Discover August 2022 Bank Bonuses and Promotions: Earn up to $200
Discover is a popular online bank that is perhaps best known for its cash back credit cards. However, Discover also offers other banking products,Bank Bonuses, including a checking account, certificates of deposit, a money market account, and one of the best no-fee savings accounts on the market. The enticing sign-up bonus now offers $150 or $200 in cash when you open a new savings account.
How Can You Get a Discover Savings Account Bonus?
To qualify for the Discover promotion, you only need to take a few steps:
Open a new savings account with the Discover offer code.
Meet the qualifying conditions. In most cases, you will need to deposit a minimum amount of money within 30 days of opening the account.
Claim your Discover bonus, usually within 30 days of qualifying.
Here is the Discover New Account action currently available. Offer details are accurate as of August 10, 2022.
Discover events for 2022:
Discover Online Savings: Earn $150 or $200*
The Discover Savings Account has a 1.60% APY compounded daily and paid monthly. You pay $0 for monthly maintenance, and you don’t pay any fees for insufficient funds, overdrafts, or account closures.
What is the offer?
Open a new Discover Online savings account online using offer code GBP622. Then deposit at least $15,000 into your account within 30 days and get a $150 Discover bonus. Or deposit at least $25,000 within 30 days and get a $200 Discover bonus.
What is considered a deposit?
Virtually all money you transfer to your Discover online savings account is eligible for the promotion, including: check deposits made through the Discover mobile app; online transfers from another Discover bank account; online transfers from an external bank account; direct deposits from an employer or government agency; checks sent with deposit slips to Discover Bank.
When will you receive your bonus?
Discover will deposit the bonus into your account within 30 days of meeting the bonus requirements.
Is the offer limited in time?
This promotion expires September 15, 2022. It is available to first-time Discover Savings Account customers.
Is the Discover welcome bonus a good deal?
This Discover promotion is not as attractive as many of the best bank bonuses available today due to the high deposit requirements. If you have the cash to put down the $15,000 or $25,000 necessary deposit, it might be worth considering.
Yet many banks lure you in with an enticing welcome bonus, only to charge exorbitant fees to make up for it. But Discover charges minimal fees, which means the welcome bonus can be considered real free money in your pocket if you qualify.
What else should you know about Discover Savings Account offers?
To receive the welcome bonus, your account must be open
Your Discover Online Savings Account must be open to claim your bonus. In other words, you cannot transfer money and then immediately close the account.
Once you meet the eligibility requirements, it may take a few weeks for you to receive the Discover bonus.
Your bonus may be taxable
Any Discover bonus or promotion you receive is considered taxable income. This means Discover will report it to the IRS and issue you a Form 1099 during tax season.
You must be a new customer
This Discover bonus is for new savings account customers only. You will not be eligible if you have a previous or existing Discover savings account.
That means you can get a savings account bonus if you have other Discover products, like a credit card or loan. These do not count towards the qualification requirements.
Discover Bank is a subsidiary of Discover Financial Services – one of the largest credit card issuers in the US. Over the years, it has built a name as the leading online bank for individuals and families.
If you’re looking for a new savings account with a high APY, don’t like paying fees, and have a few thousand dollars for an initial deposit, then Discover’s $150-$200 bonus might be worth checking out.