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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 | 4.00% | 4.00% |
Minimum Deposit | $0 | $0 |
Fees | $0 | $0 |
Promotion | $150 – $200
Minimum deposit of $15,000 / $25,000, expired on 09/12/2024
| 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 |
- Minimal Fees
You won't pay any fees for incoming wire transfers, stop payment orders, insufficient funds, excessive withdrawals, expedited delivery or official bank checks.
- 24/7 US Based Customer Support
Discover Bank offers 24/7 phone support that is 100% US-based.
- Automatic Saver Options
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.
- No Minimum Deposit or Monthly Balance
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 Maintenance Fees
No monthly maintenance fees or waiver criteria to eat into your savings.
- Ease of Use
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
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.00% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.55% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
Advertiser Disclosure
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:
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American Express High Yield Savings
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.
-
Discover Bank Online Savings
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.
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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.
