Discover Bank vs Wells Fargo
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of Discover Bank vs. Wells Fargo
As of July 15, 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.
Discover Bank
Strengths
- Discover Bank offers a higher APY of 3.50% compared to Wells Fargo's 2.51%.
- Discover Bank has an A+ BBB rating and is BBB Accredited.
- Discover Bank has no maintenance fees or minimum balance requirements.
Potential Drawbacks
- Discover Bank has no physical branches available.
- Discover Bank's APY decreased from 3.60% in the last 30 days.
- Discover Bank's App Store rating is lower than Wells Fargo's.
Wells Fargo
Strengths
- Wells Fargo has physical branches and ATMs in 36 states and Washington, D.C.
- Wells Fargo's App Store rating is 4.9, higher than Discover Bank's.
- Wells Fargo offers a tiered savings account with varying APYs.
Potential Drawbacks
- Wells Fargo has an F BBB rating and is not BBB Accredited.
- Wells Fargo's minimum balance requirement is $1,000,000 for the highest APY.
- Wells Fargo charges a $12 maintenance fee unless a $3,500 balance is maintained.
Summary: Discover Bank provides a significantly higher APY of 3.50% with no fees or minimum balance, while Wells Fargo's highest APY is 2.51% but requires a $1,000,000 balance. Discover Bank has no branches and a recent APY decrease, whereas Wells Fargo offers physical locations and a higher App Store rating but has an F BBB rating and maintenance fees. Overall, Discover Bank is more favorable for high-yield savings.
Compare Discover Bank's vs Wells Fargo's Savings Accounts
| Discover Bank | Wells Fargo | ||
|---|---|---|---|
| Product | Online Savings Account | vs | Platinum Savings |
| APY | 3.50% (as of 7/15/2025) | 0.05% - 2.51% (as of 7/16/2025) | |
| Bundled Account | No | Yes | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | No | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $25 | |
| Minimum Balance for APY | $0 | $1,000,000 | |
| Maintenance Fee | $0 | $12. Waived with $3,500 minimum daily balance. | |
| Direct Deposit Required | No | No | |
| Note | N/A | This 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. | |
| Visit Bank | Online Savings Account | Platinum Savings | |
| App Store Rating | 4.9/5 | 4.9/5 | |
| Google Play Rating | 4.3/5 | 4.8/5 | |
| BBB Rating | A+ | F |
No historical data available.
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: $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 DetailsWells Fargo
APY: 2.51%
Total savings breakdown:
- Interest earned: $25.1 (2.45%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (97.55%)
Your total balance
$1,025.10
Effective APY: 2.51% (based on your deposit and contributions)
Total balance: $1,025.1
Earnings: $25.1
Bank DetailsAfter 1 year Discover Bank would earn you $9.9 more than Wells Fargo.
More Comparisons
Compare Discover Bank's APY of 3.50% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Discover Bank vs Ally Bank | 3.50% | $0 |
| Discover Bank vs American Express | 3.60% | $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 | 3.50% | $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 Presidential Bank | 4.50% | $5,000 |
| Discover Bank vs SoFi Bank | 3.80% | $0 |
| Discover Bank vs Synchrony Bank | 3.80% | $0 |
| Discover Bank vs Varo Bank | 5.00% | $0 |
Compare Wells Fargo's APY of 2.51% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Wells Fargo vs Ally Bank | 3.50% | $0 |
| Wells Fargo vs American Express | 3.60% | $0 |
| Wells Fargo vs Axos Bank | 4.66% | $0 |
| Wells Fargo vs Bank of America | 0.01% | $100 |
| Wells Fargo vs Barclays | 4.10% | $0 |
| Wells Fargo vs Capital One | 3.50% | $0 |
| Wells Fargo vs Chase Bank | 0.01% | $0 |
| Wells Fargo vs Chime | 3.75% | $0 |
| Wells Fargo vs CIT Bank | 4.00% | $100 |
| Wells Fargo vs Fitness Bank | 5.00% | $100 |
| Wells Fargo vs Marcus by Goldman Sachs | 3.65% | $0 |
| Wells Fargo vs Presidential Bank | 4.50% | $5,000 |
| Wells Fargo vs SoFi Bank | 3.80% | $0 |
| Wells Fargo vs Synchrony Bank | 3.80% | $0 |
| Wells Fargo vs Varo Bank | 5.00% | $0 |