by Update 4/5/24: Deal is back.
Offer at a glance
- Maximum bonus amount: $200
- Availability: Nationwide
- APY: 4.3%
- Hard/soft pull: Soft
- ChexSystems: No for Online Savings
- Credit card funding: None
- Monthly fees: No
- Early account termination fee: None
- Household limit: None
- Expiration date: 9/29/23
The Offer
Direct link to offer, targeted bonus. Sent out via e-mail, subject line is ‘Maximize your savings with a Boost Bonus’
- Discover is offering a bonus of $150/$200. Bonus you receive depends on the amount you deposit by 4/26/2024 and hold until 6/25/2024:
- Deposit and maintain $15,000 and get $100 bonus
- Deposit and maintain $25,000 and get $200
The Fine Print
- 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.
- Important: 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 Offer may be modified or withdrawn without notice.
- All bank account bonuses are treated as income/interest and as such you have to pay taxes on them
Avoiding Fees
Monthly Fees
Discover’s Online Savings Account does not have any fees, nor any minimum balance requirement
Early Account Termination Fee
There is no mention of an early termination fee according to the Online Savings Account Guide.
Our Verdict
Unlike the bonus for new account holders, you actually need to keep the funds in the account for roughly one month. The account does earn a base rate of 4.30% APY and with this bonus it adds another ~12% APY but you obviously only get that through the very short period. Still worth doing though if you were targeted.
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