Discover Bank Savings: $150/$200 new account bonus

[DaveInAZ]

I saw this a HustlerMoneyBlog, a site similar to Doctor of Credit, not nearly as good but I check it every so often.

Apply for your first Discover Online Savings Account by 04/02/18, online or by phone. Enter Offer Code HMB318 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus by 04/16/18. Maximum bonus eligibility is $200.

What to know: 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. Account must be open when bonus is credited. Bonus will be credited to the account by 04/30/18. Bonus is considered interest and will be reported on IRS Form 1099-INT. Offer may be modified/withdrawn without notice.

Pretty good deal if you have the funds available, and Discover Bank Savings pays some of the highest interest, currently 1.50% APY, FDIC-insured, no minimum balance or monthly maintenance fees. And as new bank account bonuses go, pretty fast crediting of the bonus with no time period requirement for keeping the funds in the account or even keeping the account open. But Discover only allows one bonus per customer per account type (checking, savings) for life. So not a bank bonus for churners, or as I like to say, Dine & Dash.

HustlerMoneyBlog say that you need to click the link from their site. If you do you arrive at the Discover page for the bonus (below), but as long as you enter the code HMB318 when applying you should be good. I've considering opening a Discover savings, so I plan on doing this. HMB doesn't indicate there is a credit HP or Chex inquiry, and most banks don't require either for savings only accounts.

[Anonymous]

This a good quick and easy SUB and good interest savings.

I myself signed up Feb 9th and it took until the 15th for my initial deposit to post

but by Feb 17th,  SUB was there!

Pretty darn quick if you ask me, I though it would have taken until the exp date of the bonus.

And glad disco offers it quick post rather then some 6 mo or 90 day thing.

[SkyCommander]

Sucks that they don’t have anything for current customers as incentive for leaving a bulk of their savings there. I have 2 other savings accounts that pay a higher percentage but I’ll most likely not add more into what I have in Discover now.

[DaveInAZ]

Well yes, bank account & credit card signup bonuses are always geared for attracting new customers.

An FYI - I opened my savings account today. I have a Discover card and IRA bank account with them, so for opening the new savings it had me log in, pulled up my info & sent me  text message. But at the very end it said it "hit a snag" and wanted me to upload photo ID. Annoyed I called in, Rep told me they SP either EX or TU and if the system can't access your CR it puts up the red flag requesting ID. I have all 3 CRs locked with service from each CRA. Discover should be able to access them as an existing creditor, but I've learned from requesting CLIs your CR needs to be unlocked or unfrozen for that kind of account review, even though it's not a HP.

Rep did confirm they don't pull a Chex report for savings. Now, too scrape together $15k . . .

[Paranoid]

>Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus by 10/22/18.

Could someone tell me please, should I deposit at least $15000 one time or I can deposit portionwise until 10/22/18?

[DaveInAZ]

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@Paranoid wrote:

>Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus by 10/22/18.

Could someone tell me please, should I deposit at least $15000 one time or I can deposit portionwise until 10/22/18?

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I made multiple deposits to get to $15k. But according to Doctor of Credit and folks here on MyFico, cumulative deposits work (e.g depositing/withdrawing $5,000 three times), meaning your balance doesn't have to reach $15 or $20k, just have that much in deposits by the deadline. And the new promo code is: NW918 

And remember that Discover banking bonuses are once per lifetime, once you've received a bonus for a checking or savings account you can never get another one.

[Paranoid]

Thank you very much!

How long does it usually take for money to be transferred from/to a checking account?

[DaveInAZ]

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@Paranoid wrote:

Thank you very much!

How long does it usually take for money to be transferred from/to a checking account?

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You mean ACH electronic transfers? Usually 3 business days, Discover sometimes takes 4 days, and if you do a transfer on the Discover website from a Discover account to an external account they deduct the money immediately from you account and don't send the money for a day or so, so do transfers from another bank to/from Discover. And when you set up an external account most banks will make you do two trial deposits to the account to make sure it's yours, and that usually takes a day.

[Anonymous]

I initiated a transfer from Discover Savings to my outside Checking account on Friday, dated for 10-01-18. The Money was in my account on 10-2-18. I was pleasantly surprised as I've heard other reports of it taking up to 4 days.

[Paranoid]

Does anybody know whether they will prolong this bonus offer? I would like to use it, but I have no opportunity now..