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Thursday, November 05, 2009

$25 Bonus On Discover Bank's CDs - Nationally Available

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Update: The offer codes don't seem to last long. Since Discover's ad included the offer code, they don't seem to be one-use-only like Chase's codes. If you find other codes, please leave a comment.

Discover Bank continues to offer a $25 bonus for opening a CD with a term of at least 12 months. The promotion page is located at discoverbank.com/cdoffer. An ad for this promo was recently published here, and it listed the offer code D120357. Some of the important small print of this offer:
  • $25 offer is valid through 12/15/09
  • Minimum deposit is $10,000 in new funds, and the funds must be received within 30 days of submitting application
  • Limit of one offer per customer
  • Offer will be applied to your Discover Bank CD account 90 days after new funds have been received
The offer is not quite as nice as what Discover was offering in August when they only required $2,500. Also, the rates have gone done. The 1-year CD rate is now 1.90% APY as of 11/05/09. Other competitive rates include a 2.25% APY 24-month CD and a 3.35% APY 5-year CD. Even though all terms of at least 12 months qualify for this promotion, you'll get the most bang for the buck with the 12-month CD. For that case, the extra $25 on a $10,000 deposit effectively adds 25 basis points to the APY.

I have more details about Discover Bank CDs, money market account, and their new savings account in this previous post. It should be noted that some readers have reported customer service issues. Discover Bank recently lowered the rate on its online savings account to 1.75% APY.

Discover Bank has decent ratings for safety and soundness: 3½ stars (good) at BauerFinancial and 4 stars (sound) at Bankrate.com. Both ratings are based on 6/30/09 financial data. Discover Bank is a member FDIC (Certificate # 5649).

Other Competitive Certificate of Deposit Rates

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posted by Banking Guy at 11/05/2009 05:09:00 AM

Please check the institution's website for the latest rates and specials. This post may be out of date. Please check the Bank Deals home page for current rates and specials. Please refer to my About page and this site's disclaimer for more details.


7 Comments: Post a Comment

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  • I just tried this offer code and it wasn't working? Something wrong with the site momentarily or is there a new code?

    By Anonymous Anonymous, at 8:07 AM, November 05, 2009  

  • try this D100741

    By Anonymous Anonymous, at 10:56 AM, November 05, 2009  

  • I opened the Discover Bank 12mo CD@2% with $2500 under the previous $25 bonus offer.
    They haven't paid up yet, but it takes 90 days as previously mentioned.
    Beware of customer service, and the website interface.
    To put it plainly, it is simply awful.
    Website has been the same for ten years (more than enough time to work out the bugs), with no hope of improvement or any change.
    Customer service is often under-informed, rarely helpful and not professional.
    At least they all speak English for all the good it does you.
    You will have to hold your nose to get the bonus, if you think it's worth it.

    By Anonymous Anonymous, at 10:15 PM, November 05, 2009  

  • That code did not work for me either. The correct code is D120179 as of 11-6-09. Offer is good till 12/31/09

    By Blogger Dan The Man, at 4:12 AM, November 06, 2009  

  • Where in the Terms&Disclosures does it state that minimum deposit/ min funding must be $10,000?
    The $25 offer is valid through 12/31/2009. To receive the cash offer, the offer code listed above must be used when applying. A minimum deposit of $2,500 in new funds must be received within 30 days of submitting an application and must remain on the account for 90 days to remain eligible for the cash offer. The offer will be applied to your Discover Bank 12-Month CD account 90 days after new funds have been received.

    By Anonymous Anonymous, at 4:29 AM, November 06, 2009  

  • http://fb.discoverbank.com/campaigns/products/cd/1year/200908/emergency/index.aspx?src=D120179
    This is the link I found. Dont know how long it will last. Code is D120179

    By Blogger Dan The Man, at 7:17 AM, November 06, 2009  

  • Code D120219 is valid for the $25 bonus until Jan. 31, 2010.

    By Anonymous Anonymous, at 3:23 PM, December 12, 2009  

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