Discover Bank vs. Newtek Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Discover BankOnline Savings Account Jan 16, 2026 | Newtek BankPersonal High Yield Savings Feb 17, 2026 |
|---|---|---|
| APY | 3.30% | 4.20% |
Est. Earnings | $5,000+$165 $10,000+$330 $25,000+$825 | $5,000+$210 $10,000+$420 $25,000+$1,050 |
Min Deposit | $0 | $0.01 |
Snapshot view. Rates subject to change. | ||
Terms | Discover Bank is part of Capital One and this account is not open to new customers. | - |
| Features | FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppZelle® SupportedDaily CompoundingRate Changes Often | FDIC InsuredNo MinimumsGreat iOS AppDaily CompoundingRate Changes Often |
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
Executive Summary
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.20%. This online-only account requires a minimum deposit of just $0.01 and does not charge any maintenance fees. Notably, there are no direct deposit requirements, making it accessible for a wider range of customers. In contrast, Discover Bank currently does not offer any products, making Newtek Bank the clear choice for those seeking a high-yield savings option.
The analysis is based on current Banksparency database records
* This content is provided for informational purposes only; always verify details with the provider.
Why Discover Bank?
- ✓Higher rated iOS app (4.9 vs 4.5)
- ✓Higher rated Android app (4.8 vs 4.0)
- ✓Fast transfers via Zelle® (up to $600 a day)
Why Newtek Bank?
- ✓Higher potential APY (4.20% vs 3.30%) 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. $420 vs $330/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1050 vs $825/yr).
Best for Simplicity
Newtek BankNewtek Bank's Personal High Yield Savings offers 4.20% 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. 4.0)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $90 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.
Non-sponsored link to official site
Non-sponsored link to official site
Top Market Contenders
Discover Bank vs. Newtek Bank Savings Calculator
You earn $90 more with Newtek 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.
Discover Bank
Online Savings Account
Savings Breakdown
- Interest Earned+$330.00(3.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,330.00
Newtek Bank
Personal High Yield Savings
Savings Breakdown
- Interest Earned+$420.00(4.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,420.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Still banking with Chase, Bank of America, or Wells Fargo?
On a $10,000 balance, you're missing out on at least $329 per year in interest.
Both Discover Bank and Newtek Bank dramatically outperform the typical 0.01% APY at traditional big banks.
| Feature | Discover Bank | Newtek Bank |
|---|---|---|
| APY | 3.30% Verified: 1/16/2026 ↘︎ 0.10%90d Change | 4.20% Verified: 2/17/2026 ↘︎ 0.15%90d Change |
| 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 |
| Compound Frequency | Daily | Daily |
| Branch Access | None | None |
| Account Type | Online Only | Online Only |
| Physical Branches | None | None |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | ||
| FDIC Insured | YesVerify FDIC | YesVerify FDIC |
| Zelle® Support | Available Limit: $600/dayStrict 90-day seasoning period for new accounts. | Not Supported |
| BBB Rating | A+ | A+ |
| Important Notes | Discover Bank is part of Capital One and this account is not open to new customers. | - |
| Next Steps | Visit SiteVerify at Discover Bank Non-sponsored link to official site | Visit SiteVerify at Newtek Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Discover Bank | Newtek Bank |
|---|---|---|
| Online Savings Account | Personal High Yield Savings | |
Current APY | 3.30% | 4.20% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.5 | -1.2 |
Days Since Change | 8 | -21 |
12-Month High | 3.75% | 4.55% |
12-Month Low | 3.30% | 4.20% |
Adjustments / Mo | 0.42 | 0.25 |
Volatility Score | 0.037 | 0.015 |
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
High Rates (With Checking Bundle)
Looking for something different? Check out these top-rated alternatives.