American Express vs Discover Bank
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of American Express vs. Discover Bank
As of July 15, 2025 American Express offers an APY of 3.60% for its High Yield Savings Account account, compared to Discover Bank's 3.50% APY for its Online Savings Account account.
American Express yields $10 more than Discover Bank on a $10,000 balance after one year. American Express pays $360, while Discover Bank pays $350 - an APY advantage for American Express.
American Express
Strengths
- American Express offers a higher APY of 3.60% compared to Discover Bank's 3.50%.
- No maintenance fees for American Express's High Yield Savings Account.
- American Express has a 4.9 App Store rating.
Potential Drawbacks
- American Express has an F BBB rating and is not BBB Accredited.
- American Express has a lower Google Play rating of 3.8 compared to Discover's 4.3.
- No branches available for American Express.
Discover Bank
Strengths
- Discover Bank has an A+ BBB rating and is BBB Accredited.
- Discover Bank has a higher Google Play rating of 4.3.
- No maintenance fees for Discover Bank's Online Savings Account.
Potential Drawbacks
- Discover Bank's APY of 3.50% is lower than American Express's 3.60%.
- Discover Bank has no branches available.
- Discover Bank has a slightly lower App Store rating of 4.9.
Summary: American Express offers a higher APY of 3.60% for its High Yield Savings Account, while Discover Bank provides an A+ BBB rating and a better Google Play rating of 4.3. Both banks have no maintenance fees and no branches, but American Express's lower Google Play rating and F BBB rating may concern some users. Overall, customers may prioritize APY or trustworthiness based on their preferences.
Compare American Express' vs Discover Bank's Savings Accounts
| American Express | Discover Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | Online Savings Account |
| APY | 3.60% (as of 7/15/2025) | 3.50% (as of 7/15/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | No | |
| Visit Bank | High Yield Savings Account | Online Savings Account | |
| App Store Rating | 4.9/5 | 4.9/5 | |
| Google Play Rating | 3.8/5 | 4.3/5 | |
| BBB Rating | F | A+ |
Comparative Historical APY Insights (Last 6 Months)
| American Express | Discover Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | Online Savings Account |
| Latest APY | 3.60 % | 3.50 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -3.9 | -4.5 | |
| Rate Changes / Mo | 0.34 | 0.51 | |
| Days Since Last Change | 69 | 20 | |
| High (-6 m) | 3.80 % | 3.75 % | |
| Low (-6 m) | 3.60 % | 3.50 % | |
| Draw-down from High | -5.3 % | -6.7 % | |
| Volatility (CV) | 0.019 | 0.022 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 175 days.
- Low (-6 m)
- Lowest APY in the last 175 days.
- Draw-down from High
- How far today sits below the 6-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 DetailsDiscover Bank
APY: 3.50%
Total savings breakdown:
- Interest earned: $35 (3.38%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.62%)
Your total balance
$1,035.00
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $1,035
Earnings: $35
Bank DetailsAfter 1 year American Express would earn you $1 more than Discover Bank.
More Comparisons
Compare American Express' APY of 3.60% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| American Express vs Ally Bank | 3.50% | $0 |
| American Express vs Axos Bank | 4.66% | $0 |
| American Express vs Bank of America | 0.01% | $100 |
| American Express vs Barclays | 4.10% | $0 |
| American Express vs Capital One | 3.50% | $0 |
| American Express vs Chase Bank | 0.01% | $0 |
| American Express vs Chime | 3.75% | $0 |
| American Express vs CIT Bank | 4.00% | $100 |
| American Express vs Fitness Bank | 5.00% | $100 |
| American Express vs Marcus by Goldman Sachs | 3.65% | $0 |
| American Express vs Presidential Bank | 4.50% | $5,000 |
| American Express vs SoFi Bank | 3.80% | $0 |
| American Express vs Synchrony Bank | 3.80% | $0 |
| American Express vs Varo Bank | 5.00% | $0 |
| American Express vs Wells Fargo | 2.51% | $25 |
Compare Discover Bank's APY of 3.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Discover Bank vs Ally Bank | 3.50% | $0 |
| Discover Bank vs Axos Bank | 4.66% | $0 |
| Discover Bank vs Bank of America | 0.01% | $100 |
| Discover Bank vs Barclays | 4.10% | $0 |
| Discover Bank vs Capital One | 3.50% | $0 |
| Discover Bank vs Chase Bank | 0.01% | $0 |
| Discover Bank vs Chime | 3.75% | $0 |
| Discover Bank vs CIT Bank | 4.00% | $100 |
| Discover Bank vs Fitness Bank | 5.00% | $100 |
| Discover Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Discover Bank vs Presidential Bank | 4.50% | $5,000 |
| Discover Bank vs SoFi Bank | 3.80% | $0 |
| Discover Bank vs Synchrony Bank | 3.80% | $0 |
| Discover Bank vs Varo Bank | 5.00% | $0 |
| Discover Bank vs Wells Fargo | 2.51% | $25 |