Discover Bank Promotions & Bonuses in February 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:

1. Discover® Online Savings Account - up to $200 bonus

Discover® Bank – one of our top picks for online banks – is currently offering up to $200 for opening your first 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 doesn't have a requirement for how long you need to keep the cash in the account; however, with interest rates soaring, it makes a great place to stash some cash. Doesn't get much easier than that!

Discover Bank : Discover® Online Savings Account

Bonus Amount
up to $200
Account Type
Personal Savings
Availability
Nationwide
Offer Expires
March 14, 2024
Bonus Requirements
  1. Apply for your first Discover® Online Savings Account, online, in the Discover App or by phone using promo code BB124.
  2. Within 30 days, post deposits of at least $15,000 to earn $150 or $25,000 to earn $200.
  3. Bonus will be credited to your account within 60 days of qualifying for the bonus.
  4. See Advertiser Website for Full Details

2. Discover® Cashback Checking - 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.

Discover Bank : Discover® Cashback Checking

Bonus Amount
up to $360
Account Type
Personal Checking
Availability
Nationwide
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.

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

Discover Bank : Discover it® Cash Back Credit Card

Bonus Amount
Cash Back Match
Account Type
Personal Card
Availability
Nationwide
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® Online Savings Account Personal Savings up to $200 Mar 14 Min Balance Details
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

Expired Offers From Discover

These bonuses were recently offered by Discover, but are not available right now.

Check back often as Discover may revive these deals or offer similar promotions in the future. In the meantime, it can sometimes be helpful to compare Discover's current bonuses to their previous deals.

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

Expired: December 7, 2022

Discover previously offered up to $500 for opening a Discover® Online Savings account.

To earn the bonus, you needed to:

  1. Open a new Discover Online Savings Account using promo code BONUS1122E at the link below.
  2. Within 30 days, deposit $15,000 to earn $150 or $50,000 to earn $500.
  3. Bonus will be credited to your account within 30 days of qualifying for the bonus.

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!