Discover bank was founded in 1985, making it the new kid on the block compared to some of the other banks.
With total assets value surpassing the $92 billion mark, in 2016, this hasn’t stopped Discover from focusing on their customers and offering some excellent and too good to miss out on sign-up bonuses and promotions to new cardholders.
Current Discover Bank Promotions
Here are the current Discover bank bonuses and promotions that you can take advantage of today.
Discover Online Savings Account
If you’re looking to open a savings account, you’ll be glad to know that Discover offers really competitive rates in line with other high yield savings accounts.
With the national APY average standing at 0.06%, this promotion can help you get far better returns on your savings.
This makes it an especially great option if your finances are not in their best shape, as it also allows you to grow your savings faster.
- Set up a new Discover Online Savings account
With no minimum deposit or transfer amounts, this Discover savings bonus has very few requirements.
You can open a Discover savings account by going online or calling the bank. The account has no monthly maintenance fees, and there are no NSF fees either.
The account is also insured by the FDIC up to $250,000, and everything can be managed through the bank’s mobile app.
Discover Bank CD
With Discover Bank, you can earn an APY when opening a CD account that often beats out the other big banks.
The actual rate will depend on the CD term you choose. These start from a minimum of 3 months and go all the way up to 10 years.
- Open a new CD Account
- Make a minimum opening deposit of $2,500
- Choose the term of your CD
CDs work like a savings account, but you’re committing to leaving the money in your account for the term.
The longer the term you agree to, the higher the APY rate.
|Discover Bank 9 Month CD||5.30% APY||$2,500|
|Discover Bank 1 Year CD||5.20% APY||$2,500|
|Discover Bank 18 Month CD||5.00% APY||$2,500|
|Discover Bank 2 Year CD||4.40% APY||$2,500|
|Discover Bank 30 Month CD||4.30% APY||$2,500|
|Discover Bank 3 Year CD||4.30% APY||$2,500|
|Discover Bank 4 Year CD||4.00% APY||$2,500|
|Discover Bank 5 Year CD||4.00% APY||$2,500|
|Discover Bank 7 Year CD||3.80% APY||$2,500|
|Discover Bank 10 Year CD||3.80% APY||$2,500|
|Discover Bank 6 Month CD||3.40% APY||$2,500|
|Discover Bank 3 Month CD||2.00% APY||$2,500|
Because of how the CDs are set up, the more money you deposit, and the longer you commit to keeping it there, the more money you will make.
You can also choose the type of ownership you want for your CD account with available options, including Individual, Custodial, Trust, and Estate.
The bank might require a Soft Pull credit check, but this will not affect your score.
The account does not have any maintenance fees and is available nationwide.
Discover Bank Money Market Account
Discover Bank’s Money Market accounts can pay an APY of up to 4.25% APY when meeting certain conditions.
Depending on what you’re looking for, a Money Market account can be a very useful account to have, and with such a high APY, taking advantage of this offer can prove to be beneficial in more ways than one.
- Open a new Money Market Account
- Transfer at least $2,500 as the opening balance
- Keep a minimum balance requirement of $100,000 or more to earn the highest APY
If your balance goes under $100,000, the APY rate drops. There are no monthly fees involved with this type of account, and the offer is available nationwide.
The bank’s Money Market account comes with a number of useful features that can make managing your cash easier than ever before while earning interest.
The bank also promises no hidden fees, making it that much easier to manage your finances. Other things to look forward to including:
- Withdraw cash from over 60,000 ATMs
- Replacement debit card with expedited delivery
- Pay bills online
- Standard and official bank checks
Discover Cashback Debit: $360 Promotion
You can get 1.00% cash back when applying for a Discover Debit Card. Cash backs are limited to the first $3,000 spent every month, which equates to a maximum of $360 in one year – and that’s a solid cash back bonus!
Signing up for the Discover Cash back Debit account offer is easy.
- Open a Discover Cash back Debit account
- Fund your account
- Spend money from the account
The account has no monthly fees, and the offer is available across the US. The bank might also need to carry out a Soft Pull credit check during the application process, but this will not affect your credit score.
The cash back offer does have a few limitations with a number of different kinds of transactions being excluded from the cash back offer.
Cash Back Exclusions
- ATM transactions
- Buying money orders
- P2P payments
- Loan payments
You should be able to find the full list of exclusions on the bank’s website.
The account also has a few nice features and perks including:
- Fee-free ATM access (Allpoint network)
- Online bill payments
- Free debit card replacement with expedited delivery
- Free bank checks
- Free ACH transfers (outbound)
- Free incoming wires
Discover it Credit Cards
Discover it Cash Back Credit Card
Discover offers some of the best credit cards on the market, and Discover Cash Back Credit Card is, without a doubt, one of them. This cash back card offers one of the highest cash backs around, clocking in at 5%, making it one of the best Discover credit cards.
This rate is limited to the first $1,500 spent each quarter on bonus categories, meaning you can get 5% cash back on other purchases from places like Amazon.com, Walmart, grocery stores, wholesale clubs, gas stations, restaurants, and PayPal. You can even get 5% cash back on ride-sharing apps like Uber and Lyft!
Bonus categories need to be activated every quarter with everything else earning 1%, and worth bearing in mind that there is a quarterly maximum spending limit.
This Discover card also has an introductory offer with an APR of 0% for the first 14 months. This is valid on both purchases as well as balance transfers. Once the 14 months are over, you can expect an APR of between 11.99% and 22.99%.
The card also offers a cashback match for the first year, doubling your cash back rewards for a maximum total of $700. Other useful features include:
- No foreign transaction fees
- No cash back redemption minimums
- Free FICO score
Discover it Chrome Credit Card
The Discover it Chrome Credit Card offers 2% cash back rewards on purchases done at gas stations and restaurants. There is a cap on the 2% cash back that stands at $1,000 every quarter while everything else earns 1%. The card also comes with two introductory offers that can help you maximize how much you can earn back.
For the first 6 months from when the card is issued, the APR rate is set at 0%. Once this period is over, you can expect an APR of anywhere between 11.99% and 22.99%.
The second introductory offer sees your cash back points doubled during the first year. There are no minimum or maximum amounts – the bank will match whatever you manage to collect. Other card features include:
- No annual fee
- Cash rewards don’t expire
- FICO credit score for free
- Free alert if your SSN (Social Security Number) ends up on the dark web
- Balance transfer offer: 0% APR for 14 months
Discover it Miles Credit Card
The Discover it Miles Credit Card is designed for travelers with 1.5 miles awarded for every dollar spent. There is no limit to the number of miles you can earn in this rewards program, and for the first year only, the bank will double the miles you manage to collect.
The card also comes with an introductory APR offer. For the first 14 months, the APR on purchases is set at 0%, while transfers are limited to an APR of 10.99% during the same period. Once the 14 months are over, you can expect an APR that’s between 11.99% and 22.99%. Other card features include:
- No redemption limits
- No annual fee
- Free FICO credit report
- Freeze account at the switch of a button
Discover it Secured Credit Card
The Discover it Secured Credit Card can be a good option for those who are trying to build better credit.
It offers 2% cash back on purchases done at gas stations and restaurants up to a limit of $1,000 every quarter.
All other purchases will get you a 1% cash back.
The ongoing APR rate for this card is set at 22.99%, and the bank will double any cash back points you collect in the first year. The card comes with some other features, such as:
- No annual fee
- Automatic reviews to transition you to an unsecured credit card
- Alerts if SSN (Social Security Number) is found on the dark web
Discover it Student Cash Back Credit Card
The Discover it Student Cash Back credit card comes packed with features designed for student cardholders. As the name suggests, this student credit card offers cash backs on a variety of purchases with 5% cash back on rotating quarterly categories up to a maximum of $1,500 per quarter. All other eligible purchases have a 1% cashback.
The card also comes with an introductory offer featuring 0% APR on purchases and an APR of 10.99% on balance transfers for the first six months. Once the six months are over, you can expect an ongoing APR rate that’s between 12.99% and 21.99%.
Other perks that come with this card include a $20 credit every school year that your GPA score is 3.0, and double the cash back for the first year! You can expect to be paid your cashback at the end of your first year. Plus, this card has no annual fees – and there won’t be a late payment charge. Overall, it’s one of the best student cards around. Other features include:
- Freeze It® function to freeze your card whenever you want to prevent new purchases, cash advances & balance transfers in seconds.
- Get an alert if your SSN (Social Security Number) has been compromised
Discover it Student Chrome Credit Card
The Discover it Student Chrome credit card features 2% cash back on gas stations and restaurants up to $1,000 every quarter. All other eligible purchases see the cash back percentage drop to 1%,
The card has no annual fee and an APR of 0% on purchases for the first six months. Balance transfers enjoy a reduced APR rate of 10.99% for the first six months as well, with the ongoing APR rate clocking in anywhere between 12.99% and 21.99% after the six months. Other features:
- $20 statement credit each school year your GPA score is 3.0 or higher
- Introductory cash back match for the first year
- Alert if your SSN has been compromised
What is APY?
APY stands for Annual Percentage Yield. It represents how much money you will make on your savings.
This is worked out as a percentage of the amount of money you have saved using compounding interest.
Compounding interest works a little differently than simple interest.
This is because the interest you earn is added to your account with the APY rate taking the entire sum (principal + interest earned) to work out the rate of return.
What is a money market account?
Think of a Money Market account as a type of account that sits between a Savings Account and a Checking Account.
It has features from both types of accounts while compromising on a number of things.
A Money Market account will typically offer higher interest rates than a Checking Account but lower than those of a Savings Account.
Unlike a Savings Account, there are no limits on ATM withdrawals and checks.
Money Market accounts are also limited when it comes to some withdrawals and transfers.
These limits are set at the federal law level and ruled at six per month.
What is a secured credit card?
A secured credit card is a special type of credit card that is guaranteed through a deposit. This refundable deposit acts as collateral, and effectively as the credit limit.
This type of card can be very useful if you’re trying to build your credit history since all payments are reported to credit bureaus.
One other advantage of this type of credit card is that the approval rates are more favorable towards those who have no or bad credit history.
Is A Discover Bank Bonus For You?
This bank is not the only one offering bank bonuses to its customers. Others, such as Chase, Citi, Bank of America, Wells Fargo, and American Express, also have a selection of bonuses and promotions new card members can take advantage of.
This makes it important to take the time and review what’s on offer so that you can take the one that is best for you.
Discover bank has a wide range of offers on a number of products and services from the Discover online savings account to their many credit cards.
Most people will know Discover is more than a credit card issuer and does more than rewards cards. They offer many types of loans, including student loans and home loans, mortgage refinancing, and even gift cards!
Discover is accepted nationwide within the US, but if you are a frequent traveler, it’s worth checking whether Discover is accepted in your destination. Sometimes a Mastercard or Visa might be a better option if you’re a serious traveler.
To make the most out of it, take the time to understand what the requirements are and that you can meet them. Also, pay attention to your long-term financial health and how this offer can help you get to where you want to be faster.