Discover Savings Bonus: $150 or $200 Promotion

The Discover® Online Savings Account bonus is currently available, and could land you $150 or $200.

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 one 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 savings account 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 NW324. Deposit at least $15,000 for a $150 bonus, or $25,000 for $200.
Expiration date	06/13/2024.
Where to open	Online, by phone or on the Discover app.
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	4.25% (the current national average is just 0.45%).

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

+ Bonus offer details from Discover

“To qualify for Bonus: Apply for your first Discover® Online Savings Account, enter Offer Code NW324 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 06/13/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on DiscoverBank.com."

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. However, the deposit requirements to earn the Discover bonus are quite hefty. Other banks offer bonuses of the same or even greater amounts, and have smaller minimum deposit requirements. See our roundup of the best bank bonuses to compare.

» For other high-interest options, check out NerdWallet's best high-interest accounts.