Discover® Savings Account Bonuses in October 2024

Discovermore info button is a mostly online bank. It really shines with its credit card offerings and cashback match program on its select credit cards, but it also has low-fee checking and savings accounts. However, it doesn’t currently have a lot of bank account bonuses or promotions. There is one Discover savings bonus that requires a code and is for first-time savings customers only — but it was tricky to find and requires a high deposit to earn.

Discover bonuses at a glance

Bonus type	Bonus amount	Requirements	Learn more
Discover® Online Savings Account deposit bonus	$150 or $200	Enter offer code GBPE624 at application, or other valid offer code provided by partners. To earn $150, open the account and deposit at least $15,000 within 45 days of account opening. To earn $200, open the account and deposit at least $25,000 within 45 days of account opening.	Go to site

Discover’s best bonus offer

Considering there’s only one signup bonus, the Discover® Online Savings Account bonus is the best option by default — but we wouldn’t call it an easy bonus to earn. You must deposit at least $15,000 to earn $150 or $25,000 to earn $200 within 45 days of account opening. Compared to the best bonus offers in the market, Discover’s savings bonus isn’t what we’d call competitive.

How to qualify for Discover Online Savings account deposit bonus

It’s unlikely that you’ll locate Discover’s savings account bonus directly through its site. We could only locate the bonus information through a paid advertisement with a Google search. Discover only requires you to enter the code GBPE624 at application and meet the deposit requirements to earn the bonus, so you’re not required to apply for the account through the paid Google advertisement.

You must be a new Discover savings customer to qualify for the savings bonus. Discover’s bonus terms and disclosures state you must be a new “savings” customer, leading us to believe that even if you have a Discover credit card or checking account, but you’ve never had its savings account, you can still qualify for the savings account bonus.

The savings bonus offer ends March 13, 2025, and Discover deposits the $150 or $200 bonus into your account within 60 days after meeting requirements.

Compare more bank account bonuses

Discover’s savings bonus has a high deposit requirement for a relatively small payout. However, its savings account does offer a high APY with no monthly fees, so even without the bonus, it’s still a decent savings option. Discover’s savings account has a high 4.10% APY, which is much higher than the national average rate of 0.46% for savings accounts, as reported by the FDIC.⁽¹⁾

Compare more bank account bonuses here, or look for other high-yield savings accounts.

Bank	Bonus offer	More info
PNC	Up to $1,000	Learn more
Fifth Third Bank	Up to $375	Learn more
SoFi®	Up to $300	Learn more
Upgrade	Up to $200	Learn more
Chime	Up to $100	Learn more
Varo	Up to $50	Learn more

• SoFi terms and conditions

  New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus when they set up Direct Deposit of at least $1,000 during the Direct Deposit Bonus Period. Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 12/31/24. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
  SoFi members with Direct Deposit can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.50% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  
  SoFi members with Direct Deposit or $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either Direct Deposit or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi members with direct deposit are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 8/27/2024. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
  
  Our account fee policy is subject to change at any time.
  
  SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $2M through participation in the program. See full terms at SoFi.com/banking/fdic/terms
  See list of participating banks at SoFi.com/banking/fdic/receivingbanks
  
  We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
  
  Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

Frequently asked questions

Are there banks with immediate signup bonuses?

Most bank account bonuses have requirements to earn them, so you’re unlikely to find an account that just gives you cash for opening the account. Most welcome bonuses require you to set up direct deposit or deposit a specific amount to earn bonus cash. Bonuses aren’t typically delivered immediately, either, as most banks deliver the bonus 30 to 90 days after you’ve met the bonus requirements.

What is the Discover cashback debit $360 bonus?

The Discover cashback debit card bonus isn’t so much of a bonus itself. The $360 is the limit you can earn each year through the Discover® Cashback Debit Account. You earn 1% cash back on up to $3,000 each month, which equates to earning up to $360 in cash back per year.