Introducing "This Week on Reddit," a weekly series that addresses significant banking inquiries from redditors. Every week, our editors pick an engaging user question for analysis. Discover why online banks are favored by individuals seeking a straightforward banking experience with competitive rates and minimal fees. Online banks operate with reduced costs, passed on to customers due to the absence of physical branches.

In the prevailing low-interest rate climate, securing a bank offering a fee-less high-interest savings account with additional advantages is crucial. With a myriad of choices available, selecting the best bank for your savings can be perplexing. Among the standout online banks renowned for their high-yield savings accounts are American Express (Amex) and Discover. A Reddit user seeks guidance on determining the superior option between these two.

Comparing the annual percentage yield (APY) is pivotal when evaluating savings account alternatives as it dictates the growth of your balance over time. Discover and Amex presently offer matching APY on their high-yield savings accounts, rendering them akin concerning their key features. Both banks extend a competitive interest rate at 3.7% APY, surpassing the national average rate significantly. Noteworthy is Discover's sign-up bonus offer up to $200 for first-time savings customers, contingent on meeting specific deposit requirements and entering a designated code.

In essence, the difference between these two accounts is trifling, making either an apt choice for your savings. Delve into factors like the bank's app rating, customer service, and auxiliary services before deciding on a bank. While Amex and Discover offer commendable high-yield savings accounts, numerous banking institutions proffer comparable or superior rates alongside beneficial features. Explore various high-yield savings account options to make an informed decision tailored to your preferences.