Earn up to $200 with your First Discover Online Savings Account

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discover savings account bonus

Earn up to $200 with your First Discover Online Savings Account

Discover Bank is once again offering a signup bonus for their online savings account. This offer is available to anyone who has never had a Discover Savings account in the past.

The Offer

Earn up to $200 when you apply for your first Discover Online Savings Account by 4/30/2018 with promo code S418.

To get the bonus you need to deposit a total of at least:

  • $15,000 into your account by 5/14/2018 to earn a $150 Bonus OR
  • $20,000 into your account by 5/14/2018 to earn a $200 Bonus.

Promotion Page.

Key Terms

  • This must be your first Discover Online Savings Account
  • Maximum bonus eligibility is $200 per account.
  • Account must be open when bonus is credited.
  • Bonus will be credited to the account by 11/30/2017.
  • Bonus is considered interest and will be reported on IRS Form 1099-INT.

Analysis

Discover has run a similar promotion in the past. Yes, this money is taxable, but considering that you don’t have to keep the money in the account, you are earning a good interest in a very short period of time. But the account also has a decent 1.5% APY.

The total of $15K or $20K doesn’t have to be completed in one deposit. It’s pretty straightforward and worth it in my opinion if you have the money available.

Conclusion

This is a great bonus if you have $20K to deposit into your new account. The bonus is available nationwide and can be easily opened online. Make sure the promo code is entered. Only those who have never had an account will be eligible.

HT: Maximizing Money


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