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Discover Savings is currently offering a $100 bonus for opening an account.
The Offer
$100 bonus when you open a new account with at least $15,000. Use offer code SAVE616B. Offer Link
Key Terms
- Open by 7/29/16.
- Fund by 8/12/16.
- Offer not valid for existing or prior Discover savings customers.
- Account must be open when bonus is credited.
- Bonus will be credited by 9/12/16.
- Bonus is considered interest and will be reported on IRS form 1099-INT.
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did iconsumer go belly up today?
Another point to consider is that Discover Savings yield 0.95% APY compared to 0.01% from other major banks.
Plenty of banks pay 0.95% and up. Barclays is 1% and UFB is more than that I believe. But it’s good because at least you won’t be forfeiting the interest you could have earned elsewhere.
Yeah but not plenty of banks give you $100 up front!
.95% is a pretty good value for a savings account and the $100 is more than what Barclays would give you for at least 13 1/2 years if you had the Discover the same amount of time at their present rates…Just the first year w/ 1% interest, BCY is only $7 ahead considering monthly compound.
Any way to fund with CC?
Unfortunately “Bonus is considered interest and will be reported on IRS form 1099-INT.” kills it for me. Not enough bang for the hassle.
Something to also consider. One might have to earn $160.
to have $100. in your hand. Think about that.
# 2. All of your interest in your checking and saving accounts are tax-reportable NOW, you can’t get around it.
# 3. Probably your accounts are not earning .95 %. And you will earn the lower interest rate.
# 4. If you can fund part or all of the $15K with cc
you are earning more than $100.