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Discover new account bonus $150/$500 with deposit of 15k/50k
Discover is offering new account bonus $150/$500 with deposit of 15k/50k. This is higher than usual $150/$200 offer.
https://www.discover.co
https://www.discover.co
Created 05-23-2025
at 03:12 PM
by RahulG4474
in
Financial Tools & Services
(5)
Discover.com
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8 Comments
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Based on the following assumptions (which may not be perfect):
- Interest rate remains 3.6%APY/0.009690% per day for the full 61 days.
- Deposit $50,000 on day 1
- $500 bonus paid on day 60
- Close account on day 61, receiving $50,791.53 ($500 in bonus and $291.53 in interest)
Note: Discover does not charge a low balance fee or monthly service fee. They pay accrued interest if you close an account mid-cycle. So, you can cancel as soon as the bonus is paid, you don't have to wait until the statement cycle ends. Or, you can keep the account open, since it's free to keep open.
My personal experience with Discover Bank is limited. I have a 10 year CD with them, and have no issues, but it's hard to have issues with a CD account. I haven't needed any "customer service" since opening it, and probably won't until it matures.
On their website, they say withdrawals from savings may be done the following ways:
- Online transfer to another Discover bank account or to an external bank account
- Domestic Wire Transfer (a service charge applies)
- International Wire Transfer
- Request an Official Bank Check
Source: https://www.discover.co
On their website, they say withdrawals from savings may be done the following ways:
- Online transfer to another Discover bank account or to an external bank account
- Domestic Wire Transfer (a service charge applies)
- International Wire Transfer
- Request an Official Bank Check
Source: https://www.discover.co
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I don't see that as a big deal, especially when churning for bonuses.
First, I won't keep much more money in the account than what's required for the bonus. I'm not keeping more money in this 3.6% account than I have to, because I have a 4.1% HYSA.
Second, I don't use savings accounts for money I need fast. My checking account does that. An EFT can transfer from savings to checking in a day or two, no biggie.