. Should have 60K coming from our primary home sale shortly which likely won’t be required for a few months before we buy our next. So I’m thinking of doing this Disc Savings and the Chase 15K req savings for 30K of that. 30 day req here is no problem, but the Chase 3 month could be an issue if we buy and close quickly. Any other considerations/options/bonuses for usage of the ‘temporary’ liquid 60K I haven’t thought of?

  5. Was there a place to enter the promo code before getting into the 4 step application stage? Or was the promo code entered during a certain stage of the application steps?

    • Its on the 4th page of the application.

      I just opened mine and was disappointed to learn that they wont start the transfer until the trial deposit thing because I used a new funding source.

      And I don’t like that they are going to suck out the 2 small amounts afterwards using up 33% of my withdrawls for the month on the other account.

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