Discover Savings Bonus: $150 or $200 Promotion

The Discover savings account bonus requires making a large deposit, but you’ll earn one of the best rates available.
Jan 13, 2022
Discover Savings Bonus: $150 or $200 Promotion

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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. The bank offers a high-quality online experience, too.

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 NW122. 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 be an existing or prior Discover savings customer or existing or prior customer with savings accounts that are co-branded, or affinity accounts provided by Discover.

Account monthly fee

$0.

Account APY

0.50% (the current national average is just 0.06%).

“To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online or by phone. Enter Offer Code NW122 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."

"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. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 3/15/22, 11:59 PM ET. Offer may be modified or withdrawn without notice."

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

The verdict: Are Discover savings bonuses worth it?

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.

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