Discover Bank

Last Updated: 7/15/2025

Note: Interest rates below are reported as APY, or Annual Percentage Yield

Quick Views

Online Savings Account: 3.50% APY(Rank 72 out of 77 tracked HYSAs)

Minimum Deposit: $0 | Online Only

National Savings Interest Rate: 0.38% (as of 6/16/2025)

Note: The FDIC tracks savings and CD rates nationally, but it does not report APY, only the average interest rate.

(Source: FDIC)

Bank Overview

Location: Riverwoods, Illinois

Founded: 1960

Affiliation: Discover Bank is a subsidiary of Discover Financial Services, Inc. (NYSE: DFS)

Access to Branches: None

BBB Rating: A+ (BBB Accredited)

App Store Rating: 4.9/5

Google Play Rating: 4.3/5

Website: Visit Discover Bank

Our Take on Discover Bank

Highlights

Current APY of 3.50%, slightly down from 3.60% last month.
No minimum deposit or balance requirements.
No maintenance fees for the Online Savings Account.
High App Store rating of 4.9.

Considerations

No physical branches available.
Direct deposit is not required but may limit some users.
Google Play rating is lower at 4.3.
Only one savings account option available.

Summary: Discover Bank offers a competitive APY of 3.50% on its Online Savings Account, which has no minimum deposit or maintenance fees. While the APY has decreased slightly from last month, it remains attractive for savers. The bank has a strong BBB rating of A+ and is accredited. However, it lacks physical branches and only offers one savings account option, which may limit choices for some customers.

Savings Account

Savings Account Offered by Discover Bank

Feature	Online Savings Account
APY	3.50% (as of 7/15/2025)
APY Trend	-0.10% MoM
Minimum Deposit	$0
Minimum Balance for APY	$0
FDIC-insured	Yes
Online Only	Yes
Bundled Account	No
Direct Deposit Required	No
Compound Frequency	Daily
Maintenance Fee	$0
Eligibility	United States
No deposit agreement summary available for this bank.

Calculate Savings for Discover Bank

All calculations are based on APY.

Savings Product:

Online Savings Account (APY: 3.50%)

Initial Deposit:

Recurring Deposit Amount:

Deposit Frequency:

Duration:

Total savings breakdown:

Interest earned: $3 (2.91%)
Total contributions: $0 (0.00%)
Initial deposit: $100 (97.09%)

Your total balance

$103.00

Effective APY: 3.50% (based on your deposit and contributions)

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

Discover Bank Savings Rates Over Time

Historical APY Insights

Metric	Online Savings Account
Latest APY	3.50 %
Trend	Sideways
Slope (bps/mo)	-4.5
Rate Changes / Mo	0.51
Days Since Last Change	20
High (-6 m)	3.75 %
Low (-6 m)	3.50 %
Draw-down from High	-6.7 %
Volatility (CV)	0.022

APY Insights Glossary

Latest APY: Most recent advertised annual-percentage yield.
Trend: Direction over the last 6 months (regression slope).
Slope (bps/mo): Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo: Typical number of APY moves per month.
Days Since Last Change: Recency of the latest APY adjustment.
High (-6 m): Highest APY in the last 175 days.
Low (-6 m): Lowest APY in the last 175 days.
Draw-down from High: How far today sits below the 6-month peak.
Volatility (CV): Coefficient of variation = stdev ÷ mean.

Why Track Savings-Account APYs?

See how quickly a bank reacts to Fed moves or competition.
Gauge “twitchiness” - frequent moves can annoy savers.
Spot if you're buying near a peak (draw-down) or riding a rise.
Slope (bps/mo) shows speed of change.
Volatility (CV) scales jumps by average level.

Compare Discover Bank's Savings Account

Affirm - 3.85% APY
All America Bank - 1.50-3.25% APY
Ally Bank - 3.50% APY
Amalgamated Bank - 2.25% APY
American Express - 3.60% APY
Axos Bank - 4.66% APY
Bank5 Connect - 4.05% APY
Bank of America - 0.01% APY
Barclays - 3.90-4.10% APY
Bask Bank - 4.20% APY
Betterment - 4.00% APY
BMO Alto - 3.50% APY
Bread Savings - 4.25% APY
BrioDirect - 4.30% APY
Capital One - 3.50% APY
Carver Bank - 4.00% APY
Charles Schwab Bank - 0.15% APY
Chase Bank - 0.01% APY
Chime - 1.25-3.75% APY
CIBC Bank USA - 4.02% APY
CIT Bank - 0.25-4.00% APY
Citibank - 3.50% APY
Citizens Access™ - 3.70% APY
Colorado Federal Savings Bank - 4.25% APY
ConnectOne Bank - 4.00% APY
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Evergreen Bank Group - 4.25% APY
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Fitness Bank - 5.00% APY
Flagstar Bank - 4.00% APY
Forbright Bank - 4.25% APY
FVCbank - 4.35% APY
High Plains Bank - 0.23-3.82% APY
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LendingClub - 3.20-4.20% APY
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OMB Bank - 1.00% APY
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Presidential Bank - 4.00-4.50% APY
Prime Alliance Bank - 4.05% APY
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Quontic Bank - 3.75% APY
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Rising Bank - 4.30% APY
ROGER - 4.12% APY
Salem Five Direct - 4.01% APY
Sallie Mae Bank - 3.90% APY
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SoFi Bank - 3.80% APY
Synchrony Bank - 3.80% APY
TAB Bank - 4.15% APY
TD Bank - 0.05-3.00% APY
The State Exchange Bank - 1.90% APY
TIMBR - 4.40% APY
UFB Direct - 4.01-4.21% APY
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Varo Bank - 2.50-5.00% APY
Wells Fargo - 0.05-2.51% APY
Western Alliance Bank - 4.25% APY
Zynlo Bank - 4.35% APY

Feature	Discover Bank	Select a bank...
Product	Online Savings Account	N/A
APY	3.50% (as of 7/15/2025)	N/A
Bundled Account	No	N/A
FDIC-insured	Yes	N/A
Online Only	Yes	N/A
Compound Frequency	Daily	N/A
Minimum Deposit	$0	N/A
Minimum Balance for APY	$0	N/A
Maintenance Fee	$0	N/A
Direct Deposit Required	No	N/A

Bank-to-Bank Comparisons

Compare Discover Bank's APY of 3.50% with other banks

Bank Pair	Best APY	Min Deposit
Discover Bank vs Ally Bank	3.50%	$0
Discover Bank vs American Express	3.60%	$0
Discover Bank vs Axos Bank	4.66%	$0
Discover Bank vs Bank of America	0.01%	$100
Discover Bank vs Barclays	4.10%	$0
Discover Bank vs Capital One	3.50%	$0
Discover Bank vs Chase Bank	0.01%	$0
Discover Bank vs Chime	3.75%	$0
Discover Bank vs CIT Bank	4.00%	$100
Discover Bank vs Fitness Bank	5.00%	$100
Discover Bank vs Marcus by Goldman Sachs	3.65%	$0
Discover Bank vs Presidential Bank	4.50%	$5,000
Discover Bank vs SoFi Bank	3.80%	$0
Discover Bank vs Synchrony Bank	3.80%	$0
Discover Bank vs Varo Bank	5.00%	$0
Discover Bank vs Wells Fargo	2.51%	$25