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 Bank | Discover Bank | ||
|---|---|---|---|
| Product | Chase Savings℠ | vs | Online Savings Account |
| APY | 0.01% (as of 6/20/2025) | 3.60% (as of 6/20/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | No | Yes | |
| Compound Frequency | Monthly | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0 | |
| Maintenance Fee | $5 | $0 | |
| Direct Deposit Required | No | No | |
| Note | APY 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 Bank | Chase Savings℠ | Online Savings Account | |
| App Store Rating | 4.8/5 | 4.9/5 | |
| Google Play Rating | 4.5/5 | 4.3/5 | |
| BBB Rating | A- | A+ |
Comparative Historical APY Insights (Last 5 Months)
| Chase Bank | Discover Bank | ||
|---|---|---|---|
| Product | Chase Savings℠ | vs | Online Savings Account |
| Latest APY | 0.01 % | 3.60 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | 0.0 | -4.2 | |
| Rate Changes / Mo | 0.00 | 0.42 | |
| Days Since Last Change | 143 | 61 | |
| High (-5 m) | 0.01 % | 3.75 % | |
| Low (-5 m) | 0.01 % | 3.60 % | |
| Draw-down from High | 0.0 % | -4.0 % | |
| Volatility (CV) | 0.000 | 0.017 |
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 DetailsDiscover 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 DetailsAfter 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
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Chase Bank vs Ally Bank | 3.50% | $0 |
| Chase Bank vs American Express | 3.60% | $0 |
| Chase Bank vs Axos Bank | 4.66% | $0 |
| Chase Bank vs Bank of America | 0.01% | $100 |
| Chase Bank vs Barclays | 4.10% | $0 |
| Chase Bank vs Capital One | 3.60% | $0 |
| Chase Bank vs Chime | 3.75% | $0 |
| Chase Bank vs CIT Bank | 4.00% | $100 |
| Chase Bank vs Fitness Bank | 5.00% | $100 |
| Chase Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Chase Bank vs SoFi Bank | 3.80% | $0 |
| Chase Bank vs Synchrony Bank | 3.80% | $0 |
| Chase Bank vs Varo Bank | 5.00% | $0 |
Compare Discover Bank's APY of 3.60% 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 | 3.60% | $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 SoFi Bank | 3.80% | $0 |
| Discover Bank vs Synchrony Bank | 3.80% | $0 |
| Discover Bank vs Varo Bank | 5.00% | $0 |