[Update 11/6] Discover updated the terms on 11/4 and made this offer targeted, but DoC DP indicates that accounts opened before 11/4 can still receive the $300 whether or not they were targeted.
From now through November 15, if you apply for a Discover Cashback Checking account on this page using offer code Bonus4915 and meet the required conditions (Direct Deposit), you can receive a $300 bonus.
Who Is Eligible for This Offer?
- Open a Discover Checking account by 11/15.
- You are currently a Discover credit card or Savings Account customer.
- Use offer code Bonus4915 when applying.
- You have never had a Discover Checking account before.
- Complete two Direct Deposits of at least $250 each within 90 days after opening the account.
1099-INT?
The $300 bonus is treated as interest, so you will receive a 1099-INT. For non-resident aliens, interest is not taxable, so you can simply ignore the 1099-INT after receiving it. Resident aliens do need to pay tax on interest, but the tax rate is low, so the impact is minimal.
Summary
This offer is even more impressive than the recent $100 bonus for opening a Discover Savings account. You can earn $300 with almost no cost, so readers who have never opened a Discover Cashback Checking account before should strongly consider it. Discover Checking has no monthly maintenance fee, and there is no extra fee to close the account either, so this $300 is basically free money.
Do readers have any other ways to make money from opening checking/savings accounts? Feel free to leave a comment and share with us.