Discover Bank Promotions: $150/$200 Savings Bonus, $360 Cashback Debit (April 2024)

Discover Bank Logo

Earn up to $150 or $200 when you open your first Discover® Savings Account. Read on to learn how.

I’m sure you’ve heard of Discover but did you know they’re not just a credit card company?

Did you know they are a bank too?

Discover® Bank is the banking division of Discover Financial Services, Inc (NYSE:DFS).

If you ask most people about Discover, they often talk about their credit cards. One of my first credit cards, opened in 1998, was a Discover card that paid me 1% cashback for years. Now, if you open a savings account with them, they’ll put cash in your pocket too.

Table of Contents
  1. Discover Cashback Debit – up to $360
  2. Is Discover Safe & FDIC insured?
  3. Other Discover Cashback Options
    1. Discover it Credit Card — No Bonus
  4. How Do Discover Bank Promotions Compare?
  5. Final Verdict: A Strong Savings Account

Discover Cashback Debit – up to $360

Discover Bank Logo

Discover has a checking product, called the Discover® Cashback Debit account, and it offers 1% cash back on up to $3,000 in debit card purchases each month.

It’s still a checking account but the debit card offers 1% cash back, which is a huge perk usually reserved for credit cards.

The account itself has no fees (except for outgoing wire transfers) and you can even get paid early on direct deposits by up to two days through their Early Pay feature. If you’re concerned about overdrafts, the account has a fee-free overdraft protection transfer service, which can give you peace of mind.

Overall, it’s a solid checking account with 1% cashback on up to $3,000 in purchases each month. See website for details.

Member FDIC.

Learn more about Discover Cashback Debit

Is Discover Safe & FDIC insured?

Yes – we wouldn’t list a bank on our site if they weren’t!

Discover got its start with Sears. Sears created the Discover card in 1985 and after being spun off, merging with Morgan Stanley, spun off again and made independent as Discover Financial Services in 2007. Discover Bank was created when Discover acquired The Greenwood Trust Company in 1985 but it wouldn’t get renamed until 2000. This is why the FDIC# of Discover Bank (FDIC# 5649) is only four digits and dates back to January 1st, 1934.

It’s also why their only location is 502 E. Market Street in Greenwood, DE.

It’s an OG bank.

Is a Discover savings account safe? Also yes, since it is FDIC insured, your cash is protected up to $250,000 by the federal government. It’s $500,000 of protection if you open a joint account with a spouse. FDIC insurance protects your cash so you don’t have to worry if your bank fails, which is rare for banks of this size.

Banks do fail sometimes, especially if they are associated with any type of investment bank (Discover isn’t), as we saw in the financial crisis but your money is safe in a Discover account.

Other Discover Cashback Options

Discover also has other options to earn cashback from your use in the form of cards:

Discover it Credit Card — No Bonus

The Discover it® Cash Back card doesn’t have a new account bonus but it does offer a Cashback Match on the first year – they will match all of the cashback you earn in the first year automatically. The card has no annual fee and has 1% cashback, plus 5% cashback on rotating quarterly categories like gas, restaurants, supermarkets, etc.

You have to activate it each quarter and there’s a quarterly maximum of $1,500 in purchases.

What does Discover give cashback on? It offers 1% cashback on everything plus 5% on rotating categories.

The quarterly schedule is released slowly over the year so for 2023 it’s:

  • Jan-Mar 2023: Grocery Stores, Drug Stores, and Select Streaming Services
  • Apr-Jun 2023: Restaurants and Wholesale Clubs
  • Jul-Sep 2023: Coming Soon (Announced June 1st)
  • Oct-Dec 2023: Coming Soon (Announced September 1st)

In terms of cash back cards, it’s an average card. If you want a cash back card, I’d give the Chase Freedom card a look because you get the same cash back structure (1% on all purchases and 5% on rotating categories) but you also get a $150 bonus after you spend $500 on purchases in the first 3 months.

How Do Discover Bank Promotions Compare?

We maintain a list of the best bank promotions and there are a few other alternatives that you should consider instead.

Barclays – $200

Barclays Bank will give you a $200 if you open a new savings account and deposit $25,000 or more within 30 days and maintain at least $25,000 for the next 120 days. The savings account also pays a competitive interest rate of 4.35% APY while you wait.

👉 Click here to learn more


BMO Relationship Checking – $400

BMO Bank is offering a $400 bonus* when you open a BMO Relationship Checking and when you have at least $7,500 in qualifying direct deposits within the first 90 days. It is a very straightforward offer that is available nationwide.

*Conditions apply

👉 Click here to learn more


Bank of America – $200 Bonus Offer

Bank of America offers a $200 Bonus Offer cash bonus if you open a new account and Set up and receive qualifying direct deposits totaling $2,000 or more into that account within 90 days of account opening. It has a monthly fee that is easy to have waived.

👉 Click here to learn more


Chase Total Checking® – $300

Chase Bank will give you $300 when you open a Total Checking account and set up and receive direct deposits totaling $500 or more within 90 days. There is a $12 monthly fee that is waivable with a monthly direct deposit of just $500, so no gotchas on this deal!

👉 Click here to learn more


HSBC Premier Checking – up to $4,000

HSBC has an offer where you can get up to $4,000 for eligible new customers who open an HSBC Premier checking account, make a sizable deposit, and make recurring monthly qualifying direct deposits of at least $5,000 for 3 consecutive months.

👉 Click here to learn more

Final Verdict: A Strong Savings Account

The Discover Bank Online Savings Account is a good option for an online savings account, even when it doesn’t offer a bonus:

  • A high-interest savings account without any annoying fees
  • A checking account with a cashback debit cards

If you were to change your primary bank and centralize where you put your funds, Discover Bank makes a strong case for doing so with what they offer. If you already have a checking account and were considering adding a savings account, it’s a no-brainer to take advantage of this account.

Lastly, if the appeal of this account is because of a bonus, make sure you review this guide on bank account bonuses before you jump.

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About Jim Wang

Jim Wang is a forty-something father of four who is a frequent contributor to Forbes and Vanguard's Blog. He has also been fortunate to have appeared in the New York Times, Baltimore Sun, Entrepreneur, and Marketplace Money.

Jim has a B.S. in Computer Science and Economics from Carnegie Mellon University, an M.S. in Information Technology - Software Engineering from Carnegie Mellon University, as well as a Masters in Business Administration from Johns Hopkins University. His approach to personal finance is that of an engineer, breaking down complex subjects into bite-sized easily understood concepts that you can use in your daily life.

One of his favorite tools (here's my treasure chest of tools,, everything I use) is Personal Capital, which enables him to manage his finances in just 15-minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want. It's free.

He is also diversifying his investment portfolio by adding a little bit of real estate. But not rental homes, because he doesn't want a second job, it's diversified small investments in a few commercial properties and farms in Illinois, Louisiana, and California through AcreTrader.

Recently, he's invested in a few pieces of art on Masterworks too.

>> Read more articles by Jim

Opinions expressed here are the author's alone, not those of any bank or financial institution. This content has not been reviewed, approved or otherwise endorsed by any of these entities.

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