Banking » Compare Banks » Discover Online Savings Account vs. American Express High Yield Savings Account
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Discover Online Savings Account vs. American Express High Yield Savings Account

Discover and American Express offer competitive savings rates and no monthly fees. Compare account features, benefits, and drawbacks.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

In today's digital age, more people are turning to online banking as a way to manage their finances. Discover Bank and American Express are two popular online banks that offer high-yield savings accounts with competitive interest rates, low fees, and advanced savings tools.

Choosing between these two banks can be challenging, as they each have their own set of features and limitations.

The Battle of Savings Rates: Discover vs Amex

Discover Online Savings
Amex High Yield Savings
Savings Rate
4.35%
4.35%
Minimum Deposit
$0
$0
Fees
$0
$0
Promotion
$150 – $200 Minimum deposit of $15,000 / $25,000, expired on 03/14/2024
None

Comparing Discover Online Savings and American Express High Yield Savings, both banks offer quite similar interest rate.

Both banks have no minimum deposit requirements and no monthly maintenance fees, making them accessible to a wide range of customers.

Overall, compared to other banks and credit unions, both banks offer competitive interest rates, making them great options for customers looking to maximize their savings.

Saving Account Features and Benefits: Comparison

Discover Online Savings
Amex High Yield Savings
No Minimum Balance Or Monthly Fees
No Minimum Deposit or Monthly Balance
24/7 US Based Customer Support
No Maintenance Fees
Excellent Mobile App
24/7 Support
Automatic Saver Options
Ease of Use

You won't pay any fees for incoming wire transfers, stop payment orders, insufficient funds, excessive withdrawals, expedited delivery or official bank checks.

Discover Bank offers 24/7 phone support that is 100% US-based.

Discover offers customers the option to set up regular transfers from their checking account to their savings account. This feature is particularly useful for those who want to maximize their returns and build their savings fund over time.

By scheduling regular transfers, customers can save more effectively and achieve their financial goals faster.

Open your account with as little as just one dollar. Earn the high APY regardless of your balance and access your money during emergencies.

No monthly maintenance fees or waiver criteria to eat into your savings.

Open your account in minutes and link multiple accounts for quick money transfers. Speak to a member of the American Express team at any time.

Top Offers From Our Partners

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Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.05% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Where They Can Improve?

Discover Online Savings
Amex High Yield Savings
No ATM Card
No ATM Access
No Physical Branches
No In-Person Support
No Cash Deposit
No Mobile Deposits

When comparing Discover Bank's online savings account with Amex's savings account, there are some notable differences. Discover Bank does not provide an ATM card, so you cannot withdraw cash from your account. Additionally, there are no physical branches for in-person support, and you cannot deposit cash into the account.

In contrast, Amex's savings account also lacks an ATM or debit card, and it does not support mobile deposits. Also, Transfers into the account take approximately two business days. While there is no in-person support available, 24/7 phone support is provided.

How to Start Saving: Step-by-Step Comparison

Opening Discover and Amex savings account can be done in 10 minutes, as long as you have the relevant documents:

To open an American Express High Yield Savings Account, visit their website and navigate to the High Yield Savings product page, click the “Apply Now” button, enter your personal details, fill out the application form, answer tax questions, confirm the account terms, and submit your application.

After completing the application, you'll receive an email from American Express confirming that your account is active and providing your account details. You can then log in and link accounts to set up transfers.

To open a Discover Bank Online Savings account, start by visiting the Discover Bank website and clicking on the “savings account” option.

Next, click the “Open Account” button to access the application page. If you're an existing customer, you can expedite the process by confirming your customer status. Otherwise, you'll need to fill out the required fields on the application page, including your full name, Social Security Number, and date of birth.

As a new customer, you will have to provide additional information such as your mailing address, phone number, email, and employment status. Once you submit your application, Discover will review it and notify you of the decision.

Compare Amex Savings Account

Compare CIT Bank Savings Connect and Amex Savings account rates, features, benefits, and limitations to determine which is the best for you.

CIT Bank Platinum Savings vs. American Express HYSA: Which Is Best?

Ally and Amex savings offers lucrative savings rates and many other benefits for savers. Here's our side by side savings account comparison.

Ally Bank Savings Account vs American Express High Yield Savings Account (HYSA)

Capital One and Amex savings rates are quite similar. However, each of them has its own benefits, features and tools. Here's our comparison: Capital One 360 Performance Savings vs. American Express HYSA

Compare Discover Savings

The Discover Online Savings and the Capital One 360 Performance Savings rates are similar. Compare account features, benefits and drawbacks.

Discover Online Savings Account vs Capital One 360 Performance Savings: Compare Side By Side

Discover and Ally offer online only savings accounts with several benefits, tools and sometimes even promotions. Here's our full comparison: Ally Bank Savings Account vs Discover Online Savings Account

There is no competition when it comes to savings rates – Discover wins Chase clearly. However, each of them has its own benefits and tools.

Chase Savings vs Discover Online Savings Account: Compare Side By Side

PNC offers higher savings rate than Discover, but the states are very limited. Here's our full savings account comparison: Discover Online Savings Account vs. PNC Standard Savings

How We Compare Savings Account: Methodology

The Smart Investor team has conducted a comprehensive comparison of savings accounts, analyzing each based on these critical categories to help you decide where to entrust your savings.

  • Savings Rates: The savings rates category delves into the interest rates offered by each account, assessing their competitiveness in the market. Higher interest rates mean greater returns on your savings over time, providing a crucial incentive for account holders to choose one account over another. Additionally, we explore any promotional rates or conditions that may affect the account's overall value.
  • Savings Features: We examine the features and benefits accompanying each savings account. From account minimums and fees to accessibility through online and mobile banking platforms, these features can significantly impact the convenience and utility of the account for account holders. We also consider perks like overdraft protection, automatic savings plans, and rewards programs.
  • Customer Experience: A positive customer experience is paramount in banking, and we evaluate each institution's performance in this area. This includes aspects such as the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction on platforms such as Trust Pilot and JD Power ranking.
  • Bank Reputation: The bank's reputation carries weight in the decision-making process. Factors such as financial stability, regulatory compliance, and public perception contribute to the overall trustworthiness and reliability of the institution.

Savings Accounts Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Best Savings Accounts
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.05% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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