Find the latest Discover Bank promotions, offers, and bonuses for November 2020 here.
Their typical amount for their Online Savings are $150 or $200 bonus. Debit Cashback account gets you $360 cash back.
Discover Bank has a range of accounts including Online Savings, Checking, Money Market, CD, and IRA accounts. Member FDIC.
About Discover Bank Promotions
Headquartered in Greenwood, Delaware, Discover Bank is an online-only bank with no retail branches. They can offer better rates by operating their banking services online due to little overhead. Their line of deposit accounts include Savings, Checking, Money Market, CD, and IRA CD accounts.
Discover even has IRAs and CDs with terms of up to to 10 years, as well as Money Market account all with competitive APY rates. Be sure to search of the best bank promotions from the internet’s most updated list, then compare rates with all the best listed on our Savings Rates Page and CD Rates Page.
I’ll review current Discover Bank offers below.
| PROMOTIONAL LINK | OFFER | REVIEW |
| Discover Bank Online Savings | 0.55% APY | Review |
| Discover Bank CD | Up to 0.70% APY | Review |
| Discover Bank Money Market | Up to 0.45% APY | Review |
| Discover Bank IRA CD | Up to 0.70% APY | Review |
Discover Online Savings 0.55% APY
Earn 0.55% APY on your funds.
- Account Type: Discover Online Savings
- Availability: Online, Nationwide
- Expiration: None
- Credit Inquiry: Soft Pull via ChexSystems
- Opening Deposit: $0
- Credit Card Funding: None
- Direct Deposit Requirement: None
- Monthly Service Fee: None
- Closing Account Fee: None
Discover Online Savings is known for its online convenience and high interest yields. They provide a safe and secure way to save money each month.
As with any online bank, Discover is able to avoid overhead costs of a physical branch, thus saving money and offering you a higher savings rate. This is simply one of the best Discover Bank promotions!
(See Advertiser for full details)
How To Earn The Rate
- Apply for your first Discover Online Savings Account.
- Earn 0.55% APY on your deposits.
- Earn high interest rate of 0.55% APY
- No minimum opening deposit, no minimum balance requirement, and no monthly fees
- Interest on Discover Online Savings Accounts is compounded daily and credited monthly
- Manage your account online or with the Discover mobile app
- FDIC insurance up to $250,000
- There are no monthly service fee for this account.
Discover Certificate of Deposit 0.70% APY Rate
Earn up to 0.70% APY for CD
Discover Bank offers Certificates of Deposit (CD) accounts with some of the highest rates. Depends on the length of the term, you can earn up to 10 years with 0.70% APY.
In order to open a CD, you need a minimum deposit is $2,500 and the interest rates have been consistently competitive with terms as short as 3 months to 120 months long.
| CD Term | APY Rate |
|---|---|
| 3-Month Term | 0.20% APY |
| 6-Month Term | 0.25% APY |
| 9-Month Term | 0.30% APY |
| 12-Month Term | 0.60% APY |
| 18-Month Term | 0.60% APY |
| 24-Month Term | 0.60% APY |
| 30-Month Term | 0.65% APY |
| 3-Year Term | 0.65% APY |
| 4-Year Term | 0.65% APY |
| 5-Year Term | 0.70% APY |
| 7-Year Term | 0.70% APY |
| 10-Year Term | 0.70% APY |
(FDIC Insured)
Interest rate from traditional Savings account can change the next day, however CDs rate can be guaranteed for the length of the term for risk-free income.
CDs features include high interest rates, 24/7 Live Customer Service, Online Account Management, and FDIC Deposit Insurance up to $250,000 per individual account holder (FDIC certificate 5649).
Discover IRA CD 0.70% APY Rate
If you are thinking about retirement, consider getting a Discover Bank IRA CD account to earn a guaranteed rate to offset your risk for the future. Discover’s 10-year IRA CD is currently earning an incredible rate of 0.70% APY. This is much higher than any savings account I have seen and could be quite a good investment in the long run.
With Discover Bank, you can choose an IRA term as low as 3 months or as long as 10 years. They also provide 24/7 phone service so you can always call them if you have any further questions!
| IRA CD Term | APY Rate |
|---|---|
| 3-Month Term | 0.20% APY |
| 6-Month Term | 0.25% APY |
| 9-Month Term | 0.30% APY |
| 12-Month Term | 0.60% APY |
| 18-Month Term | 0.60% APY |
| 24-Month Term | 0.60% APY |
| 30-Month Term | 0.65% APY |
| 3-Year Term | 0.65% APY |
| 4-Year Term | 0.65% APY |
| 5-Year Term | 0.70% APY |
| 7-Year Term | 0.70% APY |
| 10-Year Term | 0.70% APY |
(FDIC Insured)
Discover Money Market Up to 0.45% APY Rate
Discover Bank’s Money Market account offers 0.40% APY rate on balances up to $99,999. Those with a balance $100K and higher, you’ll earn 0.45% APY with easy cash access via ATM, debit, or check. There is no hidden fees and get access to over 60,000 free ATMs.
Discover Bank provides great APY rates so you can earn more money with many free features transfer money, withdraw money, deposit money, view your daily activity, or pay bills in just a few steps online or on your mobile phone.
(FDIC Insured)
Should You Open a Discover Bank Account?
We consider Discover Bank to be the top online bank in the country. These Discover bank promotions have a nice deposit bonus along with some of the highest interest rates on savings products.
- Two main features are no fees including minimum or service fees for Discover checking accounts and Discover savings accounts.
- Super easy to access your money through over 60,000 no-fee ATMs across the country.
Discover Cashback Debit $360 Yearly
Earn 1% cash back for up to $3,000 each month on debit card purchases with a Discover Cashback Debit account. That’s up to $360 Debit Card Cashback per year. Enjoy many perks such as no monthly fees or balance requirements and access to +60,000 free ATMs.
- Account Type: Discover Cashback Debit
- Availability: Online, Nationwide
- Credit Inquiry: Soft pull, which does not affect your credit
- Monthly Fees: None
(No Expiration Date Listed)
Another great Discover Bank promotion is the Discover Cashback Checking account. I use the free checking account myself which allows me to earn up to $360 a year in cash back bonuses.
How To Earn $360 Yearly Cash Back
- You must apply for Discover Cashback Debit Account online.
- Earn 1% cash back on up to $3,000 in debit card purchases each month.
- You can redeem your cashback bonus for any amount.
- Access to over 60,000 free ATMs in the U.S. (uses the Allpoint network; the largest ATM network big online banks use)
- Earn 1% cash back on up to $3,000 in debit card purchases each month
- Free Online Bill Pay (standard with most banks)
- Free Check Reorder (good perk; most banks charge for re-orders)
- No Cost for Replacement Debit Card (standard with most banks)
- Free Official Bank Check (standard with most banks)
- No Cost for Expedited Delivery for your Replacement Debit Card (good perk; some banks charge for this)
- Free Outbound ACH Transfers (standard with most banks)
- Free Incoming Wire (good perk; most traditional banks charge for this)
- No monthly fees or monthly balance requirements (standard with online banks; traditional banks usually have monthly maintenance fees)
- ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards.
- Purchases made using third-party payment accounts (services such as Venmo® and PayPal™, who also provide P2P payments) may not be eligible for cash back rewards.
- Account must be open at the time the rewards are applied. Offer may be modified or withdrawn without notice.
Discover Monthly Fees
Discover recently eliminated many of their fees– pretty much no fees at all.
Cashback Checking:
- No monthly service fee
- No ATM fee at over 60,000 ATMs in the US
- Zero fee for online bill pay
- No fee for check order
- No fee for replacement debit card
- Zero fee for official bank check
- No fee for outbound ACH transfers
- No fee for deposited item returned
- Zero fee for incoming wire
- No fee for stop payment
- No insufficient funds fee
Online Savings:
- No fee monthly service fee
- No fee for official bank check & expedited delivery
- Zero fee for deposited item returned
- No fee for incoming wire
- No fee for each excessive withdrawal
- Zero fee for stop payment order
- No fee insufficient funds fee
Money Market:
- No fee for minimum balance fee
- No fee for ATM fee at over 60,000 ATMs in the US
- Zero fee for check order
- No fee for replacement debit card
- No fee for deposited item returned
- Zero fee for incoming wire
- No fee for each excessive withdrawal
- No fee for stop payment
- Zero fee for insufficient funds fee
Certificate of Deposits:
- Zero monthly service fee
- No fee for official bank check
- No fee for incoming wire
Compare to Other Banks
- Discover Bank vs Chase
- Discover Bank vs Ally Bank
- Discover Bank vs Bank of America
- Discover Bank vs Wells Fargo
- Discover Bank vs KeyBank
- Discover Bank vs Regions Bank
- Discover Bank vs US Bank
Bottom Line
Definitely sign up for an online checking or savings account with no monthly fees or minimum balance requirements. Discover also has great CD accounts with outstanding % APY rates.
The Discover Online Savings and Debit Cashback checking are both recommended. A great way to earn some extra money on your cash balances for opening your first online savings account!
*Stay up to date by bookmarking this page for Discover bank promotions, bonuses, and offers!
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