Update 5/12/23: Another round of this offer went out now for 2023. Add by May 31, maintain balance through July 30th.
Offer at a glance
- Maximum bonus amount: $150
- Availability: Nationwide via targeted email
- Direct deposit required: None
- Additional requirements: Deposit $10,000 for $100 bonus or $15,000 for $150 bonus,
- APY: 1.80%
- Expiration date: Funds deposited before
9/29/22May 31, 2023 - Insured: FDIC
The Offer
Direct link to offer (note: you must have received the email offer to be eligible)
- Discover is offering a deposit bonus for existing customers to get $100 or $150 with $10,000/$15,000 deposit of new money (i.e., funds from another bank).
- Must maintain an average daily balance of at least $10,000/$15,000 from 9/30/22 to 11/30/22. Deposit(s) must be posted to your account by 9/29/22, 11:59 PM ET.
The Fine Print
- Offer is available only to the owner of the selected account and is non-transferable.
- Account must be open when Bonus is credited.
- Bonus will be credited to the account no later than 12/31/22.
- Bonus is considered interest and subject to reporting on Form 1099-INT.
- Offer ends 9/29/22, 11:59 PM ET.
- Offer may be modified or withdrawn without notice.
Our Verdict
No enrollment necessary for this offer. I got this one via email and many others sent it in as well, even those who got a bonus when signing up initially. Not sure if it’s targeted or it was sent out to everyone.
This is an easy value since Discover already offers a competitive interest rate in their savings account and this bonus bumps it up even further. You get an extra 1% bonus in just 2 months of holding the funds with Discover which amounts to around 6% APY extra on top of the regular interest rate, an easy win. The language implies that you can make cumulative deposits equaling $10k-$15k to meet the bonus requirement.
Separately, there’s a similar offer for new Discover Savings signups to get $150-$200 bonus with $15,000-$25,000 deposit.
Useful posts regarding bank bonuses:
Chuck
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