Carver Bank vs. Discover Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Carver BankHigh Yield Savings Jan 7, 2026 | Discover BankOnline Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 4.00% | 3.40% |
Est. Earnings | $5,000+$200 $10,000+$400 $25,000+$1,000 | $5,000+$170 $10,000+$340 $25,000+$850 |
Min Deposit | $5,000 | $0 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredMod. MinimumGreat iOS AppGreat Android AppZelle® Supported | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® Supported |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.21% APY.
Comparison Analysis
Comparing Carver Bank vs. Discover Bank
As of Carver Bank offers an APY of 4.00% for its High Yield Savings account, with a minimum balance of $5,000, compared to Discover Bank's 3.40% APY for its Online Savings Account, with a minimum balance of $0.
Carver Bank pays $60 more than Discover Bank on a $10,000 balance after one year. Carver Bank pays $400, while Discover Bank pays $340 - an APY advantage for Carver Bank.
Why Carver Bank?
- ✓Higher potential APY (4.00% vs 3.40%)
Why Discover Bank?
- ✓Higher rated Android app (4.8 vs 4.5)
— Key Feature Differences —
Better Returns at $10,000
Carver BankCarver Bank's High Yield Savings earns more on smaller deposits (approx. $400 vs $340/yr).
Better Returns at $25,000
Carver BankCarver Bank's High Yield Savings pulls ahead with larger amounts (approx. $1000 vs $850/yr).
Best for Simplicity
Carver BankCarver Bank's High Yield Savings offers 4.00% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Discover BankDiscover Bank offers an iOS app rated 4.9 (vs. 4.7) and Android app rated 4.8 (vs. 4.5)
Shared Benefits
Over a 1-year period, Carver Bank's High Yield Savings pays $60 more interest on a $10,000 balance than Discover Bank's Online Savings Account.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Carver Bank offers a High Yield Savings account with a competitive APY of 4.00%, providing better returns compared to Discover Bank's Online Savings Account, which has an APY of 3.40%. Carver Bank's account requires a minimum deposit of $5,000 but has no maintenance fees as long as the minimum balance is maintained. Additionally, it does not require direct deposit, making it a simple option for savers. In contrast, Discover Bank has a lower APY but allows for a minimum deposit of $0 and also has no maintenance fees. Both accounts are online-only.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Carver Bank vs. Discover Bank Savings Calculator
You earn $60 more with Carver Bank than Discover Bank on a $10,000 initial deposit for 1 year*.
*This calculation assumes that APYs remain unchanged for 1 year, and takes into account known promo rate periods, but does not factor in bonuses. You can see how often these banks have changed their rates in the Compare Savings Rates Over Time section below.
Carver Bank
High Yield Savings
Savings Breakdown
- Interest Earned+$400.00(3.8%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,400.00
Discover Bank
Online Savings Account
Savings Breakdown
- Interest Earned+$340.00(3.3%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,340.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Carver Bank | Discover Bank |
|---|---|---|
| APY | 4.00% Verified: 1/7/2026 Stable (90d) | 3.40% Verified: 1/7/2026 Stable (90d) |
| Product Name | High Yield Savings | Online Savings Account |
| Minimum Deposit | $5,000 | $0 |
| Min. Balance for APY | $5,000 | $0 |
| Monthly Fee | $0, of minimum balance requirement met. Otherwise $6. | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.7 Android4.5 | iOS4.9 Android4.8 |
| Zelle® Support | Available Full native integration in digital banking. | Available Limit: $600/dayStrict 90-day seasoning period for new accounts. |
| BBB Rating | A+ | A+ |
| Next Steps | Visit SiteVerify at Carver Bank Non-sponsored link to official site | Visit SiteVerify at Discover Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Carver Bank | Discover Bank |
|---|---|---|
| High Yield Savings | Online Savings Account | |
Current APY | 4.00% | 3.40% |
Trend | Stable | Stable |
Velocity (bps/mo) | -1.0 | -3.5 |
Days Since Change | 309 | 99 |
11-Month High | 4.25% | 3.75% |
11-Month Low | 4.00% | 3.40% |
Adjustments / Mo | 0.09 | 0.35 |
Volatility Score | 0.017 | 0.035 |
How to read these metrics(Click to expand)
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High Rates (With Checking Bundle)
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