Axos Bank vs Discover Bank
High-Yield Savings Accounts Comparison

Last Updated: June 20, 2025

Summary of Axos Bank vs. Discover Bank

As of June 20, 2025 Axos Bank offers an APY of 4.66% for its Axos ONE account, compared to Discover Bank's 3.60% APY for its Online Savings Account account.

Axos Bank yields $106 more than Discover Bank on a $10,000 balance after one year. Axos Bank pays $466, while Discover Bank pays $360 - an APY advantage for Axos Bank.

In addition, Axos Bank also offers 0.61% APY for the High Yield Savings account.

Axos Bank

Strengths

  • Axos ONE offers a high APY of 4.66%, significantly higher than Discover's 3.60%.
  • Axos Bank has an A+ BBB rating and is BBB Accredited.
  • Axos Bank has a higher App Store rating of 4.7 compared to Discover's 4.9.

Potential Drawbacks

  • Axos ONE requires a minimum average daily balance of $1,500 to earn the highest APY.
  • Axos Bank has no branches, limiting in-person banking options.
  • Axos Bank has a lower Google Play rating of 4.4 compared to Discover's 4.3.

Discover Bank

Strengths

  • Discover Bank's Online Savings Account has no minimum balance requirement for its APY.
  • Discover Bank has a higher App Store rating of 4.9.
  • The Online Savings Account at Discover offers a consistent APY of 3.60%.

Potential Drawbacks

  • Discover Bank's APY of 3.60% is lower than Axos ONE's 4.66%.
  • Discover Bank has no branches, limiting in-person banking options.
  • Discover Bank has a lower Google Play rating of 4.3 compared to Axos's 4.4.
Summary: Axos Bank offers a higher APY of 4.66% with the Axos ONE account, but requires a $1,500 balance. Discover Bank's Online Savings Account provides a steady 3.60% APY with no balance requirement. Both banks are BBB Accredited with A+ ratings, but Axos has a slightly lower App Store rating. Both lack physical branches, which may affect customer preferences.

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

Axos BankDiscover Bank
ProductAxos ONEHigh Yield SavingsvsOnline Savings Account
APY
4.66% (as of 6/20/2025)0.61% (as of 6/20/2025)3.60% (as of 6/20/2025)
Bundled Account
YesNoNo
FDIC-insured
YesYesYes
Online OnlyYesYesYes
Compound Frequency
DailyDailyDaily
Minimum Deposit$0$0$0
Minimum Balance for APY$0$0$0
Maintenance Fee$0$0$0
Direct Deposit Required
Yes. Min. $1,500/month to ONE Checking.NoNo
NoteThis APY is only available in the Axos ONE savings and checking bundle. Must maintain $1,500 on avg. daily balance in ONE Checking for APY.N/AN/A
Visit BankAxos ONEHigh 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 5 Months)

Axos BankDiscover Bank
ProductHigh Yield SavingsAxos ONEvsOnline Savings Account
Latest APY0.61 %4.66 %3.60 %
TrendSidewaysFallingSideways
Slope (bps/mo)-0.0-5.9-4.0
Rate Changes / Mo0.000.200.40
Days Since Last Change1508261
High (-5 m)0.61 %4.86 %3.75 %
Low (-5 m)0.61 %4.66 %3.60 %
Draw-down from High0.0 %-4.1 %-4.0 %
Volatility (CV)0.0000.0210.017
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 151 days.
Low (-5 m)
Lowest APY in the last 151 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 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: 3.60%

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 Details

After 1 year Axos Bank would earn you $10.6 more than Discover Bank.

More Comparisons

Compare Axos Bank's APY of 4.66% with other banks
Compare Discover Bank's APY of 3.60% with other banks