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Discover Savings Bonus: $150 or $200 Promotion

April 7, 2020
Banking, Banks & Credit Unions, Savings Accounts
Discover Savings Bonus: $150 or $200 Promotion
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

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.

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.

» Skip ahead to compare three banks’ bonuses.

Discover savings bonus

What you'll get$150 or $200.
How to get itFirst-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 openOnline or by phone.
How to qualifyYou 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$0.
Account APY1.01% (the current national average is just 0.06%).

» 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.

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