Banking » Promotions » Discover Bank Promotions & Bonuses, May 2023
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Discover Bank Promotions & Bonuses, March 2024

Discover bank offers banking and credit card promotions for new customers. See bonus details, requirements, and how you can get it.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: March 1, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: March 1, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

Discover is mostly regarded as a credit card company, but in recent years, it has developed its product line to become a full service bank. To promote this development, Discover periodically runs promotions to attract new customers .

 Here we’ll explore the current Discover Bank promotions.

Banking Promotions

Discover offers checking account promotions for two types of accounts: Discover Online Savings and Discover Cashback Debit Account. 

Here are the main things you should know:

Discover Online Savings

discover logo
discover logo

Discover Online Savings

Promotion

$150 – $200

Expiration

03/14/2024

Minimum Deposit

$15,000 / $25,000

Fees

$0

Bonus: You can earn $150 - $200 bonus when you open a Discover Online Savings account. You can expect to receive your bonus within 30 days of meeting the requirement criteria.

Requirements: You need to open a Discover Online Savings account online, using the Discover app or by phone using the promo code CY622. You need to deposit $15,000 / $25,000 to receive $150 - $200 bonus.

Product Info: The Discover Online Savings account offers daily compounded interest which is paid monthly. There are no account maintenance fees or minimum deposit amounts. This makes it a great option for existing or new Discover customers.

Terms and Conditions: This promotion ends 03/14/2024, so your account must be opened before this date. This promotion is not valid for existing or prior Discover savings account holders. Additionally, you cannot earn the bonus if you are a prior or existing customer of a co branded or affinity savings account.

What Discover products are inflation-proof?

Discover has a decent product lineup, but the products are not particularly inflation-proof. The only exception to this is the lending products. You can access personal and home loans with a fixed rate that can help you tackle increasing inflation and interest rates.

You can lock in your rate for the duration of your loan term, so you don’t need to worry about your monthly payments increasing along with all your other household expenses as higher inflation hits. Your monthly repayments will remain the same until the end of your loan.

How's Discover's physical coverage?

Discover is a purely online bank, so it does not have a physical branch network. You can manage your transactions online or using the Bank’s app. So, you will need to be comfortable with the concept of not having face-to-face support for managing your account.

What is required to open a Discover account?

Discover must comply with federal banking regulations, so you must verify your ID and address to open an account. When you complete your application, you will need to provide your full name, a valid postal address, and your Social Security number. You will also need a valid government ID, such as a passport, driver’s license, or state ID, to support your application.

Is Discover worth it if I'm a student?

Although Discover does not have a dedicated student checking account, the bank is exceptionally student-friendly. The bank has a fee-free checking account, so you won’t need to worry about a monthly maintenance fee or a minimum balance requirement.

However, where the bank excels is that it offers student loan options, and there are two student credit card options. The Student Cash Back card offers 5% cash back on activated rotating category purchases (up to $1,500 in purchases each quarter, then 1%) and 1% on all other purchases. While the Chrome for Students card offers 2% cashback at gas and restaurants (up to $1,000 every quarter) and 1% on groceries and other student related products. This makes Discover worthy of consideration if you’re a student.

Does Discover offer a free checking account?

Discover’s checking account is free of monthly maintenance fees, and there are no minimum balance requirements. There are no charges if you have insufficient funds or have a deposit item returned.

What’s more, you’ll earn 1% cash back on debit card purchases, making it a desirable option for those who want the best value checking account.

Can you get denied by Discover?

All banks assess account applications to determine applicant suitability. Discover is quite flexible with its criteria for its checking account, but there is still the possibility that a red flag on your application may trigger a decline notification.

In this case, you may need to discuss your application with a member of the support team to find out if there is anything you can do to have your application reassessed.

Discover Online Savings

discover logo
discover logo

Cashback Debit Account

Promotion

Up to $360

Expiration

N/A

Minimum Deposit

$3,000 in purchases per month

Fees

$0

Bonus: You can earn up to a $360 bonus when you open a Cashback Debit account. You can receive your bonus in monthly increments.

Requirements: You’ll need to open this checking account online and you can earn 1% cash back on your debit card purchases up to a maximum of $30 cash back or $3,000 in purchases per month. This provides up to a $360 bonus in your first year.

Product Info: The Discover Cashback Debit account is an innovative checking account. In addition to having no fees, you can earn cash back on your debit card transactions. The account also has some nice checking account features including Zelle payments, digital wallets and access to an ATM network with over 60,000 machines.

Terms and Conditions: ATM transactions, Peer to Peer payments, loan payments or cash equivalents such as cash back on your point of sale transactions made using your debit card are not eligible  for cash back rewards.

What Discover products are inflation-proof?

Discover has a decent product lineup, but the products are not particularly inflation-proof. The only exception to this is the lending products. You can access personal and home loans with a fixed rate that can help you tackle increasing inflation and interest rates.

You can lock in your rate for the duration of your loan term, so you don’t need to worry about your monthly payments increasing along with all your other household expenses as higher inflation hits. Your monthly repayments will remain the same until the end of your loan.

How's Discover's physical coverage?

Discover is a purely online bank, so it does not have a physical branch network. You can manage your transactions online or using the Bank’s app. So, you will need to be comfortable with the concept of not having face-to-face support for managing your account.

What is required to open a Discover account?

Discover must comply with federal banking regulations, so you must verify your ID and address to open an account. When you complete your application, you will need to provide your full name, a valid postal address, and your Social Security number. You will also need a valid government ID, such as a passport, driver’s license, or state ID, to support your application.

Is Discover worth it if I'm a student?

Although Discover does not have a dedicated student checking account, the bank is exceptionally student-friendly. The bank has a fee-free checking account, so you won’t need to worry about a monthly maintenance fee or a minimum balance requirement.

However, where the bank excels is that it offers student loan options, and there are two student credit card options. The Student Cash Back card offers 5% cash back on activated rotating category purchases (up to $1,500 in purchases each quarter, then 1%) and 1% on all other purchases. While the Chrome for Students card offers 2% cashback at gas and restaurants (up to $1,000 every quarter) and 1% on groceries and other student related products. This makes Discover worthy of consideration if you’re a student.

Does Discover offer a free checking account?

Discover’s checking account is free of monthly maintenance fees, and there are no minimum balance requirements. There are no charges if you have insufficient funds or have a deposit item returned.

What’s more, you’ll earn 1% cash back on debit card purchases, making it a desirable option for those who want the best value checking account.

Can you get denied by Discover?

All banks assess account applications to determine applicant suitability. Discover is quite flexible with its criteria for its checking account, but there is still the possibility that a red flag on your application may trigger a decline notification.

In this case, you may need to discuss your application with a member of the support team to find out if there is anything you can do to have your application reassessed.

How To Open a Discover Bank Account

Discover makes it easy to open a new account online and you can complete the process in a few simple steps.

  1. Click the “Open Account Button”: At the top of each product page, you’ll see an “Open Account” button. By clicking on this, the Discover website will open up a new tab to start the process.
  2. Select Your Customer Status: Next you need to confirm if you’re new to Discover or an existing customer. If you already have accounts with Discover, this will make the application even easier, as many details on the application will be prefilled.
  3. Complete the Application: As with most bank opening processes, you’ll need to complete an application. This requires providing some basic personal and financial information. You will also need to provide your Social Security Number and mother’s maiden name.
  4. Fund the Account: Once you’ve read through the disclosures, you’ll have the option to fund your account. It is a good idea to organize a transfer at this point, as banking promotions often require funding within a certain timeframe.

Things to Watch for When Opening an Account

Discover has a basic banking product line with limited choices of savings and checking accounts. However, there are still some things to watch out for before you open a new account.

  • Lack of Physical Locations: Discover is an online-only bank with no physical branches in the U.S. This means that you need to be comfortable with completing all of your banking transactions online, via the app, or using an ATM.
  • No In-Person Support: This follows on from the previous point, but if you do run into any problems or issues, you will not be able to access face-to-face, in-person support. However, Discover does offer phone support and help functions on the online and app interface.
  • Cash Restrictions: With no physical branches, you may have difficulties using cash with your Discover account. While there are provisions with an ATM network of over 60,000 machines, if you don’t have an ATM in your area, you will need to pay cash into another account and then complete an online transfer.

Discover Credit Card Promotions

One of the top American financial services companies is Discover. It also manages Discover credit cards and Discover Bank. With nearly 50 million members, the Discover Card brand is the third most popular in the US.

With a support team that is entirely located in the United States, Discover now strives to offer excellent customer service. The business provides goods that are designed to assist customers in reaching their financial objectives.

To assist you to pick the card that best suits your needs and spending habits, Discover offers a variety of cards.

Discover it Cash Back

The Cash Back Credit Card has a 0% introductory APR for 15 months on purchases and balance transfers . Also, Discover will also automatically match all the cash back you earn throughout the first year with no minimum spend requirement or maximum rewards.

As the name suggests, this card is a great option for those who want to maximize their cash back without paying an annual fee. You can earn 5% on everyday purchases in different categories each quarter with unlimited cash back on all other purchases.

Discover Student Cash Back

The Student Cash Back card has an introductory 0% APR for 6 months on purchases. You’ll also enjoy the same unlimited cash back match as with the Cash Back card during your first year.

This is a great student card for those who want to earn great rewards. There is no annual fee and you can earn a higher rate on purchases in different categories each quarter with a base reward rate on all other purchases.

discover-it-student-cash-back_5mNPw7i

discover-it-student-cash-back_5mNPw7i

Discover Student Chrome

The Student Chrome credit card also offers 0% APR for 6 months on purchases and cash back match for your first year.

This is a solid credit card choice for those who tend to spend most at restaurants and gas stations. You’ll earn more cash back in this category up to a $1,000 cap per quarter, with unlimited cash back on all other purchases.

Discover it® Chrome Gas & Restaurants

Discover it® Chrome Gas & Restaurants

Discover it Miles

The Discover it miles is a travel credit card offers the Unlimited Discover Match, where you’ll enjoy a mile-for-mile match at the end of the first year.

As the name suggests, this card is a solid choice for those who want their everyday purchases to help them achieve their travel plans. The card has no annual fee, and you’ll earn miles on all your purchases, whether they are travel related or not.

Discover It miles card review

Discover It miles card review

Discover it Gas & Restaurants

The Discover Gas & Restaurants credit card has a 0% APR for 15 months on purchases and balance transfers. You’ll also benefit from the Unlimited Cashback Match for your first year.

This is an excellent credit card option for those who tend to spend most in gas stations or restaurants. Up to a $1,000 per quarter cap, you’ll earn a higher rate of cash back, with all other purchases qualifying for the base cash back rate, all with no annual fee.

Discover It Student Chrome Card Review

Discover It Student Chrome Card Review

NHL Credit Card

The NHL Credit Card has 0% introductory APR for 15 months on both purchases and balance transfers. There is also Unlimited Cashback Match for your first year.

This card is a great choice for NHL fans. It operates in the same way as the Cash Back card, but you can show support for your favorite team.

How to Pick the Best Discover Credit Card

Discover has a simplified line of credit cards that allow you to easily see which is best for you. However, there are still some considerations to help you make an informed decision.

  • Categories or General Rewards: The first thing you need to consider is whether you have specific areas where you typically spend or if you need the flexibility of a more general card. For example, the Travel card allows you to earn miles on your travel purchases. However, if you are comfortable planning your purchases, you can earn greater rewards with cards that have a new high-reward category each quarter.
  • Balance Transfer Fees: While many of the Discover cards offer 0% introductory APR, a balance transfer fee may apply. So, it is important to check the terms and conditions to ensure that you are fully aware of how much a balance transfer will cost you.
  • Check for Pre-Approval: Discover has an online pre-approval feature that allows you to check your eligibility without impacting your credit score. This will give you a very good idea if you would qualify for your card with only a soft credit pull.

FAQ

Yes, you can earn $150 – $200 bonus if you open a new account and fund it within 30 days, using the promo code CY622.

Yes, you can earn cash back on your debit card purchases with the Discover checking account.

You can earn up to $360 during your first year, depending on your debit card transactions.

The largest credit card promotion which applies to most Discover Bank credit cards is the Unlimited Cashback Match. This means Discover will automatically match your rewards dollar for dollar, mile for mile at the end of your first year.

There are a number of Discover credit cards that offer a 0% introductory APR on both purchases and balance transfers.

Discover will only issue your bonus if you meet the promotion criteria and your account must be open and in good standing to receive the bonus.

Yes for some promotions, there are codes that you need to use to qualify.

There are full terms and conditions for each promotion on the Discover website, but if you’re still unsure you can contact the customer support helpline to speak to an agent

Checking Accounts Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Search
Best Checking Accounts
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.05% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Table of Contents