Amex vs Discover Savings 2026: Which HYSA Wins?

No. As of 2026, Discover's own savings page redirects directly to Capital One's savings product page — Discover is no longer accepting new savings applications, and Discover's deposit accounts are moving to Capital One as part of Capital One's acquisition of Discover (source: capitalone.com/updates/discover/savings/). American Express High Yield Savings remains open to new applicants. See our Best High-Yield Savings Accounts 2026 roundup for currently-open accounts.

Both are no-fee, no-minimum online savings accounts from established issuers, and their APYs track closely (rates move with the Federal Reserve — check each bank's current published rate). Discover pairs savings with a broader online-banking ecosystem including a checking account and debit/ATM access; American Express savings is more standalone. For savings plus everyday banking, Discover; for a clean parking spot tied to your Amex relationship, Amex. Both are FDIC-insured to $250,000 per depositor.

No — neither charges a monthly maintenance fee, and neither requires a minimum opening deposit or ongoing balance. You earn the same APY on every dollar. Watch only for standard federal limits on certain withdrawal types and each bank's transfer timelines.

Both rely on ACH transfers to and from a linked external account, typically 1–3 business days. Discover's own checking account lets you move savings to spendable funds and use ATMs within its ecosystem; the Amex savings account is transfer-only. For faster everyday access, Discover's ecosystem has the edge.

No — neither American Express High Yield Savings nor Discover Online Savings requires an existing credit card relationship to open. Both are available to any eligible U.S. applicant. Having an existing account with either issuer may simplify linking (unified login, faster ACH verification), but the savings accounts compete on rate regardless of existing credit relationships. You can open either account as a standalone product with no other products at that institution.

Each account is insured separately. American Express National Bank is the FDIC-member bank behind Amex High Yield Savings; Discover Bank is the FDIC-member bank behind Discover Online Savings. FDIC insurance covers deposits up to $250,000 per depositor, per insured bank, per ownership category (fdic.gov). Holding accounts at both means you can protect up to $250,000 at each institution — $500,000 total across the two — under standard individual ownership coverage.

Discover Online Savings historically supported joint accounts, but Discover is no longer accepting new savings applications, so this is no longer a live option. American Express High Yield Savings does not offer joint account ownership; it is available as an individual-owner account only. If a joint high-yield savings account is a requirement, look at a bank that's currently open to new applicants and confirm joint-account support directly — Ally and Capital One 360 Performance Savings both support joint ownership. Source: FDIC at fdic.gov.

American Express National Bank offers CDs in multiple terms (typically 6 months to 5 years) with no minimum deposit and remains open to new applicants. Discover Bank historically offered CDs with terms from 3 months to 10 years, but Discover is no longer accepting new CD applications — its CD product has also moved to Capital One. Verify Amex's current CD terms, minimums, and penalty schedules at americanexpress.com/personalsavings.

Federal Regulation D historically limited certain savings-account withdrawals to six per month, but the Federal Reserve removed that mandatory cap in 2020 (federalreserve.gov). However, individual banks may still impose their own withdrawal-frequency limits and charge excessive-transaction fees beyond a published threshold. Discover Online Savings and American Express High Yield Savings each publish their own policies — review the deposit account agreement at each issuer before relying on unlimited withdrawals. ACH transfers count as withdrawals; in-person and ATM transactions (where applicable) are handled differently.

Both banks run a soft inquiry on ChexSystems (a deposit-account history bureau, separate from the three credit bureaus) at savings-account application — this checks for prior account closures for cause, unpaid overdrafts, or banking fraud. Neither bank performs a hard credit inquiry to open a deposit savings account, so opening does not affect your FICO score. Identity verification through Social Security number and government ID is also required to comply with Bank Secrecy Act and Customer Identification Program rules (fdic.gov). A clean ChexSystems record is the practical gating factor for online-bank account opening.

Both banks typically allow you to fund a newly opened account immediately by ACH transfer from an external bank — initial deposits usually post within 1–5 business days depending on the funding source. Once the initial deposit clears, you can transfer funds out via ACH back to a linked external account in 1–3 business days. Neither account issues a debit card on the savings product itself (debit access is available only through Discover's separate cashback debit checking account), so the practical access method is always ACH transfer to a linked checking account. Source: Discover Bank and American Express National Bank deposit account disclosures.