Axos Bank vs. Discover Bank
High-Yield Savings Account Comparison
Last Updated: October 14, 2025
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Summary of Axos Bank vs. Discover Bank
Key Metrics at a Glance
| Feature | Axos Bank | Discover Bank |
|---|---|---|
| Top Savings APY | 4.51% Axos ONE | 3.40% Online Savings Account |
| Minimum to Open | $0 | $0 |
| Minimum Balance for APY | $0 | $0 |
Axos Bank
Strengths
- Axos Bank offers a high APY of 4.51%, up from 4.46% last month.
- Axos Bank has a higher App Store rating of 4.7 compared to Discover's 4.9.
- Axos Bank has no maintenance fees or minimum balance requirements.
Potential Drawbacks
- Axos Bank requires either direct deposit or qualifying deposits to earn the highest APY.
- Axos Bank's Google Play rating is lower at 4.6 compared to Discover's 4.3.
- Axos Bank's second-highest APY is 4.00%, lower than its highest offering.
Discover Bank
Strengths
- Discover Bank's Online Savings Account has a competitive APY of 3.40%.
- Discover Bank has a higher Google Play rating of 4.3 compared to Axos's 4.6.
- Discover Bank has no maintenance fees or minimum balance requirements.
Potential Drawbacks
- Discover Bank's APY decreased from 3.50% to 3.40% in the last month.
- Discover Bank offers a lower APY than Axos Bank's highest rate.
- Discover Bank's App Store rating is slightly lower at 4.9 compared to Axos's 4.7.
Summary: Axos Bank offers a significantly higher APY of 4.51% for its high-yield savings account, while Discover Bank's APY is 3.40%. Both banks have no fees or minimum balance requirements. However, Axos requires direct deposit or qualifying deposits to earn its highest rate, whereas Discover's APY has recently decreased. Additionally, Axos has a better App Store rating, but Discover has a slightly higher Google Play rating.
→ As of October 14, 2025 Axos Bank offers an APY of 4.51% for its Axos ONE account, with a minimum balance of $0, compared to Discover Bank's 3.40% APY for its Online Savings Account, with a minimum balance of $0.
→ Axos Bank yields $111 more than Discover Bank on a $10,000 balance after one year. Axos Bank pays $451, while Discover Bank pays $340 - an APY advantage for Axos Bank.
→ In addition, Axos Bank also offers 4.00% APY for the Summit Savings account.
Calculate Savings Growth for Axos Bank vs Discover Bank
All calculations are based on APY.
Axos Bank
APY: 4.51%
Total savings breakdown:
- Interest earned: $2,766.7 (13.32%)
- Total contributions: $13,000 (62.60%)
- Initial deposit: $5,000 (24.08%)
Your total balance
$20,766.70
Effective APY: 4.51% (based on your deposit and contributions)
Total balance: $20,766.7
Earnings: $2,766.7
Discover Bank
APY: 3.40%
Total savings breakdown:
- Interest earned: $2,050.5 (10.23%)
- Total contributions: $13,000 (64.84%)
- Initial deposit: $5,000 (24.94%)
Your total balance
$20,050.50
Effective APY: 3.40% (based on your deposit and contributions)
Total balance: $20,050.5
Earnings: $2,050.5
Bank OverviewWith a $5,000 initial deposit and $13,000 in total contributions over 5 years, Axos Bank's total earnings would be $716.2 higher than Discover Bank's total earnings.
The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.
Compare Axos Bank's vs Discover Bank's Savings Accounts
| Axos Bank | Discover Bank | ||||
|---|---|---|---|---|---|
| Product | Axos ONE | Summit Savings | High Yield Savings | vs | Online Savings Account |
| APY | 4.51% (as of 10/14/2025) | 4.00% (as of 10/14/2025) | 0.61% (as of 10/14/2025) | 3.40% (as of 10/14/2025) | |
| Bundled Account | Yes | No | No | No | |
| FDIC-insured | Yes | Yes | Yes | Yes | |
| Online Only | Yes | Yes | Yes | Yes | |
| Compound Frequency | Daily | Daily | Daily | Daily | |
| Minimum Deposit | $0 | $0 | $0 | $0 | |
| Minimum Balance for APY | $0 | $0 | $0 | $0 | |
| Maintenance Fee | $0 | $0 | $0 | $0 | |
| Direct Deposit Required | No. Not required, but is the easiest way to earn the highest APY. | No | No | No | |
| Note | This APY is only available with the Axos ONE savings and checking bundle. To qualify, you must either set up a direct deposit of $1,500 and maintain an average daily balance of more than $1,500 in your ONE Checking account, or receive at least $5,000 in total monthly qualifying deposits and maintain an average daily balance of more than $5,000. | ||||
| Sponsored Link | LEARN MORE at Axos Bank, Member FDIC | ||||
| App Store Rating | 4.7/5 | 4.9/5 | |||
| Google Play Rating | 4.6/5 | 4.3/5 | |||
| BBB Rating | A+ | A+ | |||
Comparative Historical APY Insights (Last 9 Months)
| Axos Bank | Discover Bank | ||||
|---|---|---|---|---|---|
| Product | High Yield Savings | Summit Savings | Axos ONE | vs | Online Savings Account |
| Latest APY | 0.61 % | 4.00 % | 4.51 % | 3.40 % | |
| Trend | Sideways | Sideways | Falling | Sideways | |
| Slope (bps/mo) | 0.0 | 0.0 | -5.2 | -3.9 | |
| Rate Changes / Mo | 0.00 | 0.00 | 0.34 | 0.45 | |
| Days Since Last Change | 266 | 107 | 12 | 15 | |
| High (-9 m) | 0.61 % | 4.00 % | 4.86 % | 3.75 % | |
| Low (-9 m) | 0.61 % | 4.00 % | 4.46 % | 3.40 % | |
| Draw-down from High | 0.0 % | 0.0 % | -7.2 % | -9.3 % | |
| Volatility (CV) | 0.000 | 0.000 | 0.031 | 0.029 | |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 9 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 (-9 m)
- Highest APY in the last 266 days.
- Low (-9 m)
- Lowest APY in the last 266 days.
- Draw-down from High
- How far today sits below the 9-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.
More Comparisons
Compare Axos Bank's APY of 4.51% with other banks
| Bank Pair | Competitor APY | Min Deposit |
|---|---|---|
| Axos Bank vs Ally Bank | 3.40% | $0 |
| Axos Bank vs American Express | 3.50% | $0 |
| Axos Bank vs Bank of America | 0.01% | $100 |
| Axos Bank vs Barclays | 4.10% | $0 |
| Axos Bank vs BrioDirect | 4.20% | $5,000 |
| Axos Bank vs Capital One | 3.40% | $0 |
| Axos Bank vs Chase Bank | 0.01% | $0 |
| Axos Bank vs Chime | 3.75% | $0 |
| Axos Bank vs CIT Bank | 3.85% | $100 |
| Axos Bank vs Elevault | 4.34% | $0 |
| Axos Bank vs EverBank | 4.05% | $0 |
| Axos Bank vs Fitness Bank | 4.75% | $100 |
| Axos Bank vs FVCbank | 4.10% | $500 |
| Axos Bank vs GO2bank | 4.50% | $0 |
| Axos Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Axos Bank vs Neighbors Bank | 4.50% | $0 |
| Axos Bank vs Newtek Bank | 4.35% | $0 |
| Axos Bank vs Peak Bank | 4.20% | $100 |
| Axos Bank vs Pibank | 4.60% | $0 |
| Axos Bank vs Presidential Bank | 4.50% | $5,000 |
| Axos Bank vs Santander Bank | 0.01% | $25 |
| Axos Bank vs SoFi Bank | 4.50% | $0 |
| Axos Bank vs Synchrony Bank | 3.80% | $0 |
| Axos Bank vs TIMBR | 4.40% | $1,000 |
| Axos Bank vs Varo Bank | 5.00% | $0 |
| Axos Bank vs Wells Fargo | 0.05% | $25 |
| Axos Bank vs Zynlo Bank | 4.20% | $10 |