Discover Bonus Code
Editor’s Note: As of May 1st, 2020, the Discover Savings offer is no longer available on WalletHacks.com (the Checking bonus is still available). Please read our Discover review for the latest on Discover’s offerings. We will update this post whenever this offer returns – until then, our post on the best bank bonuses and promotions has other offers that might interest you or click here to sign up for our email newsletter and get notified of new bank promotions.
Earn up to n/a when you open a new Discover Savings Account. Read on to learn how.
Activate to earn 5% Cashback Bonus at Gas Stations (stand-alone), Wholesale Clubs and Select Streaming Services from 4/1/21 (or the date on which you activate 5%, whichever is later) through. COUPON CODE $100 Bonus and 5% Cash for opening a new Discover Account - Use the Link Head over to Discover.com today and use the link to benefit from a massive $100 bonus and 5% cash back for opening a new discover.
- Secure Account Log In. Please complete all fields below.
- Enter Offer Code NW420 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus.
- Discover it® Cash Back, Discover it® Student Cash Back, Discover it® Chrome, Discover it® Chrome for Students, Discover it® Miles, Discover More® Refer-a-Friend eligible cardmembers will receive a.
I’m sure you’ve heard of Discover but did you know they’re not just a credit card company?
Did you know they are a bank too?
Discover Bank is the banking division of Discover Financial Services, Inc (NYSE:DFS).
If you ask most people about Discover, they often talk about their credit cards. One of my first credit cards, opened in 1998, was a Discover card that paid me 1% cashback for years. Now, if you open a savings account with them, they’ll put cash in your pocket too.
Check out this offer:
Other Discover Cashback Options
Discover also has other options to earn cashback from your use in the form of two cards:
Discover Cashback Debit Account — up to $360 a year
Discover’s Cashback Debit product is an online checking account with no monthly fees or balance requirements, which is now common for an online checking account. You should never pay a monthly fee or have a minimum balance requirement on an online bank account.
What’s uncommon, and downright rare, is their debit card – it’s a debit rewards card. The Discover cashback debit card offers 1% cashback on all purchases up to $3,000 per month. That means you can earn up to $360 in cash back each year on the debit card.
There isn’t a promotion associated with this account, the cashback offer won’t expire, but the debit card cashback offer is itself almost like a bonus. I know a lot of folks who refuse to use credit cards and this is one of the best ways to still earn cashback without getting a credit card.
The cashback debit account has some great perks too:
- No monthly fees or minimum balance requirements
- Uses the Allpoint ATM network (60,000 free ATMs)
- Earn 1% cashback up to $3,000 in purchases/month
- Free online bill pay
- Free check reorders (not common)
- Free incoming wires (very rare)
Discover Online Savings Bonus Code
Discover it Credit Card — No Bonus
The Discover it® Cash Back card doesn’t have a new account bonus but it does offer a Cashback Match on the first year – they will match all of the cashback you earn in the first year automatically. The card has no annual fee and has 1% cashback, plus 5% cashback on rotating quarterly categories like gas, restaurants, supermarkets, etc.
You have to activate it each quarter and there’s a quarterly maximum of $1,500 in purchases.
What does Discover give cashback on? It offers 1% cashback on everything plus 5% on rotating categories. The quarterly schedule is published ahead of time so for 2020 it’s:
- Jan-Mar 2021: Grocery Stores, Walgreens and CVS
- Apr-Jun 2021: Gas Stations, Wholesale Clubs and Select Streaming Services
- Jul-Sep 2021: Restaurants and PayPal
- Oct-Dec 2021: Amazon.com, Walmart.com and Target.com
(it’s pretty much the same as 2020, they just added stores to the list of categories and streaming services)
In terms of cash back cards, it’s an average card. If you want a cash back card, I’d give the Chase Freedom card a look because you get the same cash back structure (1% on all purchases and 5% on rotating categories) but you also get a $150 bonus after you spend $500 on purchases in the first 3 months.
How Do Discover Bank Promotions Compare?
We maintain a list of the best bank promotions and there are a few other alternatives that you should consider instead.
CIT Bank offers a $150 or $300 bonus for new or existing accounts when you open an account with the promotion code Spring20 and transfer in a large sum. If you deposit over $25,000 then you get $150. If you can deposit over $50,000, then you get $300. It’s one of the best new account promotions without a direct deposit required.
Here is how it stacks up:
The Wells Fargo Cash Wise Visa Card also has a $150 cash bonus after you spend $500 in purchases in the first three months of account opening.
That’s an unlimited 1.5% cash back credit card on all purchases too with $0 annual fee.
Worth a look if you don’t have a solid cashback credit card in your wallet yet.
Final Verdict: A Strong Savings Account
The Discover Bank Online Savings Account is a good option for an online savings account, even if it doesn’t offer a bonus right now:
- A high-interest savings account without any annoying fees
- A checking account with a cashback debit cards
If you were to change your primary bank and centralize where you put your funds, Discover Bank makes a strong case for doing so with what they offer. If you already have a checking account and were considering adding a savings account, it’s a no-brainer to take advantage of this account.
Latest Bonus Codes
Lastly, if the appeal of this account is because of a bonus, make sure you review this guide on bank account bonuses before you jump.