Discover Bank vs Wells Fargo
High-Yield Savings Accounts Comparison

Last Updated: August 29, 2025

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Summary of Discover Bank vs. Wells Fargo

As of August 29, 2025 Discover Bank offers an APY of 3.50% for its Online Savings Account account, compared to Wells Fargo's 2.51% APY for its Platinum Savings account.

Discover Bank yields $345 more than Wells Fargo on a $10,000 balance after one year. Discover Bank pays $350, while Wells Fargo pays $5 (with an effective APY of 0.05%) - an APY advantage for Discover Bank.

In addition, Wells Fargo also offers 0.01% APY for the Way2Save Savings account.

Discover Bank

Strengths

  • Discover Bank offers a competitive APY of 3.50% for its Online Savings Account.
  • Discover Bank has an A+ BBB rating and is BBB Accredited.
  • Discover Bank charges no maintenance fees and has no minimum balance requirement.

Potential Drawbacks

  • Discover Bank has no physical branches.

Wells Fargo

Strengths

  • Wells Fargo has physical branches and ATMs in 36 states and Washington, D.C.
  • Wells Fargo's Platinum Savings offers a competitive APY of 2.51% for high balances.

Potential Drawbacks

  • Wells Fargo has a low BBB rating of F and is not BBB Accredited.
  • Wells Fargo's Platinum Savings requires a $1,000,000 balance for the highest APY.
Summary: Discover Bank offers a higher APY of 3.50% without minimum balance requirements and has a strong A+ BBB rating. In contrast, Wells Fargo provides branch access and a 2.51% APY for high balances but lacks BBB accreditation and has a low rating of F. Overall, Discover Bank may be more appealing for online savers seeking higher yields and better trustworthiness.

Compare Discover Bank's vs Wells Fargo's Savings Accounts

Discover BankWells Fargo
ProductOnline Savings AccountvsWay2Save SavingsPlatinum Savings
APY
3.50% (as of 8/29/2025)0.01% (as of 8/29/2025)0.05% - 2.51% (as of 8/29/2025)
Bundled Account
NoNoYes
FDIC-insured
YesYesYes
Online OnlyYesNoNo
Compound Frequency
DailyDailyDaily
Minimum Deposit$0$25$25
Minimum Balance for APY$0$0$1,000,000
Maintenance Fee$0$5. Waived under some circumstances.$12. Waived with $3,500 minimum daily balance.
Direct Deposit Required
NoNoNo
NoteThis is a tiered savings account where rates vary based on the balance. The 2.51% APY is available for balances of $1,000,000 or more, and 0.05% APY up to $99,999.99. These APYs require the account is linked to a Wells Fargo Premier checking account. See bank for more tiers and details.
App Store Rating4.9/54.9/5
Google Play Rating4.3/54.8/5
BBB RatingA+F

Comparative Historical APY Insights (Last 2 Months)

Discover BankWells Fargo
ProductOnline Savings AccountvsPlatinum SavingsWay2Save Savings
Latest APY3.50 %2.51 %0.01 %
TrendSidewaysSidewaysSideways
Slope (bps/mo)0.00.00.0
Rate Changes / Mo0.000.000.00
Days Since Last Change464646
High (-2 m)3.50 %2.51 %0.01 %
Low (-2 m)3.50 %2.51 %0.01 %
Draw-down from High0.0 %0.0 %0.0 %
Volatility (CV)0.0000.0000.000
APY Insights Glossary
Latest APY
Most recent advertised annual-percentage yield.
Trend
Direction over the last 2 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 (-2 m)
Highest APY in the last 47 days.
Low (-2 m)
Lowest APY in the last 47 days.
Draw-down from High
How far today sits below the 2-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 Discover Bank vs Wells Fargo

All calculations are based on APY.

Discover Bank

APY: 3.50%

Total savings breakdown:

  • Interest earned: $2,114.1 (10.51%)
  • Total contributions: $13,000 (64.63%)
  • Initial deposit: $5,000 (24.86%)

Your total balance

$20,114.10

Effective APY: 3.50% (based on your deposit and contributions)

Total balance: $20,114.1

Earnings: $2,114.1

Bank Overview

Wells Fargo

APY: 2.51%

⚠️The higher APY only applies once your balance reaches $1,000,000.

Total savings breakdown:

  • Interest earned: $28.6 (0.16%)
  • Total contributions: $13,000 (72.11%)
  • Initial deposit: $5,000 (27.73%)

Your total balance

$18,028.60

Effective APY: 0.05% (based on your deposit and contributions)

Total balance: $18,028.6

Earnings: $28.6

Bank Overview

With a $5,000 initial deposit and $13,000 in total contributions over 5 years, Discover Bank's total earnings would be $2,085.5 higher than Wells Fargo's total earnings.

The Banksparency Savings Calculator provides estimated savings growth based on user input and our latest data.

More Comparisons

Compare Discover Bank's APY of 3.50% with other banks
Compare Wells Fargo's APY of 2.51% with other banks