Discover Bank vs. Sallie Mae Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
Discover Bank
Online Savings Account
3.40%APYDec 10, 2025FDIC InsuredNo MinimumsGreat iOS AppGreat Android AppShow Fine Print & Trends Hide Details
Discover Bank
Online Savings Account
Sallie Mae Bank
High-Yield Savings Account
3.90%APYDec 10, 2025FDIC InsuredNo MinimumsShow Fine Print & Trends Hide Details
Sallie Mae Bank
High-Yield Savings Account
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.25% APY.
Discover Bank vs. Sallie Mae Bank Savings Calculator
Sallie Mae Bank earns $319.7 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
Sallie Mae Bank
High-Yield Savings Account
Savings Breakdown
- Interest Earned+$2,370.20(11.6%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,370.20
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Comparison Analysis
Comparing Discover Bank vs. Sallie Mae Bank
Why Discover Bank?
- ✓Higher rated iOS app (4.9 vs 1.5)
- ✓Higher rated Android app (4.8 vs 1.6)
Why Sallie Mae Bank?
- ✓Higher potential APY (3.90% vs 3.40%) on all balances
— Key Feature Differences —
Better Returns at $10,000
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account earns more on smaller deposits (approx. $390 vs $340/yr).
Better Returns at $25,000
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account pulls ahead with larger amounts (approx. $975 vs $850/yr).
Best for Simplicity
Sallie Mae BankSallie Mae Bank's High-Yield Savings Account offers 3.90% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Discover BankDiscover Bank offers an iOS app rated 4.9 (vs. 1.5) and Android app rated 4.8 (vs. 1.6)
Shared Benefits
Over a 1-year period, Sallie Mae Bank's High-Yield Savings Account pays $50 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
Sallie Mae Bank offers a High-Yield Savings Account with a competitive APY of 3.90%, making it the standout choice between the two banks. This account requires no minimum deposit, maintenance fees, or direct deposit, and is designed for simplicity. In comparison, Discover Bank provides an Online Savings Account with an APY of 3.40%. While both accounts are online-only and have similar features, Sallie Mae Bank's higher APY positions it as the winner for those seeking better returns on their savings.
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 Sallie Mae Bank.
| Feature | Discover Bank | Sallie Mae Bank |
|---|---|---|
| APY | 3.40% Verified: 12/10/2025 ↘︎ 0.10%90d Change | 3.90% Verified: 12/10/2025 Stable (90d) |
| Product Name | Online Savings Account | High-Yield Savings Account |
| Minimum Deposit | $0 | $0 |
| Min. Balance for APY | $0 | $0 |
| 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 | iOS1.5 Android1.6 |
| BBB Rating | A+ | A+ |
| Next Steps |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Discover Bank | Sallie Mae Bank |
|---|---|---|
| Online Savings Account | High-Yield Savings Account | |
Current APY | 3.40% | 3.90% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.7 | -0.1 |
Days Since Change | 71 | 313 |
11-Month High | 3.75% | 4.00% |
11-Month Low | 3.40% | 3.90% |
Adjustments / Mo | 0.37 | 0.09 |
Volatility Score | 0.035 | 0.004 |
How to read these metrics(Click to expand)
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