American Express vs Discover Savings, Compared
Discover and American Express get searched together, but they aren't really a two-way choice right now: Discover completed its merger into Capital One in May 2025 and stopped accepting new applications for its savings, checking, CD, and money-market products in late January 2026. Existing Discover deposit accounts are being converted to Capital One 360 products; a saver opening a new account today cannot open a Discover one. That leaves American Express as the account you can actually open — here's what it requires and what it doesn't.
Read this first: Discover completed its merger into Capital One in May 2025 and stopped accepting new applications for its savings, checking, CD, and money-market products in late January 2026. Existing Discover deposit accounts are being converted to Capital One 360 products; a saver opening a new account today cannot open a Discover one.
The comparison
What actually differs, sourced from each bank
Every figure below is a structural account term, checked against American Express's and Discover's own disclosures as of early August 2026 — not an APY. Rates change constantly and we don't yet publish named-institution rates (see the methodology); confirm the current rate directly with each bank before you decide.
American Express
Discover
FDIC entity
American Express National Bank
Discover Bank (merged into Capital One, N.A.)
Open to new applicants
Yes
No
Minimum to open
$0
N/A — not accepting new applications
Monthly fee
$0
$0 (existing accounts, pre-conversion)
To earn the top rate
Amex pays its published High Yield Savings rate to every balance, with no direct-deposit or activity requirement.
Not applicable to new savers — no new Discover savings account can be opened.
ATM / debit access
None — no ATM or debit card is issued on the account; every withdrawal is an ACH transfer to a linked external bank.
No ATM/debit card was offered on the Discover Online Savings account.
The catch on each
American Express
ACH-only access means a multi-day wait to reach cash — plan withdrawals ahead rather than treating this as a spending-adjacent account.
Discover
The account itself is disappearing — Discover's deposit business is being folded into Capital One, so a comparison against it is really a comparison against what Capital One 360 already offers.
On the rate itself
We don't publish American Express's or Discover's current APY — both change frequently and we don't yet have a sourced, dated feed for named-institution rates. What we do publish is the real, dated FDIC national-average benchmark, so you have a floor to check either bank's advertised rate against. See the high-yield savings guide for that benchmark and how to read an APY.
Next step
See how every savings option compares.
We don't open accounts or hold your money. We lay out the account terms against a published standard so you can decide with the fine print in plain sight, then take it to the bank that holds the account.
Compare savings accountsGet an email when American Express or Discover rates change.
We track both of these. We'll email you the moment either changes — no checking back.
Frequently asked
Can I still open a Discover savings account today?
Discover completed its merger into Capital One in May 2025 and stopped accepting new applications for its savings, checking, CD, and money-market products in late January 2026. Existing Discover deposit accounts are being converted to Capital One 360 products; a saver opening a new account today cannot open a Discover one. If you want a new account today, American Express is open to new applicants; if you already hold a Discover account, refer to Discover Bank (merged into Capital One, N.A.)'s own notices for what happens to your existing balance.
Are American Express and Discover both FDIC-insured?
Yes. American Express deposits are held by American Express National Bank; Discover deposits are held by Discover Bank (merged into Capital One, N.A.). Both are FDIC member institutions, insuring deposits up to $250,000 per depositor, per ownership category. The insurance comes from the bank through the FDIC, not from ClearValue Banking. Confirm current FDIC status at the FDIC's BankFind tool before you move money.
What's the minimum to open an account — American Express vs Discover?
American Express requires $0 to open and charges $0 in monthly fees. Discover requires N/A — not accepting new applications to open and charges $0 (existing accounts, pre-conversion) in monthly fees.
Does American Express or Discover require direct deposit to earn its top rate?
American Express: Amex pays its published High Yield Savings rate to every balance, with no direct-deposit or activity requirement. Discover: Not applicable to new savers — no new Discover savings account can be opened. Confirm current tiering directly with each bank before you decide — this changes without notice.
Can I get an ATM or debit card with American Express or Discover?
American Express: None — no ATM or debit card is issued on the account; every withdrawal is an ACH transfer to a linked external bank. Discover: No ATM/debit card was offered on the Discover Online Savings account.