Discover Bank Promotions and Bonuses

Discover Bank, member FDIC, is an online bank operated by the American financial services company, Discover Financial Services.

With almost 50 million cardholders, Discover is the third-largest credit card issuer in the U.S. In 2000, Discover acquired the Greenwood Trust Company and rebranded it as Discover Bank. While Discover is now fully an online bank, the company still owns and operates the original branch of The Greenwood Trust Company in Delaware, making it the bank’s only physical location.

Discover doesn't offer quite as many new customer incentives as some of the other big banks, but there's still free cash up for grabs. Plus, these bonuses are in addition to no monthly fees, high yields, and overall top-rated customer satisfaction.

Current Best Discover Bank Promotions

Here are the active Discover bonuses that you can benefit from today:

1. Online Savings Account - up to $200 bonus

Discover – one of our top picks for online banks – is currently offering up to $200 for opening a new Online Savings account. You'll need to deposit $25,000 to earn the full amount, but $15,000 only results in a loss of $50.

One perk to this bonus is that Discover, member FDIC, doesn't have a requirement for how long you need to keep the cash in the account, so you can deposit and withdraw immediately. Doesn't get much easier than that!

2. Cashback Debit - up to $360 bonus

Discover Bank, member FDIC, has a cool twist on the old-fashioned debit card: cash back rewards. Open an account online, and they'll give you 1% cash back on up to $3,000 in debit card purchases each month, for up to $360 each year as a bonus to your normal spending. See website for details.

3. Discover it® Cash Back Credit Card - Cash Back Match bonus

Summary: Discover's Current Bonuses

Here’s a recap of the current Discover Bank promotions and offers that you can claim right now:

Expired Offers From Discover

These bonuses were recently offered by Discover, but are not available at this time. Check back often as Discover may revive these deals or offer similar promotions in the future.

Online Savings Account - up to $500 bonus (Expired)

Discover – one of our top picks for online banks – is currently offering up to $500 for opening a new Online Savings account. You'll need to deposit $50,000 to earn the full amount, but $15,000 will still net you $150. Don't have $50,000? Check out our $200 Discover bonus that only requires $25,000 deposit.

One perk to this bonus is that Discover doesn't have a requirement for how long you need to keep the cash in the account, so you can deposit and withdraw immediately. Doesn't get much easier than that!

Discover Bank Promotions FAQs

Does Discover have any promotions?

Discover has fewer deals than some of the other big national banks, but they do offer a cash bonus for their savings account, an unlimited cash back match for new cardholders, and up to $360 cash back every year for checking account customers (see website for details).

Are sign-up bonuses from Discover taxed?

Only the Discover Savings Bonus will be reported to the IRS and taxed as income.

The other Discover promotions are in the form of cash back. Since these require a minimum spending amount to qualify for the bonus, the reward doesn't count as taxable income.

Do Discover offers expire?

Yes. As with most bank bonuses, Discover offers usually have expiration dates (see above examples).

Bonuses are fluid. Don't feel like you have to jump on one just because it's about to expire. There will be others later on.

That said, if you find a great bonus with an account you want, there's no point in waiting. It could be a while before the same promo becomes available again. So if you're sure, just go for it.

How long does it take to get paid the savings bonus from Discover?

Discover promises to credit your account within 30 days of qualifying for the savings bonus.

If you haven't received your bonus in the expected amount of time, double-check to make sure you didn't miss anything in the requirements, then contact the customer support team to find out what the hold up is.

Can I get multiple Discover promotions?

Most offers are only available to new Discover customers, meaning you usually only get one shot at a particular bonus.

Keep in mind that by "new", we mean new for that particular account category. For example, receiving a Discover Savings sign up bonus doesn't keep you from also getting a credit card bonus. It only excludes you from other savings account promotions.

How do I sign up for a Discover card bonus?

Discover credit cards offer a unique new customer incentive.

Instead of a fixed reward for a certain amount of card spend (IE: earn $500 for spending $3,000 within 3 months), Discover instead doubles the cash back or miles you earn within your first year, in a program they call Cashback Match (or Discover Match®, for the travel card).

For both programs, you'll be automatically enrolled when you open your new credit card account.

There's no maximum to how much of a match you can earn. Simply spend using your new card, and all of the cash back or miles you earned within that first year will be matched within 2 billing periods after your anniversary.

The Verdict: Is a Discover Bonus Worthwhile For You?

Discover Bank is our top-rated online bank – and others agree. In this year's J.D. Power Direct Banking Satisfaction Study, Discover was tied for first place. What contributed to the high marks? Easy to transact with, high yields, no hidden fees, convenient and effective customer service, and an overall impression that Discover puts the customer's needs first.

Our advice remains the same as always: pick a bank that serves your needs first and foremost, then look for free cash.

With the above Discover promotions, you can get both!

Find Out More About Discover Bank

Review:

Learn more about Discover Bank in our full review

Contact:

Discover Bank Mailing Address: 502 E Market St
Greenwood, DE 19950
Discover Bank Website

Discover Bank Routing Number: 031100649