Bank Bonus: Discover Savings $150 or $200
This $200 bonus is fairly straight-forward and fast compared to others out there. I deposited $25,000 from a brokerage account into the account with an ACH transfer. After that the bonus immediately hit the account.
If $25k is too much to transfer over, you can earn $150 with $15k of total deposits. Or you can do multiple deposits (transfer funds in and out) before hitting the promo deadline since it is a cumulative count of deposits into the account.
Some people suggest you could deposit an amount and repeatedly initiate an outgoing external transfer on the web interface and cancel (during bank business hours) to trigger a bonus. In other words it triggers a debit/credit pair each time you do it and the bonus algorithm just adds up the credits into the account. I felt in the spirit of the offer, it was best just to transfer the full amount at one time.
Discover Savings $200 or $150 Link
Discover Savings Summary
Overall, I am impressed with this account. The bonus was quick and easy, with no time requirement to tie-up funds. The website and iOS app are really easy to use. The account allows many external accounts to be linked and the trial deposit process is fast.
There is a capability to setup repeated external transfers which can translate to being coded as “direct deposits” to other accounts, which could help with other sign-up bonuses. Those attributes may make it a keeper as a hub account for special transfers. On top of this, the interest rate is typical for high yield online bank accounts. The main limiting factor is 6 outgoing transfers per month, so it may be worth pairing with their checking account, but I have not seen a bonus for it, and will likely hold-out until one comes up.