Discover Bank vs. My Banking Direct
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Discover BankOnline Savings Account Jan 7, 2026 | My Banking DirectHigh Yield Savings Account Jan 7, 2026 |
|---|---|---|
| APY | 3.40% | 4.02% |
Est. Earnings | $5,000+$170 $10,000+$340 $25,000+$850 | $5,000+$201 $10,000+$402 $25,000+$1,005 |
Min Deposit | $0 | $500 |
Snapshot view. Rates subject to change. | ||
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® Supported | FDIC InsuredLow 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 Discover Bank vs. My Banking Direct
As of Discover Bank offers an APY of 3.40% for its Online Savings Account, with a minimum balance of $0, compared to My Banking Direct's 4.02% APY for its High Yield Savings Account, with a minimum balance of $1.
My Banking Direct pays $62 more than Discover Bank on a $10,000 balance after one year. Discover Bank pays $340, while My Banking Direct pays $402 - an APY advantage for My Banking Direct.
Why Discover Bank?
- ✓Higher rated Android app (4.8 vs 4.3)
Why My Banking Direct?
- ✓Higher potential APY (4.02% vs 3.40%) on all balances
— Key Feature Differences —
Better Returns at $10,000
My Banking DirectMy Banking Direct's High Yield Savings Account earns more on smaller deposits (approx. $402 vs $340/yr).
Better Returns at $25,000
My Banking DirectMy Banking Direct's High Yield Savings Account pulls ahead with larger amounts (approx. $1005 vs $850/yr).
Best for Simplicity
My Banking DirectMy Banking Direct's High Yield Savings Account offers 4.02% 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. 4.3)
Shared Benefits
Over a 1-year period, My Banking Direct's High Yield Savings Account pays $62 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
My Banking Direct offers a High Yield Savings Account with a competitive APY of 4.02%, making it the winner in this comparison. This account requires a minimum deposit of $500 and a minimum balance of $1, but has no maintenance fees and does not require direct deposit. In contrast, Discover Bank provides an Online Savings Account with a lower APY of 3.40%, which is also an online-only product with no minimum deposit or balance requirements. While Discover Bank is noted for its excellent mobile app experience, My Banking Direct stands out for higher returns, especially at larger deposit amounts.
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
Discover Bank vs. My Banking Direct Savings Calculator
You earn $62 more with My Banking Direct 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.
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
My Banking Direct
High Yield Savings Account
Savings Breakdown
- Interest Earned+$402.00(3.9%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,402.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Discover Bank | My Banking Direct |
|---|---|---|
| APY | 3.40% Verified: 1/7/2026 Stable (90d) | 4.02% Verified: 1/7/2026 ↘︎ 0.18%90d Change |
| Product Name | Online Savings Account | High Yield Savings Account |
| Minimum Deposit | $0 | $500 |
| Min. Balance for APY | $0 | $1 |
| Monthly Fee | $0 | $0 |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.9 Android4.8 | iOS4.7 Android4.3 |
| Zelle® Support | Available Limit: $600/dayStrict 90-day seasoning period for new accounts. | Available Uses Flagstar/NYCB parent infrastructure. |
| BBB Rating | A+ | F |
| Next Steps | Visit SiteVerify at Discover Bank Non-sponsored link to official site | Visit SiteVerify at My Banking Direct Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Discover Bank | My Banking Direct |
|---|---|---|
| Online Savings Account | High Yield Savings Account | |
Current APY | 3.40% | 4.02% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.5 | -4.0 |
Days Since Change | 99 | 53 |
12-Month High | 3.75% | 4.45% |
12-Month Low | 3.40% | 4.02% |
Adjustments / Mo | 0.34 | 0.43 |
Volatility Score | 0.036 | 0.035 |
How to read these metrics(Click to expand)
Compare Similar High-Yield Accounts
Compare Discover Bank vs...
Comparing against Standard Savings
Compare My Banking Direct vs...
Comparing against Standard Savings
High Rates (With Checking Bundle)
Looking for something different? Check out these top-rated alternatives.