Welcome to This Week on Reddit, our weekly series that answers redditors’ biggest banking questions. Each week, our editors choose an interesting and relevant user question to examine. Read on for our expert analysis.

Online banks are popular among those who want a simple, convenient banking experience with competitive rates and low fees. Why? Online banks have lower overhead costs due to the lack of brick-and-mortar branches, which means they can pass those savings on to customers.

Especially in today’s falling interest rate environment, finding a bank that offers a high-interest savings account with no fees — and hopefully, a few extra perks — is essential. But with so many options available, it can be difficult to choose the best bank for your savings.

Two popular online banks that stand out for their high-yield savings accounts are American Express (Amex) and Discover. So which one is better? That’s what one Reddit user would like to know.

User Educational_Key_3881 called on redditors to share their thoughts on which savings account is better: Amex or Discover.

User Jp95060 suggested choosing the account with the highest rate. “Then you make money on your money,” they wrote.

Another user with the handle investor100 agreed that the original poster should choose an account with the highest rate and maybe even look into which banks also offer sign-up bonuses.

Overall, the general advice from commenters suggested the original poster choose the account with the highest rate to earn the most interest on their balance over time.

When weighing your options for a savings account, comparing annual percentage yield (APY) is a great place to start. After all, the APY determines how much your savings account balance will grow over time. The higher the APY, the faster you can reach your savings goals.

Discover and Amex currently offer the same APY on their high-yield savings account. In fact, the banks’ accounts are nearly identical when comparing their key features. Here’s a closer look at each account’s details:

At 3.7% APY, both banks offer a competitive interest rate that’s more than nine times the national average savings account rate of 0.41%. However, it’s not the highest rate available in general; several other online banks offer savings account rates of 4% APY and higher.

Neither savings account charges a monthly service fee or poses a minimum opening deposit or minimum balance requirement. Interest on both accounts is compounded daily and paid monthly.

However, one factor that differentiates these two savings accounts is the sign-up bonus. Discover is currently offering a new account bonus of up to $200 for first-time savings customers. To qualify for this bonus, you must apply for your first Discover Online Savings Account, enter the offer code (GBPE325), and deposit at least $15,000 to earn a $150 Bonus or $25,000 to earn the maximum bonus of $200.

Depending on how much you’re looking to save, this could be an easy way to give your new savings account an extra boost.

Amex is not currently offering any new account bonuses.

If you’re looking for a new high-yield savings account, the difference between these two accounts is negligible, and either one would be a suitable choice for your savings. If you’ve never had a Discover savings account, you may want to take advantage of this bank’s bonus offer. Just be sure to read the fine print and ensure you understand how to qualify for the bonus.

It also makes sense to consider other factors, such as each bank’s mobile app rating and capabilities, customer support options, and other accounts and services, to determine whether the bank itself is a good fit and offers all the bells and whistles you’re looking for.

Ultimately, savings account rates can and will fluctuate, so consider all of the variables that matter to you when choosing a bank.

Finally, keep in mind that the high-yield savings accounts from Amex and Discover are just two options out of many. There are plenty of other banks offering similar or even higher interest rates on their savings accounts, plus other features you might find beneficial. You can check out our ranking of the 10 best high-yield savings accounts available today to learn more.