Discover Bank $25 Sign Up Bonus
Discover Bank just launched a new refer-a-friend program.
It’s an easy one too, which I’m always excited about, so we’re celebrating Free Money early this week! In fact, I think we should declare this an official free money week, so be sure to check back every day for more free money.
Here’s how to get your $25 when you open a Discover savings account.
How to Get Your $25 Sign Up Bonus
- Open a Discover savings account by November 1, 2011.
- When you fill out the application, be sure the refer-a-friend section is filled out with the referral code: 0000794505 and offer code: RAF911E1.
- Fund and maintain the account with $500 for 60 days.
- You’ll get $25 after the account is open for 8 more weeks.
Discover Terms and Conditions
- Must be a new Discover Bank deposit account customer.
- The bonus offer amount will be reported as interest income for the account holder on form 1099-INT.
- IRA CDs are not eligible for this offer.
More on Discover
Referrals. Once you open a Discover Bank account, you can refer friends through the promotion. You and your friend will both get $25. There’s a maximum 20 bonuses to each customer per year. Update: Apparently, the referral program is random, so you’ll have to watch for an email to get a referral code for your friends. Thanks Steve!
Money Markets and CDs. You can also open a money market account or Discover CD with the promotion. However, the minimum funding and amount to maintain for those accounts is $2,500.
Previous Etrade Accounts. Don’t forget about your old etrade accounts! I ended up with a Discover savings account after they were converted from Etrade. Unfortunately, I was reminded of that when I tried to refer my husband; his account was converted too, which I conveniently forgot about. Now, I’m off to see if I can refer my kids…
For more information on Discover Bank, see the Discover Bank review.
I just logged into my Discover credit card account and they are also doing a referral program: $50 cash back for referring a friend, and the friend gets $50 after their first purchase. There is a maximum bonus of $5,000/year (100 friends). I think this also just started up because I would have noticed it last week when I logged in. If anyone is interested I will of course be happy to send you an invite! 😉
I will say this about Discover: my credit score is at the high end of fair, teetering on good, and has been steadily improving for the last couple of years. I had not applied for a credit card in at least a year, but based on past experience and the fact that I keep reading that banks are not lending and credit is tight I was not expecting to get approved.
I did get a call from Discover a couple of days after applying on the web, and after discussing the dents and dings in my credit report with the service rep I did get approved. (Just not for the offer we got in the mail–we got 3.99%/6 months instead of 0%/12 months for balance transfers.) It is not as good as I’d hoped (it will help with some of the balances we have at higher rates right now), but still it is nice for a company to look beyond the credit score.
FYI
This offer is targeted – I opened an account using the referal code. When i requested a referral code for a friend – discover said that it can only be done if I had recieved a code from thier emails that wer sent out RANDOMLY.
Steve,
Thanks for the update. Interesting, I’ve heard of targeted promos before, but I’ve never heard of a referral program being targeted!
Now it makes more sense why I got an email but my husband didn’t. At least we can still take advantage of the sign up bonus!