Discover Bank is offering a refreshingly straightforward bonus for their online savings account. If you open a new account through this promotion link by 10/2/17 and use the offer code S817, you can receive one of the following bonuses:
- Deposit a total of at least $15,000 into your account by 10/16/17 to earn a $150 bonus, or
- Deposit a total of at least $20,000 into your account by 10/16/17 to earn a $200 bonus.
The Discover Online Savings Account has a yield of 1.15% APY as of 8/27/17, which is a competitive rate although not the absolute highest available. There are no minimum balance requirements and no monthly fees. Interest is compounded daily and paid monthly.
If you deposit the minimum amount of $15k or $20k, you effectively get a bonus of another 1% of your initial deposit. However, there is no minimum time period where you have to keep the money there after getting the bonus, so your effective ROI can be quite high.
Offer not valid for existing or prior Discover savings customers. Account must be open when bonus is credited. Bonus will be credited to the account by 10/31/17. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice.
I already have a Discover bank account that I tried out in exchange for another bonus. The rates are decent and they are low hassle, so I keep it open in case something good comes up in the future. I keep $5 in there so they don’t close it without notice.