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Discover Bank vs Synchrony Bank

Discover Bank is a solid online bank with high APY rates and good customer service. How does it compare to Synchrony Bank? Read our comparison chart below.

Discover Bank offers some of the highest interest rates on the market. CDs go up to 10-year terms and have a minimum deposit of $2,500. In addition, Discover offers checkback checking. There are no service fees.

While Synchrony Bank offers high interest savings with an ATM card for easy withdrawals. There is no minimum deposit. Their CDs require a $2,000 minimum deposit to open. There are no service fees for any products.

Compare Discover Bank with Synchrony Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

 Discover Bank
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Discover Bank

Synchrony Bank

SPECIAL OFFER
Online Savings Account - Earn 2.00% APY - Learn More

Read Discover Bank Review

SPECIAL OFFER
High Yield Savings - Learn More

Read Synchrony Bank Review

 

Benefits and Features

Savings2.00% APY. No fees and no minimum deposit.2.15% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle
CD0.35% to 2.70% APY. Terms of 3 months to 10 years. 12-month CD APY of 2.40%. Minimum deposit of $2,500 to open.0.75% to 2.65% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open.
CheckingEarn 1% cashback on up to $3,000 in debit card purchases each month. No fees and no minimum deposit. 
Money Market1.85% APY under $100,000; 1.90% APY $100,000 or more. No fees. $2,500 minimum deposit.1.20% APY. No monthly service fee and no minimum deposit.
Customer Service
24/7
Mon-Fri 7am - 12am (ET); Sat-Sun 8am - 5pm (ET)
ATMs
Over 60,000 no-fee ATMs
Any ATMs with Plus or Accel logos
IRA CD12-month CD APY of 2.40%. 24-month CD APY of 2.45%. 5-year CD APY of 2.50%.0.75% to 2.65% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open.
IRA Money Market 1.20% APY.
Locations
Online Only
Online Only
 

CreditDonkey® Reviews

 Discover Bank
Savings
Checking
Money Market
Customer Service
Mobile App
Pros & ConsPros:
  • High yield
  • Cashback checking
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Pros:
  • Savings with ATM card
  • High APY
  • All balance tiers receive same rate
Cons:
  • No checking account
  • $2,000 minimum deposit for CDs
  • Limited customer service hours
Bottom LineSolid online bank with high APY rates and good customer service... Read full reviewGood online bank offering high interest rates... Read full review
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What Others View

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Discover Bank: Pricing information from published website as of 07/18/2019

Synchrony Bank: Pricing information from published website as of 08/16/2019.

Which is Better: Discover Bank or Synchrony Bank?

Still need help deciding which bank is better? Read the in-depth reviews below. You may also be interested in comparing Discover Bank or Chase.

In short: Discover Bank's money market and customer service are outstanding.


Articles on Discover Bank


Articles on Synchrony Bank

    Synchrony Bank Review

    Synchrony offers some of the highest savings and CD rates. But there are downsides. Read this review before you open an account.

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