Discover Savings Account Review (2025.5 Update: $150/$500 Offer!)
2025.5 Update: There’s a new $250/$500 offer.
Application Link
Benefits
- New account opening bonus of $150/$500! See below for detailed requirements.Offer expires on 2025.6.11.
- The opening bonus will arrive very quickly, typically a few days after you deposit the required money.
- $0 monthly fee.
- No early termination fee, you can close the account whenever you want.
- Interest rate (APY) is decent enough among savings accounts.
Bonus Requirements
- This bonus is only available for new clients of Discover Savings Account. Those who are already have or used to have a Discover Savings Account are not eligible for the bonus offer.Those with just a Discover Checking Account or a Discover credit card are still eligible.
- $150/$500 offer requirement: You’ll have to deposit at least $15,000/$50,000 of “new money” within 30 days of account opening.“New money” means the money does not come from any of your other Discover accounts.
The official website does not tell you how many days you need to keep these in your account, but I suggest you keep it until you receive the bonus.
Summary
The $150/$200 offer is the quite nice, and the bonus will arrive very quickly after you deposit the required amount of money.So if you have the money to float you should take advantage of it now.This account has no monthly fee, and has a relatively high interest rate among those savings accounts, so it is a good account to keep in the long term.
Historical Offers Chart
Application Link
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Frequently Asked Questions
Certainly. Unlike personal loans, you won't face any penalties for settling your balance ahead of schedule. However, it's crucial to keep in mind that if your credit card comes with a 0% introductory offer, it's essential to clear your balance completely before the 0% promotion expires and interest charges apply.
However, you can include additional cardholders, each with their own card. While sharing the single credit limit, the primary cardholder remains responsible for settling the debt.
Potentially, yes. Credit card APRs are typically variable, allowing lenders to change rates, impacting your monthly payments. Additionally, be mindful that introductory 0% offers can lead to higher interest rates once they expire. So, it's wise to clear your balance before that happens, if feasible.
Indeed, credit builder cards exist for those with less-than-ideal credit scores. These cards offer lower credit limits (typically £150 to £1,200) and higher interest rates. Responsible use, including full and on-time payments, can gradually boost your creditworthiness, potentially opening doors to better credit card offers down the line.
