Best Discover Bank Promotions and Offers: April 2020

Take advantage of these Discover Bank promotions and offers.

GOBankingRates survey revealed that too many Americans are missing out on free money from banks by not taking advantage of promotional bonuses. If you’re currently in the market for a new checking or savings account, Discover bank may have just what you’re looking for and then some.

Discover Bank promotions for the month of April include bonuses for new online checking and savings accounts. And there’s even a cash-back perk for debit card holders. Consider these offers as a way to get the most from your bank accounts.

Here’s what you’ll find in this guide to current Discover Bank promotions:

Discover Bank Promotions at a Glance

To find out if current bank promotions from Discover Bank fit your financial goals, here’s a quick look at some of the terms.

Discover Bank Promotions
AccountBonusExpirationMinimum Deposit or Spend Required
Discover Online Savings Account$200
  • Must open account by March 2, 2020
  • Must make qualifying deposit by March 16, 2020
$25,000 deposit
Discover Online Savings Account$150
  • Must open account by April 6, 2020
  • Must make qualifying deposit by April 20, 2020
$15,000 deposit
Discover Cashback Debit1% cash backN/ANo minimum; must spend up to $3,000 per month

Check Out: Best Bank Promotions and Bonuses Available Now

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Current Discover Bank Promotions

For the month of April, Discover Bank is carrying over promotions from March. These three promotions put money in your pocket. Here’s everything you need to know about each one.

Discover Online Savings Account: $200 Bonus

Give yourself a reward and boost your savings balance by $200 when you open a Discover Online Savings Account. Make the qualifying deposit to earn the bonus and 1.60% annual percentage yield, which is compounded daily. Plus, you’ll never have to hassle with account fees.

  • Minimum Deposit To Qualify:$25,000
  • Expiration Date: April 6, 2020
  • How To Get It: Open a Discover Online Savings Account with offer code ME20 by April 6, 2020. Deposit at least $25,000 by April 20, 2020.
  • When You’ll Get It: May 4, 2020
  • Terms and Conditions: This bonus is not available if you are an existing or prior Discover savings customer, or an existing or prior savings customer with a co-branded or affinity account provided by Discover. Your Discover Online Savings Account must be open when the bonus is credited.
  • Monthly Fees: None
  • Promotion Page: Discover Online Savings account $200 bonus offer

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Discover Online Savings Account: $150 Bonus

The Discover Online Savings Account pays a much higher APY than competing banks and doesn’t include a minimum balance or maintenance fee. By making a qualifying deposit, you can increase your savings balance by $150 on top of all the interest you’ll earn.

  • Minimum Deposit to Qualify: $15,000
  • Expiration Date: April 6, 2020
  • How To Get It: You must open a Discover Online Savings account with offer code ME20 by April 6, 2020, and then deposit at least $15,000 by April 20, 2020.
  • When You’ll Get It: May 4, 2020
  • Terms and Conditions: You’re not eligible for this offer if you are a prior or existing Discover savings customer, or a prior or existing Discover co-branded or affinity account holder. Your Discover Online Savings account must be open at the time the bonus is credited.
  • Monthly Fees: None
  • Promotion Page: Discover Online Savings account $150 bonus offer

Learn More: Are High-Yield Savings Accounts Worth It?

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Discover Cashback Debit Online Checking Account: 1% Cash Back

With the Discover Cashback Debit online checking account, you can get 1% cash back on up to $3,000 worth of debit purchases per month. Plus, you’ll never have to worry about monthly maintenance or insufficient funds fees.

  • Minimum Spend To Qualify: N/A
  • Expiration Date: None
  • How To Get It: Open a Discover Cashback Debit online checking account. Use the Discover debit card issued with your online checking account to make up to $3,000 in purchases each month.
  • When You’ll Get It: You can redeem your Debit Cashback bonus in any amount at any time.
  • Terms and Conditions: Some transactions are not eligible to earn cash back, such as ATM transactions, peer-to-peer payments, purchase of money orders and the cash-over portions of point-of-sale transactions. Also, payments made through third-party payment accounts might not be eligible for rewards.
  • Monthly Fees: None
  • Promotion Page: Discover Cashback Debit online checking account 1% cash-back bonus offer

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Opening a Discover Bank Account

Discover is a digital bank, which means that no physical branches are available to visit if you choose to open an account. Instead, you have two options for opening an account: online or by phone.

Opening an Account Online

You can open any Discover account online via Discover’s website. Choose the account you’d like to open, link to its enrollment page and follow the prompts.

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Opening an Account By Phone

You can also open a Discover CD, Online Savings Account or Money Market Account by calling Discover’s U.S.-based banking specialists at 800-347-7000. Specialists are available 24/7 — all 365 days of the year.

Discover Bank does not currently open checking accounts by phone. To open a Cashback Debit Checking account, visit Discover’s checking enrollment page.

Read: Is Discover Bank Right For You?

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Is Discover Bank the Right Choice for You?

Whether Discover Bank is the right choice for you depends on if you’re comfortable with an online-only bank. If digital banking is not an issue, Discover offers a full suite of bank accounts as well as rewards credit cards, personal loans, student loans and home equity loans.

Additional perks such as no-fee accounts, no-annual-fee credit cards and competitive interest rates make Discover Bank a contender worth considering in today’s financial landscape.

Keep Reading: Best Online Banks of 2020

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More on Discover 

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This article has been updated with additional reporting since its original publication.

This content is not provided by Discover Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Discover Bank.

About the Author

Cynthia Measom is a Texas-based writer specializing in finance, business, parenting and education. With almost a decade of online writing experience, her work has appeared on websites such as Chron.com, The Bump and The Motley Fool. Measom received a Bachelor of Arts in English from the University of Texas at Austin.