Discover Savings Bonus: $150 or $200 Promotion

Tony ArmstrongApr 7, 2020
Discover Savings Bonus: $150 or $200 Promotion
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Editor's note, May 1, 2020: The bonus offer detailed on this page is no longer available through NerdWallet. See our Discover review for more on Discover's account offerings. Read about other banks' bonus offers in our roundup of this month's best bonuses and promotions

The Discover savings bonus could land you $150 or $200.

Discover Bank Online Savings
NerdWallet rating 

at Discover Bank, Member FDIC

You'll have to open an account with the bank and deposit at least $15,000. That's steep, but the online bank also offers some of the best savings rates on the market.

Here is a closer look at how to qualify for the Discover sign-up bonus.

Discover savings bonus

What you'll get

$150 or $200.

How to get it

First-time savings customers can open a Discover Online Savings Account using offer code NW420. Deposit at least $15,000 for a $150 bonus, or $25,000 for $200.

Where to open

Online or by phone.

How to qualify

You cannot have previously opened a Discover savings account, or any savings account that is co-branded or is an affinity account provided by Discover.

Account monthly fee


Account APY

0.40% (the current national average is just 0.06%).

“To get your $150 or $200 bonus offer: What to do: Apply for your first Discover Online Savings Account online or by phone. 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. Maximum bonus eligibility is $200."

"What to know: 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. Account must be open when bonus is credited. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice."

» Curious about Discover's checking account and other services? Read NerdWallet's full Discover Bank review.

The verdict

Generally speaking, savings bonuses, high annual percentage yields and low fees are rare. But Discover's savings account can get you all three.

If you're looking to sign up for a new savings account and want to score some free cash in the process, Discover could be a great fit.

» For other strong savings options, check out NerdWallet's best high-yield online savings accounts.