Is Amex or Discover’s Savings better?

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Online banks are popular among those who want a simple and comfortable banking experience with competitive prices and low fees. Why? Banks online You have less general costs due to the lack of brick branches and mortar shells, which means that they can pass these savings to customers.

Especially in the interesting interest rate environment today, finding a bank providing a high interest account without any fees-and we hope that there will be a few additional privileges-is necessary. But with the availability of many options, it may be difficult to choose the best bank for your savings.

Famous banks on the Internet highlighting high -yield savings accounts are American Express (AmeX) and Discover. So which is better? This is what Reddit user wants to know.

User called EXIOREAL_KEY_3881 on Redditors to share their ideas about the best savings account: AmeX or Discover.

JP95060 user suggested selecting the account at the highest rate. “Then you earn money on your money,” they wrote.

Another user with the handle Investor100 He agreed that the original poster must choose an account with the highest rate and perhaps even look at the banks that are also provided by registration bonuses.

In general, the general advice of commentators suggested that the original poster choose the account at the highest rate to gain the greatest benefit on their balance over time.

When your options are weight to calculate savings, comparison The annual percentage of return (APY) is a great place to start. After all, APY determines how much your savings account balance over time. The higher the APY, the more you can reach your savings goals.

Discover and AmeX currently offers the same APY at the expense of high -yield savings. In fact, bank accounts are almost identical when comparing their main features. Here is a closer look at the details of each account:

3.7 % APY, both banks offer a competitive interest rate of more than nine times The national savings account rate From 0.41 %. However, it is not the highest rate available in general; Many other banks online 4 % APY and higher.

The savings account does not receive a monthly service fee or puts the minimum deposit of the opening or the minimum balance requirements. The benefit on both accounts is exacerbated daily and payment monthly.

However, one of the factors that distinguish these two savings is the registration reward. Discover currently introduces a file New account reward From up to $ 200 for savings customers for the first time. To qualify to get this reward, you must apply for the first Discover Online Saving account, enter the offer code (GBPE325), and deposit at least $ 15,000 to earn a $ 150 bonus or $ 25,000 to earn a $ 200 bonus.

Based on the amount you are looking for, this may be an easy way to give your new savings account an additional boost.

AmeX currently does not offer any new calculation rewards.

If you are looking for a new high -return savings account, then the difference between these two accounts is almost little, and one of them will be a suitable option for your revolutions. If you don’t have a Discover Saves account at all, you may want to take advantage of the rewards for this bank. Just make sure to read the beautiful print and make sure you understand how to qualify for the reward.

It is also logical to take into account other factors, such as the classification of mobile phone applications for each bank, customer support options, accounts and other services, to determine whether the bank itself is appropriate and provides all the bells and zeroes you are looking for.

Ultimately, savings calculation rates can fluctuate and fluctuate, so consider all the variables that interest you Cancer selection.

Finally, keep in mind that the high -yield savings accounts of AmeX and Discover are only two options among many. There are many other banks that offer similar or higher interest rates on their savings accounts, as well as other features that you may find useful. You can check our classification from 10 best high -yield savings accounts Today is available to learn more.