Discover is a mostly online bank. It really shines with its credit card offerings and cashback match program on its select credit cards, but it also has low-fee checking and savings accounts. However, it doesn’t currently have a lot of bank account bonuses or promotions. There is one Discover savings bonus that requires a code and is for first-time savings customers only — but it was tricky to find and requires a high deposit to earn.
| Bonus type | Bonus amount | Requirements | Learn more |
|---|---|---|---|
| Discover® Online Savings Account deposit bonus | $150 or $200 | Enter unique offer code provided by Discover partners.
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Considering there’s only one signup bonus, the Discover® Online Savings Account bonus is the best option by default — but we wouldn’t call it an easy bonus to earn. You must deposit at least $15,000 to earn $150 or $25,000 to earn $200 within 45 days of account opening. Compared to the best bonus offers in the market, Discover’s savings bonus isn’t what we’d call competitive.
It’s unlikely that you’ll locate Discover’s savings account bonus directly through its site. We could only locate the bonus information through a paid advertisement with a Google search. Discover only requires you to enter a unique code, that varies depending on where you get it from, at application and meet the deposit requirements to earn the bonus.
You must be a new Discover savings customer to qualify for the savings bonus. Discover’s bonus terms and disclosures state you must be a new “savings” customer, leading us to believe that even if you have a Discover credit card or checking account, but you’ve never had its savings account, you can still qualify for the savings account bonus.
The savings bonus offer ends March 13, 2025, and Discover deposits the $150 or $200 bonus into your account within 60 days after meeting requirements.
Discover’s savings bonus has a high deposit requirement for a relatively small payout. However, its savings account does offer a high APY with no monthly fees, so even without the bonus, it’s still a decent savings option. Discover’s savings account has a high 3.90% APY, which is much higher than the national average rate of 0.45% for savings accounts, as reported by the FDIC.(1)
Compare more bank account bonuses here, or look for other high-yield savings accounts.
| Bank | Bonus offer | More info |
|---|---|---|
| PNC | Up to $1,000 | Learn more |
| Axos bank | Up to $400 | Learn more |
| Fifth Third Bank | Up to $300 | Learn more |
| SoFi® | Up to $300 | Learn more |
| Upgrade | Up to $200 | Learn more |
| Chime | Up to $100 | Learn more |
| Varo | Up to $50 | Learn more |
Most bank account bonuses have requirements to earn them, so you’re unlikely to find an account that just gives you cash for opening the account. Most welcome bonuses require you to set up direct deposit or deposit a specific amount to earn bonus cash. Bonuses aren’t typically delivered immediately, either, as most banks deliver the bonus 30 to 90 days after you’ve met the bonus requirements.
The Discover cashback debit card bonus isn’t so much of a bonus itself. The $360 is the limit you can earn each year through the Discover® Cashback Debit Account. You earn 1% cash back on up to $3,000 each month, which equates to earning up to $360 in cash back per year.
The $500 Axos Bank bonus is now expired, but you can still earn $50 per qualifying referral, plus up to $400 with a new business account.
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