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  1. Activate to earn 5% Cashback Bonus at Grocery Stores (stand-alone), Walgreens (stand-alone)and CVS (stand-alone) from 1/1/21 (or the date on which you activate 5%, whichever is later) through 3/31/21, on up to $1,500 in purchases. Grocery Store purchases now also includes Walmart Grocery Pickup and Delivery purchases only; other purchases at Walmart are not eligible. Purchases made at convenience stores, gas stations, warehouse clubs, discount stores, supercenters (or at grocery stores associated with supercenters or discount stores) are not eligible. Target purchases are not eligible. Walgreens and CVS purchases include only purchases made in-store at Walgreens or CVS, online at Walgreens.com or CVS.com, or through the Walgreens or CVS app. Individual merchants and stand-alone stores within physical Walgreens or CVS locations (including health centers), or on Walgreens.com or CVS.com, may not be eligible in this category. Listed merchants are in no way sponsoring or affiliated with this program.

  2. Activate to earn 5% Cashback Bonus at Gas Stations (stand-alone), Wholesale Clubs and Select Streaming Services from 4/1/21 (or the date on which you activate 5%, whichever is later) through 6/30/21, on up to $1,500 in purchases. Purchases made at Gas Stations include only merchants in the category that sell automotive gasoline that can be paid for either at the pump or inside the station. Gas Stations affiliated with supermarkets and supercenters may not be eligible. Check with your Wholesale Clubs to make sure your Discover card is accepted. Purchases of affiliated Wholesale Club services, such as delivery services, travel and cell phone purchases, may not be eligible in this category. Individual merchants and stand-alone stores within physical Wholesale club locations, or online, may not be eligible in this category. Select Streaming Services purchases include only the following select U.S. streaming subscriptions: Apple Music, Apple TV+, AT&T TV Now, BET+, CBS All Access, DAZN, Disney +, ESPN+, Fubo TV, Google Play Movies & TV, HBO Max, Hulu, Netflix, Pandora, Philo, Peacock TV, Showtime, Sirius XM, Starz, Sling, Spotify, Vudu, YouTube TV. If your subscription is bundled with another product or service, billed by a third party (such as a digital platform, a cable or satellite provider, telecommunications, internet provider or a car manufacturer), the purchase may not be eligible in this category. Add-ons associated with Select Streaming Services may not qualify for this promotion if they are not listed, billed in a bundle, separately or through a third party. Listed merchants are in no way sponsoring or affiliated with this program.

  3. Activate to earn 5% Cashback Bonus at Restaurants and PayPal from 7/1/21 (or the date on which you activate 5%, whichever is later) through 9/30/21, on up to $1,500 in purchases. Restaurant purchases include only those made at merchants classified as full-service restaurants, cafes, cafeterias and fast food locations. PayPal qualifying purchases are those made through the PayPal wallet online, when you send money to Friends and Family via PayPal using your Discover Card, and point-of-sale transactions using PayPal Here. Payments made through the Xoom transfer service are not eligible for 5%. Any restaurant purchase made using PayPal will only be awarded a total of 5% Cashback Bonus. PayPal, the PayPal logo are trademarks of PayPal or its Affiliates. Listed merchants are in no way sponsoring or affiliated with this program.

  4. Activate to earn 5% Cashback Bonus at Amazon.com, Walmart.com and Target.com from 10/1/21 (or the date on which you activate 5%, whichever is later) through 12/31/21, on up to $1,500 in purchases. Amazon.com purchases include those made through the Amazon.com checkout, including digital downloads, Amazon.com gift cards, Amazon Fresh orders, Amazon Local Deals, Amazon Prime subscriptions and items sold by third party merchants through Amazon.com's marketplace. Purchases also include those made in-store at Amazon Go, Amazon Bookstore, and Amazon 4-Star. The Amazon.com logo and the smile logo are trademarks of Amazon or its Affiliates. Walmart.com purchases include only those made at Walmart.com and when shopping through the Walmart app (including Grocery Pick Up and Delivery). Purchases made through affiliates of Walmart.com are not part of this promotion. The Walmart.com logo is a registered trademark of Walmart Inc. Target.com purchases include only purchases made online at Target.com or through the Target app. Purchases made through affiliates of Target.com are not part of this promotion, including, but not limited to, targetoptical.com and targetphoto.com. Target and the Bullseye Design are registered trademarks of Target Brands, Inc. Listed merchants are in no way sponsoring or affiliated with this program.

Editor’s Note: As of May 1st, 2020, the Discover Savings offer is no longer available on WalletHacks.com (the Checking bonus is still available). Please read our Discover review for the latest on Discover’s offerings. We will update this post whenever this offer returns – until then, our post on the best bank bonuses and promotions has other offers that might interest you or click here to sign up for our email newsletter and get notified of new bank promotions.

Earn up to n/a when you open a new Discover Savings Account. Read on to learn how.

I’m sure you’ve heard of Discover but did you know they’re not just a credit card company?

Did you know they are a bank too?

Discover Bank is the banking division of Discover Financial Services, Inc (NYSE:DFS).

If you ask most people about Discover, they often talk about their credit cards. One of my first credit cards, opened in 1998, was a Discover card that paid me 1% cashback for years. Now, if you open a savings account with them, they’ll put cash in your pocket too.

Check out this offer:

2020

Other Discover Cashback Options

Discover also has other options to earn cashback from your use in the form of two cards:

Discover Cashback Debit Account — up to $360 a year

Discover’s Cashback Debit product is an online checking account with no monthly fees or balance requirements, which is now common for an online checking account. You should never pay a monthly fee or have a minimum balance requirement on an online bank account.

Cashback bonus discover

What’s uncommon, and downright rare, is their debit card – it’s a debit rewards card. The Discover cashback debit card offers 1% cashback on all purchases up to $3,000 per month. That means you can earn up to $360 in cash back each year on the debit card.

There isn’t a promotion associated with this account, the cashback offer won’t expire, but the debit card cashback offer is itself almost like a bonus. I know a lot of folks who refuse to use credit cards and this is one of the best ways to still earn cashback without getting a credit card.

The cashback debit account has some great perks too:

  • No monthly fees or minimum balance requirements
  • Uses the Allpoint ATM network (60,000 free ATMs)
  • Earn 1% cashback up to $3,000 in purchases/month
  • Free online bill pay
  • Free check reorders (not common)
  • Free incoming wires (very rare)

Discover it Credit Card — No Bonus

The Discover it® Cash Back card doesn’t have a new account bonus but it does offer a Cashback Match on the first year – they will match all of the cashback you earn in the first year automatically. The card has no annual fee and has 1% cashback, plus 5% cashback on rotating quarterly categories like gas, restaurants, supermarkets, etc.

You have to activate it each quarter and there’s a quarterly maximum of $1,500 in purchases.

What does Discover give cashback on? It offers 1% cashback on everything plus 5% on rotating categories. The quarterly schedule is published ahead of time so for 2020 it’s:

  • Jan-Mar 2021: Grocery Stores, Walgreens and CVS
  • Apr-Jun 2021: Gas Stations, Wholesale Clubs and Select Streaming Services
  • Jul-Sep 2021: Restaurants and PayPal
  • Oct-Dec 2021: Amazon.com, Walmart.com and Target.com

(it’s pretty much the same as 2020, they just added stores to the list of categories and streaming services)

Discover Bonus Cashback Paypal

In terms of cash back cards, it’s an average card. If you want a cash back card, I’d give the Chase Freedom card a look because you get the same cash back structure (1% on all purchases and 5% on rotating categories) but you also get a $150 bonus after you spend $500 on purchases in the first 3 months.

How Do Discover Bank Promotions Compare?

We maintain a list of the best bank promotions and there are a few other alternatives that you should consider instead.

CIT Bank offers a $150 or $300 bonus for new or existing accounts when you open an account with the promotion code Spring20 and transfer in a large sum. If you deposit over $25,000 then you get $150. If you can deposit over $50,000, then you get $300. It’s one of the best new account promotions without a direct deposit required.

Here is how it stacks up:

The Wells Fargo Cash Wise Visa Card also has a $150 cash bonus after you spend $500 in purchases in the first three months of account opening.

Discover

That’s an unlimited 1.5% cash back credit card on all purchases too with $0 annual fee.

Discover Savings Bonus Code

Worth a look if you don’t have a solid cashback credit card in your wallet yet.

Final Verdict: A Strong Savings Account

The Discover Bank Online Savings Account is a good option for an online savings account, even if it doesn’t offer a bonus right now:

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  • A high-interest savings account without any annoying fees
  • A checking account with a cashback debit cards

If you were to change your primary bank and centralize where you put your funds, Discover Bank makes a strong case for doing so with what they offer. If you already have a checking account and were considering adding a savings account, it’s a no-brainer to take advantage of this account.

What Are The Bonus Categories For Discover

Lastly, if the appeal of this account is because of a bonus, make sure you review this guide on bank account bonuses before you jump.