American Express vs Discover Bank
High-Yield Savings Accounts Comparison

Last Updated: June 20, 2025

Summary of American Express vs. Discover Bank

As of 6/20/2025 both American Express (High Yield Savings Account) and Discover Bank (Online Savings Account) offer an APY of 3.60% .

Both banks yield $360 in interest on a $10,000 balance after one year. Neither has an APY advantage, so consider other features (fees, access, app ratings, etc.) when choosing.

American Express

Strengths

  • No maintenance fees for the High Yield Savings Account.
  • American Express has a solid App Store rating of 4.9.
  • No minimum deposit or balance requirements.

Potential Drawbacks

  • American Express has an F BBB rating and is not accredited.
  • Google Play rating is lower at 3.8.
  • No physical branches available.

Discover Bank

Strengths

  • Discover Bank has an A+ BBB rating and is accredited.
  • Higher Google Play rating of 4.3.
  • No maintenance fees for the Online Savings Account.

Potential Drawbacks

  • Discover Bank also has no physical branches.
  • Current APY is the same as American Express at 3.6%.
  • No minimum deposit or balance requirements.
Summary: Both banks offer high-yield savings accounts with a current APY of 3.6%. Discover Bank stands out with an A+ BBB rating and higher Google Play rating of 4.3, while American Express has an F BBB rating. Both banks have no maintenance fees or minimum balance requirements, and neither has physical branches. However, American Express has a slightly lower Google Play rating at 3.8.

Compare American Express' vs Discover Bank's Savings Accounts

American ExpressDiscover Bank
ProductHigh Yield Savings AccountvsOnline Savings Account
APY
3.60% (as of 6/20/2025)3.60% (as of 6/20/2025)
Bundled Account
NoNo
FDIC-insured
YesYes
Online OnlyYesYes
Compound Frequency
DailyDaily
Minimum Deposit$0$0
Minimum Balance for APY$0$0
Maintenance Fee$0$0
Direct Deposit Required
NoNo
Visit BankHigh Yield Savings AccountOnline Savings Account
App Store Rating4.9/54.9/5
Google Play Rating3.8/54.3/5
BBB RatingFA+

Comparative Historical APY Insights (Last 5 Months)

American ExpressDiscover Bank
ProductHigh Yield Savings AccountvsOnline Savings Account
Latest APY3.60 %3.60 %
TrendSidewaysSideways
Slope (bps/mo)-4.4-4.0
Rate Changes / Mo0.400.40
Days Since Last Change4460
High (-5 m)3.80 %3.75 %
Low (-5 m)3.60 %3.60 %
Draw-down from High-5.3 %-4.0 %
Volatility (CV)0.0190.017
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 5 months (regression slope).
Slope (bps/mo)
Average monthly change; 10 bps = 0.10 pp.
Rate Changes / Mo
Typical number of APY moves per month.
Days Since Last Change
Recency of the latest APY adjustment.
High (-5 m)
Highest APY in the last 150 days.
Low (-5 m)
Lowest APY in the last 150 days.
Draw-down from High
How far today sits below the 5-month peak.
Volatility (CV)
Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
  • See how quickly a bank reacts to Fed moves or competition.
  • Gauge “twitchiness” - frequent moves can annoy savers.
  • Spot if you're buying near a peak (draw-down) or riding a rise.
  • Slope (bps/mo) shows speed of change.
  • Volatility (CV) scales jumps by average level.

Calculate Savings Growth for American Express vs Discover Bank

All calculations are based on APY.

American Express

APY: 3.60%

Total savings breakdown:

  • Interest earned: $36 (3.47%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (96.53%)

Your total balance

$1,036.00

Effective APY: 3.60% (based on your deposit and contributions)

Total balance: $1,036

Earnings: $36

Bank Details

Discover Bank

APY: 3.60%

Total savings breakdown:

  • Interest earned: $36 (3.47%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (96.53%)

Your total balance

$1,036.00

Effective APY: 3.60% (based on your deposit and contributions)

Total balance: $1,036

Earnings: $36

Bank Details

After 1 year American Express would earn you the same as Discover Bank.

More Comparisons

Compare American Express' APY of 3.60% with other banks
Compare Discover Bank's APY of 3.60% with other banks