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 .
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
Promotion
Expiration
Minimum Deposit
Fees
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 09/12/2024, 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.
Cashback Debit Account
Promotion
Expiration
Minimum Deposit
Fees
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.
- 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.
- 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.
- 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.
- 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 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 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 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.
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
Does Discover Bank offer a savings account promotion?
Yes, you can earn $150 – $200 bonus if you open a new account and fund it within 30 days, using the promo code CY622.
Does Discover Bank offer checking account promotion?
Yes, you can earn cash back on your debit card purchases with the Discover checking account.
Does Discover Bank offer business account promotion?
Not currently.
Does Discover Bank offer brokerage promotions for investors?
Not currently.
What is the Largest new Discover Bank account promotion?
You can earn up to $360 during your first year, depending on your debit card transactions.
What is the Largest credit card promotion of Discover Bank ?
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.
Does Discover Bank offer CD promotions?
Not currently.
What are the best Discover Bank balance transfer promotions?
There are a number of Discover credit cards that offer a 0% introductory APR on both purchases and balance transfers.
Can Discover Bank take back my bonus?
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.
Does Discover Bank offer promotions on loans?
Not currently.
Does Discover Bank have promo codes?
Yes for some promotions, there are codes that you need to use to qualify.
I'm not sure if I'm eligible for promotion. How can I check it?
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
