Comments on: Discover Bank Offers $50 Bonus

By: Dollar Bill

Dollar Bill — Fri, 20 Mar 2009 09:38:00 +0000

Most people will not be able to receive this offer.

YOU CAN ONLY HAVE ONE DISCOVER ACCOUNT PER CUSTOMER! AND THEY PULL YOUR CREDIT BUREAU ANYWAYS (HARD INQUIRY)!

By: BloggingBanks

BloggingBanks — Wed, 18 Feb 2009 12:54:00 +0000

I would listen to BankVibe on this one and only go after the bonus if you purchase a 1 year CD with no more than $10K.

By: BankVibe

BankVibe — Wed, 18 Feb 2009 06:36:24 +0000

This only way this deal makes sense is to invest in the 1 year CD at 2.75% by depositing the minimum amount required to receive this bonus, which is $10,000. The $50 bonus is essentially an additional 0.50% APY right off the bat with a 10k investment.

In the above scenario we are looking at a 1 year CD with a 10k deposit yielding an APY of 3.25%. If you then look at bankaholic’s CD rate charts and sort by highest APY you will see that this 3.25% beats any other offer.

If you are looking to drop a lot more than 10k in this bank deposit offer then your $50 bonus is going to shrink in relevancy.

BankVibe.com covered this deal a little while ago…

http://bankvibe.com/discover-banks-12-month-cd-plus-5000-bonus/

By: Craig

Craig — Wed, 18 Feb 2009 04:22:40 +0000

I don’t think the bonus + the current APY makes this an attractive offer. Current savings accounts offer 2.5 % and the Discover 3 month CD is only 1.25% plus you have to tie up $10,000. I think $50 over 3 months (on $10k) equates to roughly .17 % making it 1.42% for 3 months. I’d say pass this one up.

By: marketsense

marketsense — Tue, 17 Feb 2009 23:49:50 +0000

Interesting offer. I have cash that I want to use for a down-payment for a house and I want to earn on that money while I decide whether to buy or not.