Discover Bank vs. Santander 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
Santander Bank
Santander Savings
0.01%APYDec 6, 2025FDIC InsuredLow MinimumsGreat iOS AppGreat Android AppIn-Person AccessShow Fine Print & Trends Hide Details
Santander Bank
Santander Savings
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.
Comparison Analysis
Comparing Discover Bank vs. Santander Bank
Why Discover Bank?
- ✓Higher potential APY (3.40% 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. $340 vs $1/yr).
Better Returns at $25,000
Discover BankDiscover Bank's Online Savings Account pulls ahead with larger amounts (approx. $850 vs $3/yr).
Best for Simplicity
Discover BankDiscover Bank's Online Savings Account offers 3.40% 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 $339 more interest on a $10,000 balance than Santander Bank's Santander Savings.
Executive Summary
Discover Bank offers a competitive Online Savings Account with a notable APY of 3.40%, making it a clear winner compared to Santander Bank's Savings account, which yields only 0.01% APY. Discover's account requires no minimum deposit or maintenance fees, and there are no direct deposit requirements, making it an attractive option for savers seeking simplicity and higher returns. In contrast, Santander's account has a $25 minimum deposit and incurs a $1 maintenance fee. Overall, Discover Bank's offering stands out significantly in terms of returns.
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.
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| Feature | Discover Bank | Santander Bank |
|---|---|---|
| APY | 3.40% Verified: 12/6/2025 ↘︎ 0.10%90d Change | 0.01% Verified: 12/6/2025 ↘︎ 0.02%90d Change |
| 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 |
| BBB Rating | A+ | Not Rated |
| Next Steps |
Savings Comparison
Discover Bank earns $2,044.8 more than Santander 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
Santander Bank
Santander Savings
Savings Breakdown
- Interest Earned+$5.70(0.0%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$18,005.70
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 | Santander Bank |
|---|---|---|
| Online Savings Account | Santander Savings | |
Current APY | 3.40% | 0.01% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.8 | -0.2 |
Days Since Change | 67 | 78 |
10-Month High | 3.75% | 0.03% |
10-Month Low | 3.40% | 0.01% |
Adjustments / Mo | 0.38 | 0.09 |
Volatility Score | 0.035 | 0.375 |
How to read these metrics(Click to expand)
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