Discover is targeting some savings account holders with an offer giving $150 or $200 bonus cashback when depositing new money to your account.
The Deal
- Discover is offering the following two-tiered savings account bonus for existing account holders:
- Deposit $15,000+ of new money & earn $150 bonus
- Deposit $25,000+ of new money & earn $200 bonus
- Direct link to offer.
Key Terms
- To qualify for a Savings Boost Bonus, deposit directly to the selected savings Account (“Account”) a Required Deposit Amount (“RDA”) of $15,000 in New Funds (i.e., not currently on deposit at Discover) to earn $150 Bonus OR $25,000 in New Funds to earn $200 Bonus between 9/8/23 and 9/29/23 11:59 PM ET (“Funding Period”). Maintain a minimum of your Account Balance as of 9/6/23 11:59 PM ET plus RDA (“Hold Amount”) from 9/29/23 11:59 PM ET to 10/30/23 11:59 PM ET. RDA may consist of multiple deposits made during Funding Period. RDA funds must be credited to Account by end of Funding Period to be eligible. Any funds added over qualifying Hold Amount are excluded from Hold Period requirements. Maximum Bonus eligibility is $200.
- Customers with an existing Online Savings Account were selected at random to receive the offer. Only one account per customer is eligible. The offer is non-transferable. No promotion code or enrollment is needed. Account must be open when Bonus is credited. Bonus to be credited to Account by 11/30/23 and is subject to reporting on Form 1099-INT. Offer ends 9/29/23. Offer may be modified or withdrawn without notice.
Quick Thoughts
This is a targeted offer which doesn’t require enrollment, so keep an eye out on your emails to see if Discover sent you one. The email I received had the subject line ‘Don’t miss out on your $200 Savings Boost Bonus’, but there could be other subject lines.
When looked at in isolation, these savings bonuses aren’t overly exciting. Earning $150 for depositing $15,000 or $200 for depositing $25,000 is a 1% or 0.8% bonus respectively. However, there are two features that make this offer more appealing.
The first is that you only need to keep the money deposited with Discover through October 31, 2023. Depending on when you deposit the money, that’s only 5-6 weeks you need to hold the money there, so on an annualized basis the return is much higher.
The second thing to consider is that Discover is already offering a pretty good rate on their savings accounts. The account that I received this offer on is already earning 4.3% APY. There are certainly higher savings rates out there, but 4.3% is competitive especially when taking into account the $150 or $200 bonus for depositing more money for a short amount of time.
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