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New Discover Savings $100 Sign-Up Bonus & Why it is a Great Deal! Open by 7/29/16.

rjm08 2,454 646 July 4, 2016 at 07:20 PM in Other (2)
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Looks like Discover savings has a $100 sign up bonus for a $15k deposit for 30 days. Found this deal elsewhere and I'm probably going to do it. I already have their cashback checking and it was good for a sign up bonus and also $1-1.50 per month for billpays and debit card purchases.

Since it only pays .95% and I already have a 1% savings, I figure the forgone interest is about $6.25 for a month. So its +$93.75 net. If anyone knows of a reason why I shouldn't, please let me know.

This is a copy & paste :

New Discover Savings $100 Sign-Up Bonus & Why it is a Great Deal!

by Shawn Coomer Discover has a new $100 sign-up bonus for their savings account. It is simple, easy and probably worth doing for most people!
Discover Savings Bonus 2016
Discover Bank is offering a $100 bonus for signing up for their online savings account. I personally received this offer in the mail, however I do not believe that it is targeted. Let's take a look and see if it is worth pursuing.The Offer$100 bonus when you open a new account with at least $15,000. Use offer code SAVE616B. Offer LinkKey Terms
•Open by 7/29/16.
•Fund by 8/12/16.
•Offer not valid for existing or prior Discover savings customers.
•Account must be open when bonus is credited.
•Bonus will be credited by 9/12/16.
•Bonus is considered interest and will be reported on IRS form 1099-INT.
Analysis
Right off the top I should mention that Discover has had a similar bonus in the past with only a $5K deposit requirement. In fact, I opened an account last year with such an offer. With that said, considering you only need to park the $15K in the account for 30 days, this is still a very good deal if you only keep the money in the account for the minimum required time.gs has a $100 sign up bonus.

https://www.discover.com/online-b...&van=Dbank
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Last Edited by imalilteapot July 4, 2016 at 08:26 PM
Use code HMB616 or SAVE616B to get the deal - I couldn't get it without searching for a code
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13 Comments

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Joined Feb 2008
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#3
Quote from rjm08 View Post :
If anyone knows of a reason why I shouldn't, please let me know.
Only reason I can think of is sometimes chase offers $200 on 15K. Or $100 on 10K.

Going to check mover's packs this week to see if the $200/15K offer is still available, as I have 15Kish I need to move somewhere. Ain't doing me much good in my dinky bank paying nearly nothing in interest.
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#4
My bank pays a twentieth of a pittance, and this is at least something. Are there any downsides or problems with doing this? Are there _any_ restrictions on getting funds back out quickly? Thanks in advance.
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#5
how do you make the opening deposit with paypal? I quickly tried it and it did not seem like it was possible although it should be right?
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#6
Lots of banks don't allow large paypal deposits. I didn't even try.

Although I tried to use a bank account that wasn't already connected to Discover and they are delaying the funding until the trial deposits.

Seems like a silly delay for a long time discover customer with very good credit & 30 years as a customer.

Quote from saveitman View Post :
how do you make the opening deposit with paypal? I quickly tried it and it did not seem like it was possible although it should be right?
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#7
Amazing that this has a negative 6 rating. The last time it was +13.

I guess because I didn't put $15k deposit in the title.
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#8
Quote from rjm08 View Post :
Lots of banks don't allow large paypal deposits. I didn't even try.

Although I tried to use a bank account that wasn't already connected to Discover and they are delaying the funding until the trial deposits.

Seems like a silly delay for a long time discover customer with very good credit & 30 years as a customer.

There has to be a way to do paypal deposit because otherwise their little savings account is ajoke why handicap the accounts?
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#9
Quote from rjm08 View Post :
Since it only pays .95% and I already have a 1% savings, I figure the forgone interest is about $6.25 for a month. So its +$93.75 net.

It's not $93.75 net, because you will owe income tax on the full $100 bonus per the terms you posted... which for folks who have an extra 15k cash laying around is likely somewhere in the 15-20% effective range- so $15-20 comes off your net gain.

it's still a net gain, but worth considering in the math.
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#10
paypal isn't a bank and as such, many/most banks don't consider them banks.

Not sure what the size of their account matters. You have to have $15k on deposit for a month to get the $100 bonus.


Quote from saveitman View Post :
There has to be a way to do paypal deposit because otherwise their little savings account is ajoke why handicap the accounts?
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#11
Quote from rjm08 View Post :
paypal isn't a bank and as such, many/most banks don't consider them banks.

Not sure what the size of their account matters. You have to have $15k on deposit for a month to get the $100 bonus.
Yes but an option at signup is that they should have allowed a direct deposit so atleast give us the account information first after approval and then let us dd from paypal for the offer balance.
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#12
Not sure if it matters, but my mover's packs had $150 bonus on 10K for Chase. It was for 90 days, however. Still, not bad if you have 10K just sitting around in a normal bank account.
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#13
Quote from saveitman View Post :
Yes but an option at signup is that they should have allowed a direct deposit so atleast give us the account information first after approval and then let us dd from paypal for the offer balance.
I funded mine from an outside bank account that was not already connected to my discover account. I had to verify it with the 2 small deposits and then they pulled the money from the outside bank on Friday and it hit discover Tuesday

I also got a bonus a few years ago for the cashback checking which I still use. After the 30 days, I probably wont keep a lot in this account because its lower than my other 1% savings accounts but I will leave a small amount for quick transfer to my checking.

As I recall, the bonus for the checking account was delayed but I got it.
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#14
Quote from Namelessme View Post :
Only reason I can think of is sometimes chase offers $200 on 15K. Or $100 on 10K.

Going to check mover's packs this week to see if the $200/15K offer is still available, as I have 15Kish I need to move somewhere. Ain't doing me much good in my dinky bank paying nearly nothing in interest.
There is a $400 bonus from Citi which I think is 15k deposit requirement
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