Most of the bank bonus posts I write about deal with fintech banks, primarily because a lot of those banks have easy bonus terms to meet, no fees or minimum balance requirements, and give you the ability to refer other people. Bank bonuses can be intimidating, so I like to use fintech banks as a way to introduce people to the world of bank bonuses. These fintech bonuses have low stakes and you really can’t lose with them. That being said, there are a few legacy bank bonuses that I’ve been meaning to write about and one of them is the Discover Savings Account bank bonus.Â
This is a bank bonus from a large, legacy bank, but unlike many other legacy bank bonuses that require you to do big direct deposits, keep your money tied up for months, and make you manage the account to avoid fees, this one doesn’t have any of those issues. That means you can open this account, get your bonus, take your money out, and keep the account open forever without any worry.Â
A word of warning. When you read about how this bonus works, you might be intimidated, especially since it requires depositing a huge amount into the account. There are ways around this requirement, however, that I’ll explain in more detail.
With that said, in this post, we’ll go over the Discover Savings Account bank bonus and give you a step-by-step guide on how to earn your bonus from this bank.
Discover Savings Account Bank Bonus Step-By-Step Guide
The Discover Savings Account typically usually offers a good bonus for new users. In general, you can expect to earn $200 to $450 from this bonus.
Briefly, here’s what the terms usually require:Â
- Open a Discover Savings Account using a specific promo code from Discover (here’s the current bonus offer as of 3/23/23).
- Deposit a certain amount of money into your Discover Savings Account within 30 days of opening your account (usually at least $25,000).
- Your bonus will post to your account within 30 days of meeting the requirements (but it usually posts immediately after meeting the deposit requirement).
You don’t need to keep your deposit in your savings account, so once you fund the account, you can immediately pull all the money out. The bonus posts quickly – faster than the 30 days they list in the terms – so you should know right away if you did the bonus correctly.Â
As for when this bonus is available, it comes and goes, but I’ve found it’s usually available most times of the year (I’d say at least 75% of the year, Discover is offering a bonus for this savings account). How much this bonus offers can change though, but unfortunately, there’s no easy way to guess if the bonus will go higher.Â
At the time I’m writing this (3/23/2023), Discover is offering a $200 bonus if you open an account using the promo code and deposit $25,000 into the savings account.
You can find the current Discover Savings Account bonus offer at this link. I’ll try to keep this page updated, but if you find the link doesn’t work, do a Google search for the Discover Savings Account bank bonus and you should be able to find it.
The part most people find difficult is meeting the deposit requirement – putting $25,000 or whatever large amount they’re asking for into the account isn’t going to be easy for most people. But, there is a little trick that you can use to get around this requirement, as I’ll explain in the next section.
How To Meet The Deposit Requirement For The Discover Savings Account Bank Bonus
While the terms require you to deposit a large amount into your savings account to earn your bonus, there’s no requirement that the deposit is completed in one lump sum. Instead, you can do cumulative deposits so that the total amount that’s ultimately deposited into your account equals $25,000 (or whatever amount you have to deposit to earn your bonus).Â
That might sound a bit confusing, so let me explain a bit more. With Discover, you can meet the deposit requirement by depositing the same money over and over. Discover looks at the money you deposited but doesn’t care about what you withdraw from the account.Â
For example, if you need to deposit $25,000 into your Discover Savings Account to earn your bonus, you can meet the deposit requirement by depositing $10,000 into the account, withdrawing that same $10,000, then depositing the same $10,000 again. Continue to do that until you reach at least $25,000 in cumulative deposits. Discover will look at the deposits and add them up. Once it reaches $25,000 total, it’ll trigger the bonus. The fact that you withdrew the $10,000 and deposited it again doesn’t matter.Â
Note that some banks have fairly low limits on how much you can move between banks, so you’ll want to use a bank that has high transfer limits. I recommend Ally, as I think they’re the best overall bank. Just go into your Ally account, link Discover to it, then initiate the transfers from Ally to Discover.Â
That’s exactly how I earned my Discover Savings account bonus back in the day (I did this bonus in 2018). At the time I earned my bonus, I had to deposit $25,000 to earn a $200 bonus. I didn’t have $25,000 that I could transfer in one fell swoop, so to meet the deposit requirement, I transferred $7,500 from Ally to Discover, withdrew the $7,500 a few days later, then sent it back again. I did this 4 times until I had $25,000 in cumulative deposits, which earned me my bonus.
Things To Know With The Discover Savings Account Bank BonusÂ
There are a few things you should be aware of when you’re doing this bonus. The most important is that you have to complete your deposits within 30 days of opening your account. That means if you’re meeting the requirement with cumulative deposits, make sure you time it correctly so that all your deposits make it into your savings account within 30 days. Assuming you’re doing large enough cumulative deposits, you should be fine.
One thing I recommend if you’re meeting this bonus requirement with cumulative deposits is to schedule your deposits and withdrawals in advance. Ideally, you schedule your first deposit into the Discover Savings Account, then schedule a withdrawal a few days later, then schedule another deposit a few days after that, and so on. It’s better to do it this way so you don’t forget to do your deposits.
The second thing to know is that Discover limits customers to one bonus per lifetime. If you’ve ever earned a Discover Savings Account bonus or have ever had a Discover Savings Account (regardless of whether you earned a bonus on it or not), you are not eligible for this bonus. I earned my bonus back in 2018, so I’m not eligible for a savings account bonus from them ever again.
Final Thoughts
The Discover Savings Account bank bonus is one of the legacy bank bonuses that I think is good even for beginners. Because the account has no fees or minimum balance requirements, you’re not at risk of messing up and paying a dumb bank fee. The terms are easy enough that you don’t have to play around with direct deposits either.
The bonus for this account changes regularly and isn’t always available, but most times of the year, you will find this bonus somewhere.Â
And while it can seem intimidating at first because of the large deposit requirement, it’s not as big a deal as it would seem since the deposit requirement can be met with cumulative deposits and doesn’t require you to keep the money in the account (i.e. you can deposit the money and withdraw it immediately).Â
Hopefully, you find this post helpful. If you’re interested in learning more about bank bonuses, check out my post, The Ultimate Guide to Bank Account Bonuses. Feel free to leave any questions or comments below.
More Recommended Ebike/Scooters
Check out these other ebikes/scooters I've had the chance to do a review for:
- GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
- Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Moomoo (5 free stocks) – Moomoo is a free investing app currently offering 5 free stocks (usually worth around $75-$100) if you open an account using a referral link and deposit $2,000. Read my Moomoo referral bonus guide for more information.
- Webull (5 free stocks) – Webull also gives you 5 free stock valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free stocks using Webull.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- US Bank Business ($500) – This offer is limited to customers in the following states: AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY. This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Upgrade ($50) – Upgrade is a free checking account that’s currently offering a $50 referral bonus if you open an account and complete three debit card transactions. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Importantly, this bonus says that it’s now scheduled to end on April 15, 2023. As long as you get your account opened before April 15th, you should be eligible. Here’s a post I wrote with more details: Upgrade $50 Referral Bonus – Step By Step Directions.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Digital Federal Credit Union ($20) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
- Netspend ($20 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $20 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $20 to start! Make sure to check out my in-depth guide on how to set up these accounts.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($30) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $30 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
- US Bank Business. US Bank is currently offering new business customers a $500 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- DCU. Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a savings account that gives you 6.17% interest on your first $1,000.
- Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
Great info, thanks!
Glad I could help!
Thank you! can we open two accounts one each for myself and wife?
Yep, you can do this bonus for both of you.
Thank you!
Ally also has a bonus of $500 if you deposit $50k, but looks like Discover’s is less restrictive (I think they have a referral bonus too).
Citi came out with a larger than expected bonus, up to $2k, but you have to keep the money longer and their APY is nowhere close to these.
Yeah, Citi is always a tough one because you have to keep the money in there for so long – its almost always over 180 days. Ally is a good one if you have the cash. But still everyone who can should take advantage of the Discover bonus if you can.
Thanks for highlighting the offer–it was a much more generous offer than I have been receiving from Discover by e-mail. And, it finally pushed me to move some money to a high(er) yield savings account.
Glad I could help!
I pulled money into Discover from Ally on 10/31, the money was received on 11/1, but was not available until 11/4.
A few minutes ago (on 11/4), I pushed money from Discover to Ally, and I am seeing that the transfer will be available on 11/10.
These transfers seem to take a long time! Is anyone else seeing the same thing? I was hoping to use the same funds for my wife’s future Discover acct (she is still not signed up yet), but at this transfer rate, I might barely be able to fulfill my requirement within 30 days.
Mine took 3-4 days AFTER the money was in discover for them to “verify” it and it become “available”. Annoying. I opened account Nov 19. Funded 3 separate rounds to get to 35k total by dec 19. Did it and still have not seen the bonus posted. It doesn’t look promising based on FP saying they pay out relatively soon after the 30 day period completes. Fingers crossed. I hope this helps.
Correction: “Bonus will be credited to the account within 30 days of the account qualifying for the bonus.” This is the fine print for the offer via Discover’s page. Looks like the bonus should post by Jan 19th or by the end of January at least.
I’m crossing my fingers as well. Although the transactions took a long time between banks, I was able to meet the requirement back in November and received the full bonus. I have since tried for the $500 bonus on $50,000: I received a $150 bonus 3 days after my third/final deposit, so I’m hoping the remaining $350 comes in sooner than later.
Just received the remaining bonus! It took a few weeks, but I got it. $500 total.
Nice! Congrats! Fingers crossed mine is in the pipeline!
Still nothing for me. Qualified for at least $450 ending Dec. of bonus and haven’t seen a penny of it. Thinking since it’s mid Feb already, I likely did something wrong. Which I cannot figure out what it would have been… I used the link. created new bank account. had current credit card with discover but fine print said that didn’t interfere with this bank account bonus offer. At least the money was earning 3%+ during all of these maneuvers so not all for a total loss. Still a bummer tho. Grr!
So sorry to hear this! I’d recommend calling Discover to ask them why you didn’t get the bonus. Only thing I could think is that a promo code wasn’t entered when needed.
Thank for the tip. Reached out to Discover and they said I never entered the code. Oops! Told me to search google for the codes that went out Oct/Nov 2022 and submit for consideration. While I qualified for $450, (deposited net $35k within 30 days), they said the code I submitted was valid for $150 ($10k) or $500 ($50k) bonus. They will grant me the $150 bonus, so not a total loss! Somewhat surprised they worked with me and retroactively applied the code.