Most of the bank bonus posts I write about deal with fintech banks, primarily because a lot of those banks have easy bonus terms to meet, no fees or minimum balance requirements, and give you the ability to refer other people. Bank bonuses can be intimidating, so I like to use fintech banks as a way to introduce people to the world of bank bonuses. These fintech bonuses have low stakes and you really can’t lose with them. That being said, there are a few legacy bank bonuses that I’ve been meaning to write about and one of them is the Discover Savings Account bank bonus. 

This is a bank bonus from a large, legacy bank, but unlike many other legacy bank bonuses that require you to do big direct deposits, keep your money tied up for months, and make you manage the account to avoid fees, this one doesn’t have any of those issues. That means you can open this account, get your bonus, take your money out, and keep the account open forever without any worry. 

A word of warning. When you read about how this bonus works, you might be intimidated, especially since it requires depositing a huge amount into the account. There are ways around this requirement, however, that I’ll explain in more detail.

With that said, in this post, we’ll go over the Discover Savings Account bank bonus and give you a step-by-step guide on how to earn your bonus from this bank.

Discover Savings Account Bank Bonus Step-By-Step Guide

The Discover Savings Account typically usually offers a good bonus for new users. In general, you can expect to earn $200 to $450 from this bonus.

Briefly, here’s what the terms usually require: 

  1. Open a Discover Savings Account using a specific promo code from Discover.
  2. Deposit a certain amount of money into your Discover Savings Account within 30 days of opening your account (usually at least $25,000).
  3. Your bonus will post to your account within 30 days of meeting the requirements (but it usually posts immediately after meeting the deposit requirement).

You don’t need to keep your deposit in your savings account, so once you fund the account, you can immediately pull all the money out. The bonus posts quickly – faster than the 30 days they list in the terms – so you should know right away if you did the bonus correctly. 

As for when this bonus is available, it comes and goes, but I’ve found it’s usually available most times of the year (I’d say at least 75% of the year, Discover is offering a bonus for this savings account). How much this bonus offers can change though, but unfortunately, there’s no easy way to guess if the bonus will go higher. 

At the time I’m writing this (10/24/2022), Discover is offering a $450 bonus if you open an account using the promo code and deposit $35,000 into the savings account. The $450 is the highest I remember it being, so if you can, it’s worth grabbing it now while you can.

You can find the current Discover Savings Account bonus offer at this link. I’ll try to keep this page updated, but if you find the link doesn’t work, do a Google search for the Discover Savings Account bank bonus and you should be able to find it.

The part most people find difficult is meeting the deposit requirement – putting $35,000 or whatever large amount they’re asking for into the account isn’t going to be easy for most people. But, there is a little trick that you can use to get around this requirement, as I’ll explain in the next section.

How To Meet The Deposit Requirement For The Discover Savings Account Bank Bonus

While the terms require you to deposit a large amount into your savings account to earn your bonus, there’s no requirement that the deposit is completed in one lump sum. Instead, you can do cumulative deposits so that the total amount that’s ultimately deposited into your account equals $35,000 (or whatever amount you have to deposit to earn your bonus). 

That might sound a bit confusing, so let me explain a bit more. With Discover, you can meet the deposit requirement by depositing the same money over and over. Discover looks at the money you deposited but doesn’t care about what you withdraw from the account. 

For example, if you need to deposit $35,000 into your Discover Savings Account to earn your bonus, you can meet the deposit requirement by depositing $10,000 into the account, withdrawing that same $10,000, then depositing the same $10,000 again. Continue to do that until you reach at least $35,000 in cumulative deposits. Discover will look at the deposits and add them up. Once it reaches $35,000 total, it’ll trigger the bonus. The fact that you withdrew the $10,000 and deposited it again doesn’t matter. 

Note that some banks have fairly low limits on how much you can move between banks, so you’ll want to use a bank that has high transfer limits. I recommend Ally, as I think they’re the best overall bank. Just go into your Ally account, link Discover to it, then initiate the transfers from Ally to Discover. 

That’s exactly how I earned my Discover Savings account bonus back in the day (I did this bonus in 2018). At the time I earned my bonus, I had to deposit $25,000 to earn a $200 bonus. I didn’t have $25,000 that I could transfer in one fell swoop, so to meet the deposit requirement, I transferred $7,500 from Ally to Discover, withdrew the $7,500 a few days later, then sent it back again. I did this 4 times until I had $25,000 in cumulative deposits, which earned me my bonus.

Things To Know With The Discover Savings Account Bank Bonus 

There are a few things you should be aware of when you’re doing this bonus. The most important is that you have to complete your deposits within 30 days of opening your account. That means if you’re meeting the requirement with cumulative deposits, make sure you time it correctly so that all your deposits make it into your savings account within 30 days. Assuming you’re doing large enough cumulative deposits, you should be fine.

One thing I recommend if you’re meeting this bonus requirement with cumulative deposits is to schedule your deposits and withdrawals in advance. Ideally, you schedule your first deposit into the Discover Savings Account, then schedule a withdrawal a few days later, then schedule another deposit a few days after that, and so on. It’s better to do it this way so you don’t forget to do your deposits.

The second thing to know is that Discover limits customers to one bonus per lifetime. If you’ve ever earned a Discover Savings Account bonus or have ever had a Discover Savings Account (regardless of whether you earned a bonus on it or not), you are not eligible for this bonus. I earned my bonus back in 2018, so I’m not eligible for a savings account bonus from them ever again.

Final Thoughts

The Discover Savings Account bank bonus is one of the legacy bank bonuses that I think is good even for beginners. Because the account has no fees or minimum balance requirements, you’re not at risk of messing up and paying a dumb bank fee. The terms are easy enough that you don’t have to play around with direct deposits either.

The bonus for this account changes regularly and isn’t always available, but most times of the year, you will find this bonus somewhere. 

And while it can seem intimidating at first because of the large deposit requirement, it’s not as big a deal as it would seem since the deposit requirement can be met with cumulative deposits and doesn’t require you to keep the money in the account (i.e. you can deposit the money and withdraw it immediately). 

Hopefully, you find this post helpful. If you’re interested in learning more about bank bonuses, check out my post, The Ultimate Guide to Bank Account Bonuses. Feel free to leave any questions or comments below.


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