Check Out August 2022 Banking Bonuses and Promotions – Forbes Advisor

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Discover is a popular online bank that is best known for its cash back credit cards. But Discover also offers other banking products, including a checking account, certificates of deposit, money market account, and one of the best no-fee savings accounts around. An attractive sign-up bonus now offers $150 or $200 cash when you open a new savings account.

How can you earn a Discover Savings Account bonus?

You only need to follow a few steps to benefit from a Discover promotion:

  1. Open a new savings account using a Discover offer code.
  2. Fulfill the eligibility requirements. In most cases, you will be required to deposit a minimum amount of money within 30 days of opening the account.
  3. Receive your Discover bonus, usually within 30 days of meeting the requirements.

This is the Discover a New Account promotion currently available. Offer details are accurate as of August 10, 2022.

Discover the promotions for 2022

Check Out Online Savings: Earn $150 or $200*

Discover’s savings account has an APY of 1.60% compounded daily and paid monthly. You pay $0 for monthly maintenance, and there are no fees for insufficient funds, excessive withdrawals, or account closure.

  • What is the offer? Open a new Discover Online Savings account online, using the offer code £622. Then deposit at least $15,000 into your account within 30 days to receive a Discover bonus of $150. Or deposit at least $25,000 within 30 days to receive a $200 Discover bonus.
  • What is considered a down payment? Virtually all money you transfer to your Discover online savings account is eligible for the promotion, including: check deposits made through Discover’s mobile app; online transfers from another Discover bank account; online transfers from an external bank account; direct deposits from an employer or government agency; checks mailed with a deposit slip to Discover Bank.
  • When do you receive your bonus? Discover will deposit the bonus into your account within 30 days of satisfying the bonus conditions.
  • Is there a time limit on the offer? This promotion expires September 15, 2022. It is available to new customers with a Discover savings account.

Is a Discover welcome bonus a good deal?

This Discover promotion is not as attractive as many of the top bank bonuses available today, due to the high deposit requirements. If you have the money to make the necessary deposit of $15,000 or $25,000, it may be worth considering.

Yet many banks lure you in with an enticing welcome bonus, only to charge excessive fees to make up for it down the line. But Discover charges a small fee, which means the welcome bonus can be considered truly free money in your pocket if you qualify.

What else should you know about Discover Savings Account promotions?

Your account must be open to receive a welcome bonus

Your Discover Online Savings account must be open when your bonus is paid. In other words, you cannot transfer the money and then immediately close the account.

It may take a few weeks to receive your Discover bonus once you meet the qualification requirements.

Your bonus may be taxable

Any Discover bonuses or promotions you earn are considered taxable income. This means Discover reports it to the IRS and issues you a Form 1099 during tax season.

You must be a new customer

This Discover bonus is only for new customers with a savings account. You will not be eligible if you have a previous or existing Discover savings account.

That said, you can get a savings account bonus if you have other Discover products, like a credit card or loan. These do not count towards qualification requirements.

Conclusion

Discover Bank is a subsidiary of Discover Financial Services, one of the largest credit card issuers in the United States. It has built a reputation over the years as a leading online bank for individuals and families.
If you’re looking for a new savings account with a high APY, don’t like paying fees, and have several thousand dollars for an opening deposit, then the $150 Discover Bonus at $200 may be worth checking out.

Find the best banking bonuses and promotions of 2022

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