American Express vs. Discover Bank
Compare rates, requirements, and features side-by-side to find the best option for you.
American Express
High Yield Savings Account
3.40%APYDec 6, 2025FDIC InsuredNo MinimumsGreat iOS AppShow Fine Print & Trends Hide Details
American Express
High Yield Savings Account
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
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 American Express vs. Discover Bank
Why American Express?
No distinct advantages found vs Discover Bank.
Why Discover Bank?
- ✓Higher rated Android app (4.8 vs 3.6)
Shared Benefits
Executive Summary
Both American Express and Discover Bank offer competitive online savings accounts with an APY of 3.40%. American Express features a High Yield Savings Account, while Discover Bank provides an Online Savings Account, both requiring no minimum deposit or balance and having no maintenance fees. Since the APY rates are nearly identical, customers may choose based on other factors such as user experience or additional features. Both accounts are online-only and do not require direct deposit.
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 | American Express | Discover Bank |
|---|---|---|
| APY | 3.40% Verified: 12/6/2025 ↘︎ 0.10%90d Change | 3.40% Verified: 12/6/2025 ↘︎ 0.10%90d Change |
| Product Name | High Yield Savings Account | Online 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 Android3.6 | iOS4.9 Android4.8 |
| BBB Rating | F | A+ |
| Next Steps |
Savings Comparison
Both accounts earn exactly the same amount.
American Express
High Yield Savings Account
Savings Breakdown
- Interest Earned+$2,050.50(10.2%)
- Total Contributions$13,000
- Initial Deposit$5,000
Projected Balance
$20,050.50
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
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
📈 Compare Savings Rates Over Time
Historical Performance
| Metric | American Express | Discover Bank |
|---|---|---|
| High Yield Savings Account | Online Savings Account | |
Current APY | 3.40% | 3.40% |
Trend | Stable | Stable |
Velocity (bps/mo) | -3.3 | -3.8 |
Days Since Change | 10 | 67 |
10-Month High | 3.80% | 3.75% |
10-Month Low | 3.40% | 3.40% |
Adjustments / Mo | 0.38 | 0.38 |
Volatility Score | 0.030 | 0.035 |
How to read these metrics(Click to expand)
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