Discover Savings Bonus

The under the radar Discover savings bonus is back and it is better than you probably think it is. That is because the bonus is relatively small compared to some other savings offers, and the deposit amount is pretty steep for that little of a payoff. The devil is in the details though, and that is what makes this offer sweeter than it looks.

Update 3/22/24: The offer is back (HT DDG)

Bonus Offer Details

There are two options for the Discover savings bonus:

• Deposit at least $15,000 within 30 days of account open date to earn $150
• Deposit at least $25,000 within 30 days of account open date to earn $200
  • Offer ends 6/13/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice.
  • Use code GBPE324 when applying

To get your $150 or $200 Bonus:

Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code GBPE324 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200. 

Discover Savings Bonus Offer Terms

Here are some of the terms:

• 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 60 days of the account qualifying for the bonus.
• Bonus is interest and subject to reporting on Form 1099-INT.

Offer Link

Why This Offer Is Better Than It Appears

On the surface the $200 bonus for $25,000 deposited doesn't seem so great. The current interest rate is showing as 4.35% on the account right now which isn't the best either, but it is decent. So, at least you won't be losing a ton on that end of things.

The cool thing with this offer is that it is a cumulative deposits over time (the 30 day period). So it doesn't need to be all $25,000 in there at one time, or kept in the account together at all, to reach the bonus like most other savings offer. That means you can deposit, withdraw, deposit and withdraw the same $5,000 over and over again until you hit the $25,000 offer.

It has even been reported that if you initiate the withdrawal during normal bank hours and then cancel it the system will look at the money going back in as a new transfer. So you can do that a few times (do different amounts each time like $5001, $5003 etc.) and trigger the requirements. If something goes wrong you will have no recourse though so I would play the long game myself and do normal deposits and withdrawals if you need to.

The bonus seems to post 30 days after the triggering $25,000 in deposited funds. So if you put the full $25K in there right away you should have the Discover savings bonus about a month later. It is one of the easier, and fastest paying, offers out there.

Discover Savings Bonus: ToP Thoughts

This is a fairly easy bank bonus to hit because it allows cumulative deposits, so people without $25,000 in the bank can still take advantage. I also love that the Discover savings bonus pays out fairly quickly and the interest rates are decent for the time that your money is in the account. We took advantage of this one, for both myself and my wife, a few years back and are unfortunately ineligible to do it again.

Let us know if you have any questions over in the ToP Facebook Group and enjoy that easy $200!