Discover Bank vs. Newtek Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Discover Bank
Online Savings Account
3.40%APYDec 6, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Discover Bank
Online Savings Account
Newtek Bank
Personal High Yield Savings
4.35%APYDec 6, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Newtek Bank
Personal High Yield Savings
Prefer In-Person Banking?
Both of these banks are online-only. If you need physical branch access, check out our list of high-yield accounts with brick-and-mortar locations.
Comparison Analysis
Comparing Discover Bank vs. Newtek Bank
Why Discover Bank?
- ✓Higher rated iOS app (4.9 vs 4.5)
- ✓Higher rated Android app (4.8 vs 4.2)
Why Newtek Bank?
- ✓Higher potential APY (4.35% vs 3.40%) on all balances
— Key Feature Differences —
Better Returns at $10,000
Newtek BankNewtek Bank's Personal High Yield Savings earns more on smaller deposits (approx. $435 vs $340/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1087 vs $850/yr).
Best for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.35% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Discover BankDiscover Bank offers an iOS app rated 4.9 (vs. 4.5) and Android app rated 4.8 (vs. 4.2)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $95 more interest on a $10,000 balance than Discover Bank's Online Savings Account.
Executive Summary
Newtek Bank offers a Personal High Yield Savings account with an impressive APY of 4.35%, making it the superior choice compared to Discover Bank's Online Savings Account, which has a lower APY of 3.40%. Both accounts require no minimum balance and have no maintenance fees, appealing to those looking for straightforward savings options. Newtek Bank's account also stands out for its simplicity, as it does not require direct deposit or bundling, and it yields better returns on both smaller and larger deposits. Both banks operate online only, providing easy access to their services.
Analysis generated based on current Banksparency database records
* AI-generated content provided for informational purposes only. Accuracy is not guaranteed; always verify details with the provider.
Top Market Contenders
See who beats both Discover Bank and Newtek Bank.
| Feature | Discover Bank | Newtek Bank |
|---|---|---|
| APY | 3.40% Verified: 12/6/2025 ↘︎ 0.10%90d Change | 4.35% Verified: 12/6/2025 Stable (90d) |
| Product Name | Online Savings Account | Personal High Yield Savings |
| Minimum Deposit | $0 | $0.01 |
| Min. Balance for APY | $0 | $0.01 |
| 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 | iOS4.5 Android4.2 |
| BBB Rating | A+ | A+ |
| Next Steps |
Savings Comparison
Newtek Bank earns $611.5 more than Discover Bank.
Discover Bank
Online Savings Account
Savings Breakdown
- Interest Earned+$2,050.50(10.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,050.50
Newtek Bank
Personal High Yield Savings
Savings Breakdown
- Interest Earned+$2,662.00(12.9%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,662.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Discover Bank | Newtek Bank |
|---|---|---|
| Online Savings Account | Personal High Yield Savings | |
Current APY | 3.40% | 4.35% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.8 | -1.4 |
Days Since Change | 67 | 239 |
10-Month High | 3.75% | 4.55% |
10-Month Low | 3.40% | 4.35% |
Adjustments / Mo | 0.38 | 0.19 |
Volatility Score | 0.035 | 0.014 |
How to read these metrics(Click to expand)
Compare Similar High-Yield Accounts
Compare Discover Bank vs...
Comparing against Standard Savings
Compare Newtek Bank vs...
Comparing against Standard Savings
Higher Rates (With Checking)
Looking for something different? Check out these top-rated alternatives.