Discover Bank Promotions & Bonuses in July 2024

Discover® Bank is an online bank and one of the largest credit card issuers in the U.S., with nearly 50 million cardholders.

While it doesn’t offer as many bonuses as some of its competitors, you can still earn some solid cashback bonuses when you open a new personal checking or savings account. Additionally, Discover is known for offering minimal fees, high yields, and a positive user experience on its mobile banking platform.

Current Discover Bank Promo Codes & Bonus Offers

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

Discover® Cashback Checking

Bonus Amount
up to $360
Account Type
Personal Checking
Bonus Requirements
  1. Open a new Discover® Cashback Checking account using the link below.
  2. Use your debit card to earn cashback – up to $30 can be earned per month (see website for details).
  3. Bonus cash will be deposited into your account each month.

Discover it® Cash Back Credit Card

Bonus Amount
Cash Back Match
Account Type
Personal Card
Bonus Requirements
  1. Apply for a new Discover it® Cash Back or Discover it® Chrome credit card using the link below.
  2. For the first year, use your credit card to earn cash back: for Discover it® Cash Back, you'll earn 5% in rotating categories, 1% on everything else; for Discover it® Chrome, you'll earn 2% at gas stations and restaurants, 1% on everything else.
  3. After 12 consecutive billing cycles, bonus cash will be credited to your rewards account within 2 billing cycles.

Summary: Discover's Current Bonuses

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

Account Account Type Amount Expires Requirements
Discover® Cashback Checking Personal Checking up to $360 Limited Time Card Spend Details
Discover it® Cash Back Credit Card Personal Card Cash Back Match Card Spend Details

Why Discover Bank?

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.

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!