Discover Savings Account Review (2019.12 Update: $150/$200 Offer)

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Discover Savings Account Review

2019.12 Update: There is a new offer code for the $150/$200 offer. This offer has become a regular offer, just the offer code keeps changing…

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Benefits

  1. New account opening bonus of $150/$200! See below for detailed requirements. Apply before 2020.01.06 and deposit at least $15,000/$25,000 before 2020.01.20.
  2. The opening bonus will arrive very quickly, typically a few days after you deposit the required money.
  3. $0 monthly fee.
  4. No early termination fee, you can close the account whenever you want.
  5. Interest rate (APY) is one of the best among savings accounts.
  6. You can transfer out up to six times per month, $15 surcharges thereafter.

Bonus Requirements

  1. This bonus is only available for new clients of Discover Savings Account. Those who are already have or used to have a Discover Savings Account are not eligible for the bonus offer. Those with just a Discover Checking Account or a Discover credit card are still eligible.
  2. Three different Discover Savings accounts are considered to be different product, so you can get all of the bonus! The new term says “Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded or affinity accounts provided by Discover.” So it seems you can no longer get this bonus if you got AAA version or AAII version Discover Savings account.
  3. You’ll have to deposit at least $15,000/$25,000 of “new money” before its deadline mentioned above. “New money” means the money does not come from any of your other Discover accounts. The official website does not tell you how many days you need to keep these in your account, but I suggest you keep it until you receive the bonus.

How to Avoid the Monthly Maintenance Fee

  1. There is no monthly maintenance fee.

Summary

The $150/$200 offer is the quite nice, and the bonus will arrive very quickly after you deposit the required amount of money. So if you have the money to float you should take advantage of it now. This account has no monthly fee, and has a relatively high interest rate among those savings accounts, so it is a good account to keep in the long term.

Historical Offers Chart

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