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 Express | Discover Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | Online Savings Account |
| APY | 3.60% (as of 6/20/2025) | 3.60% (as of 6/20/2025) | |
| 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 5 Months)
| American Express | Discover Bank | ||
|---|---|---|---|
| Product | High Yield Savings Account | vs | Online Savings Account |
| Latest APY | 3.60 % | 3.60 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.4 | -4.0 | |
| Rate Changes / Mo | 0.40 | 0.40 | |
| Days Since Last Change | 44 | 60 | |
| High (-5 m) | 3.80 % | 3.75 % | |
| Low (-5 m) | 3.60 % | 3.60 % | |
| Draw-down from High | -5.3 % | -4.0 % | |
| Volatility (CV) | 0.019 | 0.017 |
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 DetailsDiscover 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 DetailsAfter 1 year American Express would earn you the same as 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 | 3.60% | $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 SoFi Bank | 3.80% | $0 |
| American Express vs Synchrony Bank | 3.80% | $0 |
| American Express vs Varo Bank | 5.00% | $0 |
Compare Discover Bank's APY of 3.60% 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 | 3.60% | $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 SoFi Bank | 3.80% | $0 |
| Discover Bank vs Synchrony Bank | 3.80% | $0 |
| Discover Bank vs Varo Bank | 5.00% | $0 |