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 Jan 21, 2026 |
|---|---|---|
| APY | 3.30% | 4.35% |
Est. Earnings | $5,000+$165 $10,000+$330 $25,000+$825 | $5,000+$217 $10,000+$435 $25,000+$1,088 |
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® Supported | FDIC InsuredNo MinimumsGreat iOS AppGreat Android App |
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
As of Discover Bank offers an APY of 3.30% for its Online Savings Account, with a minimum balance of $0, compared to Newtek Bank's 4.35% APY for its Personal High Yield Savings account, with a minimum balance of $0.01.
Newtek Bank pays $105 more than Discover Bank on a $10,000 balance after one year. Discover Bank pays $330, while Newtek Bank pays $435 - an APY advantage for Newtek Bank.
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 (4.35% 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. $435 vs $330/yr).
Better Returns at $25,000
Newtek BankNewtek Bank's Personal High Yield Savings pulls ahead with larger amounts (approx. $1088 vs $825/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. 4.0)
Shared Benefits
Over a 1-year period, Newtek Bank's Personal High Yield Savings pays $105 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
Newtek Bank offers a Personal High Yield Savings account with a competitive APY of 4.35%, making it the clear winner in this comparison. This account has no minimum balance requirement and does not necessitate direct deposit, providing a straightforward option for savers. In contrast, Discover Bank's Online Savings Account offers a lower APY of 3.30% and is currently not open to new customers. While Discover Bank is noted for its superior mobile app experience, the higher yield from Newtek Bank makes it a more attractive choice for those seeking better returns.
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. Newtek Bank Savings Calculator
You earn $105 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+$435.00(4.2%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,435.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Discover Bank | Newtek Bank |
|---|---|---|
| APY | 3.30% Verified: 1/16/2026 ↘︎ 0.10%90d Change | 4.35% Verified: 1/21/2026 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 Android4.0 |
| 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% | 4.35% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.5 | -1.1 |
Days Since Change | 13 | 285 |
12-Month High | 3.75% | 4.55% |
12-Month Low | 3.30% | 4.35% |
Adjustments / Mo | 0.41 | 0.16 |
Volatility Score | 0.037 | 0.013 |
How to read these metrics(Click to expand)
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