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Discover Savings Deposit $15,000/25,000 to earn $150/200

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Google "discover savings promo", and the very top should be the offer, which states:
Quote :
*To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account (online, by phone or Discover App) Enter Offer Code GOBR622 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. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
Quote :
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. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 09/15/22, 11:59 PM ET. Offer may be modified or withdrawn without notice.
I am not able to get a clean URL, but it is easy enough to get the offer. The deposit does not need to be direct deposit from employer. An external transfer from other banks or internal transfer from Discover Checking will do. The offer states the bonus will be deposited in 30 days, but in my and my friend's experience, the money was credited the second day my ACH went through.

The APY is low, but it is much better than other big banks. I am actually keeping my money there.





https://www.discover.com/online-b...s-account/
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Discover Savings Deposit $15,000/25,000 to earn $150/200
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Created 06-21-2022 at 05:36 PM by sunjayw
in Finance Discover.com
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Joined Jun 2019
L4: Apprentice
> bubble2 419 Posts
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CleverChicken951
06-26-2022 at 05:20 PM.
06-26-2022 at 05:20 PM.
Quote from bloodshot2k :
What a waste of time

Care to share your brilliance?
Reply
Joined Jun 2019
L4: Apprentice
> bubble2 419 Posts
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CleverChicken951
06-26-2022 at 06:26 PM.
06-26-2022 at 06:26 PM.
Quote from kuttaji :
Vanguard mm is 1.3%

VMSXX, doesn't seem to be. Source please?
Reply
Joined Mar 2017
L10: Grand Master
> bubble2 8,466 Posts
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hpham_53
06-27-2022 at 05:11 PM.
06-27-2022 at 05:11 PM.
Quote from someoneslick :
I just meant it may look odd if someone opens too many checking or savings accounts in general. I wonder if you're only supposed to open x number per year or something.
The banks/CUs use the Chex System to look at how many accounts you have opened with banks, credit unions. Some will deny applications from "churners" who opened/closed too many accounts during a short period. I do a lot of sign-up bonuses with banks/CUs, on average about 10-12 new accounts per year. The credit unions are more sensitive about your Chex score (not related to your credit scores). There's more information about deals with banks/CUs on www.doctorofcredit.com [doctorofcredit.com] web site.
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Joined Dec 2014
L10: Grand Master
> bubble2 7,645 Posts
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someoneslick
06-28-2022 at 12:13 AM.
06-28-2022 at 12:13 AM.
Quote from hpham_53 :
The banks/CUs use the Chex System to look at how many accounts you have opened with banks, credit unions. Some will deny applications from "churners" who opened/closed too many accounts during a short period. I do a lot of sign-up bonuses with banks/CUs, on average about 10-12 new accounts per year. The credit unions are more sensitive about your Chex score (not related to your credit scores). There's more information about deals with banks/CUs on www.doctorofcredit.com [doctorofcredit.com] web site.
do you know of any other good offers at the moment? Also I opened only one in recent years and still have that open and use it. Eh I am not sure how to even move money from one account to this other one when it's online, though.
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Joined Mar 2017
L10: Grand Master
> bubble2 8,466 Posts
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hpham_53
06-28-2022 at 07:04 AM.
06-28-2022 at 07:04 AM.
Quote from someoneslick :
do you know of any other good offers at the moment? Also I opened only one in recent years and still have that open and use it. Eh I am not sure how to even move money from one account to this other one when it's online, though.
The Doc of Credit site lists a lot (at least 50) of current bank bonus deals. Most checking deals require a direct deposit (DD) of your paycheck, Social Security, etc. The saving deals mainly require a larger deposit held for a certain amount of time. I hold my money in Ally Bank and set up links to external accounts at the banks I'm doing deals with. I can transfer money online between Ally and those accounts. Ally used to have a limit of 6 transfer-outs per month, after that there was a $10 charge. But due to COVID situation, they temporarily lifted the limit.
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Joined Apr 2011
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newbharry
07-13-2022 at 11:36 PM.
07-13-2022 at 11:36 PM.
Goldman is way better. I'm getting 2.2% at Goldman.

In terms of ibonds, I laddered it in.. meaning instead of 10k all in at 1 period, spread it out to 3.3k every 3 months s to keep things flowing and renewing at the best rate possible
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Joined Nov 2012
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George_P_Burdell
07-14-2022 at 12:05 AM.
07-14-2022 at 12:05 AM.
Quote from newbharry :
Goldman is way better. I'm getting 2.2% at Goldman.

In terms of ibonds, I laddered it in.. meaning instead of 10k all in at 1 period, spread it out to 3.3k every 3 months s to keep things flowing and renewing at the best rate possible
What's the instrument with Goldman?

What's point of laddering? I think interest rates are reflected in ibonds as they announce new rates and they apply to existing bonds as well as long as it not cashed out. Interest rate isn't locked with ibonds. The fixed rate and variable rates keeps changing but as of now the variable rate is what changing and it applies to existing ibonds
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Joined Aug 2005
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amax
07-15-2022 at 12:18 AM.
07-15-2022 at 12:18 AM.
Quote from newbharry :
Goldman is way better. I'm getting 2.2% at Goldman.

In terms of ibonds, I laddered it in.. meaning instead of 10k all in at 1 period, spread it out to 3.3k every 3 months s to keep things flowing and renewing at the best rate possible
Everyone, ignore this guy.

By "Goldman" he means Marcus, and by 2.2% he means just three months until it sinks to 1.2% permanently.

He also has no idea how Series I bonds work. Laddering is stupid. The rates are fluid on all holdings at all times.
Reply
Joined Nov 2010
L3: Novice
> bubble2 215 Posts
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furies1645
07-15-2022 at 11:38 AM.
07-15-2022 at 11:38 AM.
Quote from amax :
Everyone, ignore this guy.

By "Goldman" he means Marcus, and by 2.2% he means just three months until it sinks to 1.2% permanently.

He also has no idea how Series I bonds work. Laddering is stupid. The rates are fluid on all holdings at all times.
I kind of agree on not needing to ladder on I bonds, but you could do it twice a year right before the new rates are posted in May and November if you think the rates will go higher. Also I learned recently that if you buy before end of the month (e.g. on 27th), you get full interest for that month.
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Joined Aug 2005
Cyberpunk
> bubble2 6,812 Posts
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amax
07-15-2022 at 11:56 AM.
07-15-2022 at 11:56 AM.
Quote from furies1645 :
I kind of agree on not needing to ladder on I bonds, but you could do it twice a year right before the new rates are posted in May and November if you think the rates will go higher. Also I learned recently that if you buy before end of the month (e.g. on 27th), you get full interest for that month.
These two points are true indeed: the first, only to the extent that the BASE rate portion changes, which almost never happens these days (only the portion tied to the inflation rate changes); and the second, true if and only if you miss the January 1st opportunity each year to realize a full-year's high interest (earnings to begin as soon as it's possible to buy the I Bond).
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Joined Jun 2019
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CleverChicken951
07-21-2022 at 06:01 AM.
07-21-2022 at 06:01 AM.
Comments are poring in Reddit: after you send money to discover bank, when you try withdrawal (as minimum as $2000), they are locking out the account and canceling transfer, citing fraud prevention.
On top of that, their phone lines have longer wait times, into 3+ hours.
I would guess they are short-staffed.
For all above reasons, I would stay away, and move out funds sooner than later.
1
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Joined Apr 2005
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TidalWaveOne
07-27-2022 at 04:41 PM.
07-27-2022 at 04:41 PM.
Quote from CleverChicken951 :
Comments are poring in Reddit: after you send money to discover bank, when you try withdrawal (as minimum as $2000), they are locking out the account and canceling transfer, citing fraud prevention.
On top of that, their phone lines have longer wait times, into 3+ hours.
I would guess they are short-staffed.
For all above reasons, I would stay away, and move out funds sooner than later.
Bummer.... because it looks like this deal is still available but with the code SAVEQ322E1 .

https://www.discover.com/online-b...gs-lng-04/

I am thinking about getting it... or should I use a bank with a higher interest rate? Looks like LendingClub's rate is 2.07%.
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Joined Jun 2019
L4: Apprentice
> bubble2 419 Posts
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CleverChicken951
07-27-2022 at 04:55 PM.
07-27-2022 at 04:55 PM.
Quote from TidalWaveOne :
Bummer.... because it looks like this deal is still available but with the code SAVEQ322E1 .

https://www.discover.com/online-b...gs-lng-04/

I am thinking about getting it... or should I use a bank with a higher interest rate? Looks like LendingClub's rate is 2.07%.

Moving out funds within 60 days of account opening is big challenge, be informed!
Reply
Joined Apr 2005
L10: Grand Master
> bubble2 13,065 Posts
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TidalWaveOne
07-27-2022 at 04:56 PM.
07-27-2022 at 04:56 PM.
Quote from CleverChicken951 :
Moving out funds within 60 days of account opening is big challenge, be informed!
Where? Discover? LendingClub? Both?
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Joined Jun 2019
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CleverChicken951
07-27-2022 at 04:57 PM.
07-27-2022 at 04:57 PM.
Quote from TidalWaveOne :
Where? Discover? LendingClub? Both?

This thread is for discover, that's where I meant.
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