Chase Bank vs Discover Bank
High-Yield Savings Accounts Comparison

Last Updated: June 20, 2025

Summary of Chase Bank vs. Discover Bank

As of June 20, 2025 Chase Bank offers an APY of 0.01% for its Chase Savings℠ account, compared to Discover Bank's 3.60% APY for its Online Savings Account account.

Discover Bank yields $359 more than Chase Bank on a $10,000 balance after one year. Chase Bank pays $1, while Discover Bank pays $360 - an APY advantage for Discover Bank.

Chase Bank

Strengths

  • Chase Bank has a solid App Store rating of 4.8.
  • Chase Bank offers a savings account with no minimum deposit requirement.

Potential Drawbacks

  • Chase Bank's APY is only 0.01%, unchanged from 30 days ago.
  • Chase Bank charges a maintenance fee of $5 unless conditions are met.

Discover Bank

Strengths

  • Discover Bank provides a competitive APY of 3.60%, stable for 30 days.
  • Discover Bank has no maintenance fees for its savings account.

Potential Drawbacks

  • Discover Bank has no physical branches.
  • Discover Bank's App Store rating is slightly lower at 4.9.
Summary: Discover Bank offers a significantly higher APY of 3.60% with no maintenance fees, while Chase Bank's APY is only 0.01% and includes a $5 maintenance fee. Chase Bank has a higher App Store rating of 4.8 compared to Discover's 4.9, but lacks the competitive edge in APY and fees that Discover provides. Additionally, Discover operates online only, lacking physical branches.

Compare Chase Bank's vs Discover Bank's Savings Accounts

Chase BankDiscover Bank
ProductChase Savings℠vsOnline Savings Account
APY
0.01% (as of 6/20/2025)3.60% (as of 6/20/2025)
Bundled Account
NoNo
FDIC-insured
YesYes
Online OnlyNoYes
Compound Frequency
MonthlyDaily
Minimum Deposit$0$0
Minimum Balance for APY$0$0
Maintenance Fee$5$0
Direct Deposit Required
NoNo
NoteAPY may vary by market. The maintenance fee may be waived under some circumstances, such as if the account balance is maintained with at least $300 each day, or you set up automatic transfers from a linked Chase account, etc.N/A
Visit BankChase Savings℠Online Savings Account
App Store Rating4.8/54.9/5
Google Play Rating4.5/54.3/5
BBB RatingA-A+

Comparative Historical APY Insights (Last 5 Months)

Chase BankDiscover Bank
ProductChase Savings℠vsOnline Savings Account
Latest APY0.01 %3.60 %
TrendSidewaysSideways
Slope (bps/mo)0.0-4.2
Rate Changes / Mo0.000.42
Days Since Last Change14361
High (-5 m)0.01 %3.75 %
Low (-5 m)0.01 %3.60 %
Draw-down from High0.0 %-4.0 %
Volatility (CV)0.0000.017
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 5 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 (-5 m)
Highest APY in the last 144 days.
Low (-5 m)
Lowest APY in the last 144 days.
Draw-down from High
How far today sits below the 5-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.

Calculate Savings Growth for Chase Bank vs Discover Bank

All calculations are based on APY.

Chase Bank

APY: 0.01%

Total savings breakdown:

  • Interest earned: $0.1 (0.01%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (99.99%)

Your total balance

$1,000.10

Effective APY: 0.01% (based on your deposit and contributions)

Total balance: $1,000.1

Earnings: $0.1

Bank Details

Discover Bank

APY: 3.60%

Total savings breakdown:

  • Interest earned: $36 (3.47%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (96.53%)

Your total balance

$1,036.00

Effective APY: 3.60% (based on your deposit and contributions)

Total balance: $1,036

Earnings: $36

Bank Details

After 1 year Chase Bank would earn you $35.9 less than Discover Bank.

More Comparisons

Compare Chase Bank's APY of 0.01% with other banks
Compare Discover Bank's APY of 3.60% with other banks