Axos Bank vs Discover Bank
High-Yield Savings Accounts Comparison

Last Updated: July 16, 2025

Summary of Axos Bank vs. Discover Bank

As of July 16, 2025 Axos Bank offers an APY of 4.66% for its Axos ONE account, compared to Discover Bank's 3.50% APY for its Online Savings Account account.

Axos Bank yields $116 more than Discover Bank on a $10,000 balance after one year. Axos Bank pays $466, while Discover Bank pays $350 - an APY advantage for Axos Bank.

In addition, Axos Bank also offers 4.00% APY for the Summit Savings account.

Axos Bank

Strengths

  • Axos Bank offers a higher APY of 4.66% compared to Discover Bank's 3.50%.
  • Axos Bank has no maintenance fees for any accounts.
  • Axos Bank has a higher App Store rating of 4.7.

Potential Drawbacks

  • Axos Bank's high APY requires direct deposit or qualifying deposits.
  • Axos Bank has a lower Google Play rating of 4.4 compared to Discover Bank.
  • Axos Bank offers multiple accounts, but only the ONE account has a competitive APY.

Discover Bank

Strengths

  • Discover Bank has a higher Google Play rating of 4.3.
  • Discover Bank's Online Savings Account has no direct deposit requirement.
  • Discover Bank's APY was 3.60% 30 days ago, indicating a slight decrease.

Potential Drawbacks

  • Discover Bank's current APY is lower at 3.50% compared to Axos Bank.
  • Discover Bank has a lower App Store rating of 4.9 compared to Axos Bank.
  • Discover Bank only offers one savings account with a lower APY.
Summary: Axos Bank provides a significantly higher APY of 4.66% for its ONE account, but requires direct deposit or qualifying deposits. In contrast, Discover Bank's Online Savings Account has a lower APY of 3.50% but does not impose a direct deposit requirement. Both banks are BBB accredited with A+ ratings, though Axos Bank has a slight edge in App Store ratings, while Discover Bank performs slightly better on Google Play.

Compare Axos Bank's vs Discover Bank's Savings Accounts

Axos BankDiscover Bank
ProductAxos ONESummit SavingsHigh Yield SavingsvsOnline Savings Account
APY
4.66% (as of 7/16/2025)4.00% (as of 7/16/2025)0.61% (as of 7/16/2025)3.50% (as of 7/15/2025)
Bundled Account
YesNoNoNo
FDIC-insured
YesYesYesYes
Online OnlyYesYesYesYes
Compound Frequency
DailyDailyDailyDaily
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.NoNoNo
NoteThis 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.N/AN/AN/A
Visit BankAxos ONESummit SavingsHigh Yield SavingsOnline Savings Account
App Store Rating4.7/54.9/5
Google Play Rating4.4/54.3/5
BBB RatingA+A+

Comparative Historical APY Insights (Last 6 Months)

Axos BankDiscover Bank
ProductHigh Yield SavingsSummit SavingsAxos ONEvsOnline Savings Account
Latest APY0.61 %4.00 %4.66 %3.50 %
TrendSidewaysSidewaysSidewaysSideways
Slope (bps/mo)-0.00.0-4.9-4.5
Rate Changes / Mo0.000.000.170.51
Days Since Last Change1751610620
High (-6 m)0.61 %4.00 %4.86 %3.75 %
Low (-6 m)0.61 %4.00 %4.66 %3.50 %
Draw-down from High0.0 %0.0 %-4.1 %-6.7 %
Volatility (CV)0.0000.0000.0210.022
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 Axos Bank vs Discover Bank

All calculations are based on APY.

Axos Bank

APY: 4.66%

Total savings breakdown:

  • Interest earned: $46.6 (4.45%)
  • Total contributions: $0 (0.00%)
  • Initial deposit: $1,000 (95.55%)

Your total balance

$1,046.60

Effective APY: 4.66% (based on your deposit and contributions)

Total balance: $1,046.6

Earnings: $46.6

Bank Details

Discover 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 Details

After 1 year Axos Bank would earn you $11.6 more than Discover Bank.

More Comparisons

Compare Axos Bank's APY of 4.66% with other banks
Compare Discover Bank's APY of 3.50% with other banks