Discover Bank vs. Santander Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
| Metric | Discover BankOnline Savings Account Jan 16, 2026 | Santander BankSantander Savings Jan 21, 2026 |
|---|---|---|
| APY | 3.30% | 0.01% |
Est. Earnings | $5,000+$165 $10,000+$330 $25,000+$825 | $5,000+$1 $10,000+$1 $25,000+$3 |
Min Deposit | $0 | $25 |
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 InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessZelle® Supported |
Market Reality Check
Both of these banks offer rates below the current top tier. The best rates we track are currently above 4.20% APY.
Comparison Analysis
Comparing Discover Bank vs. Santander Bank
As of Discover Bank offers an APY of 3.30% for its Online Savings Account, with a minimum balance of $0, compared to Santander Bank's 0.01% APY for its Santander Savings account, with a minimum balance of $0.
Discover Bank pays $329 more than Santander Bank on a $10,000 balance after one year. Discover Bank pays $330, while Santander Bank pays $1 - an APY advantage for Discover Bank.
Why Discover Bank?
- ✓Higher potential APY (3.30% vs 0.01%) on all balances
- ✓No checking account or direct deposit required
- ✓Higher rated Android app (4.8 vs 4.0)
Why Santander Bank?
- ✓Physical branch access (Primarily in the Northeast and Miami, Florida)
— Key Feature Differences —
Better Returns at $10,000
Discover BankDiscover Bank's Online Savings Account earns more on smaller deposits (approx. $330 vs $1/yr).
Better Returns at $25,000
Discover BankDiscover Bank's Online Savings Account pulls ahead with larger amounts (approx. $825 vs $3/yr).
Best for Simplicity
Discover BankDiscover Bank's Online Savings Account offers 3.30% APY with no bundling, direct deposit requirement or caps.
Best Mobile App Experience
Discover BankDiscover Bank offers an iOS app rated 4.9 (vs. 4.8) and Android app rated 4.8 (vs. 4.0)
Shared Benefits
Over a 1-year period, Discover Bank's Online Savings Account pays $329 more interest on a $10,000 balance than Santander Bank's Santander Savings.
*This calculation assumes current rates remain consistent for 1 year and does not include temporary bonuses.
Executive Summary as of
Discover Bank offers a competitive Online Savings Account with a notable APY of 3.30%, making it a strong choice for savers, especially given its lack of direct deposit requirements and fees. However, it is important to note that this account is not open to new customers. In contrast, Santander Bank's Savings Account provides a significantly lower APY of just 0.01%. While Santander's account is accessible with a minimum deposit of $25 and does not require a direct deposit, the yield is far less attractive compared to Discover's offering. Therefore, for those eligible, Discover Bank's Online Savings Account stands out as the superior option.
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. Santander Bank Savings Calculator
You earn $329 more with Discover Bank than Santander 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
Santander Bank
Santander Savings
Savings Breakdown
- Interest Earned+$1.00(0.0%)
- Total Contributions$0
- Initial Deposit$10,000
Projected Balance
$10,001.00
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
| Feature | Discover Bank | Santander Bank |
|---|---|---|
| APY | 3.30% Verified: 1/16/2026 ↘︎ 0.10%90d Change | 0.01% Verified: 1/21/2026 Stable (90d) |
| Product Name | Online Savings Account | Santander Savings |
| Minimum Deposit | $0 | $25 |
| Min. Balance for APY | $0 | $0 |
| Monthly Fee | $0 | $1 |
| Branch Access | None | Yes |
| Account Type | Online Only | Online & Branches |
| Direct Deposit Req. | None | None |
| Checking Bundle | No | No |
| Mobile Apps | iOS4.9 Android4.8 | iOS4.8 Android4.0 |
| Zelle® Support | Available Limit: $600/dayStrict 90-day seasoning period for new accounts. | Available Branch-based retail accounts only. |
| BBB Rating | A+ | Not Rated |
| 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 Santander Bank Non-sponsored link to official site |
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | Discover Bank | Santander Bank |
|---|---|---|
| Online Savings Account | Santander Savings | |
Current APY | 3.30% | 0.01% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.5 | -0.2 |
Days Since Change | 13 | 124 |
12-Month High | 3.75% | 0.03% |
12-Month Low | 3.30% | 0.01% |
Adjustments / Mo | 0.41 | 0.08 |
Volatility Score | 0.037 | 0.450 |
How to read these metrics(Click to expand)
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