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Discover Bank $100 Bonus – Takes Less Than 5 Minutes
I know a lot of you jumped on the recent Citigold AAdvantage and ThankYou bank bonuses. There is no doubt that the value of those bonuses justifies the effort you have to put into earning them. Still, you do have to get a $30 per month account, perform some tasks and then wait a few months.
There are of course a ton of bank bonuses that come around and some people like to jump on all of them. I tend to be more selective and look for bonuses that are easy to fulfill and justify the effort I put in. One such targeted bonus came in the mail recently and you can get in on it too if you would like.
Open a FREE Discover Online Savings Account and earn a $100 bonus with a $5,000 minimum deposit. Use offer code SAVE8915 when opening the account. (Code is not unique.)
- $100 bonus valid through 10/31/15
- New savings customers only
- 1 per customer per account
- Bonus will be issued within 30 days of funding of $5,000 as credit to the account.
- Bonus is considered interest and will be reported on IRS form 1099-INT
One section of the flyer does say this bonus is for existing Discover cardholders, however the official terms don’t seem to mention this. I cannot guarantee if this will work for people who don’t have a Discover card, although it seems like it will.
While $100 doesn’t seem like much, you are opening a free account and they only require the funds stay in the account for 30 days. For that reason this is a no-brainer in my opinion. While you can get as complicated as you want regarding the value of the money, I try to keep it simple. My $5,000 isn’t earning that type of interest over 30 days anywhere else.
Walkthrough of Opening the Discover Account
I recently took advantage of this offer and opened a Discover Savings account. The entire process from start to finish took a total of 5 minutes. The best part is that the bonus is confirmed for you on the screen, so you don’t have to wonder if it stuck. Here is how to open the account.
Step by Step
Go to: DiscoverBank.com/Save8915 and click “Open Account”. You will be asked what type of account you want to open. Select “Online Savings” and then login to your Discover cardmember account if you have one. You will now be on the “Get Started” screen.
There is some information for you to fill out here. If you have a Discover card then your name and address should be pre-filled. You will also have to provide your social security number and date of birth. Many people have reported that Discover only does a soft inquiry. The key part to look at here is the “Offer/Invitation Code” box.
Make sure to input the code SAVE8915 here and click “Apply Code”. Once the code is applied, you should see the terms of the bonus appear on the application.
From here verify all of the other information is complete and continue to the next screen. You will now be asked to verify all of the information is correct. The bonus information is once again displayed on this screen as well.
Along the way you’ll be asked to read disclosures and agree to them. Finally, you will arrive at the funding screen. Unfortunately Discover doesn’t allow you to fund with a credit card, however they do allow you to do an ACH transfer from your bank. You can also elect to do a wire transfer or send a check, but ACH is by far the easiest.
Once you have input your routing and account numbers, check the box to agree and click “Continue”. You will now see the final account confirmation. Congratulations, you have just setup an account and should get $100 within 30 days!
As I mentioned, I was finished opening the account in about 5 minutes. Yes $100 isn’t the biggest bonus in the world, but it allows me to take some liquid funds and help them generate much higher interest than they are receiving now. Since I already have a relationship with Discover, this type of deal is one that I would jump on every day.
Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.