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. 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	Synchrony Bank
	Member FDIC
	Visit Site	Learn More
	SPECIAL OFFER Online Savings Account - Earn 4.25% APY - Learn More Read Discover Bank Review	SPECIAL OFFER High Yield Savings - 4.75% APY - Learn More Read Synchrony Bank Review
	Benefits and Features
Savings	4.25% APY	4.75% 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
CD	2.00% to 4.70% APY depending on terms. $2,500 minimum	0.25% to 5.15% APY. Terms of 3 months to 5 years. No minimum deposit to open.
Checking	Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details
Money Market	4.00% APY under $100,000; 4.05% APY $100,000 or more. $2,500 minimum deposit.	2.25% APY. No monthly service fee and no minimum deposit.
ATMs	Over 60,000 no-fee ATMs	Any ATMs with Plus or Accel logos
Customer Service	24/7	Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET)
IRA CD	12-month CD APY of 4.70%. 18-month CD APY of 4.40%. 24-month CD APY of 4.00%. 5-year CD APY of 3.75%.	0.25% to 5.00% APY. Terms of 3 months to 5 years. No minimum deposit to open.
IRA Money Market		2.25% APY.
Locations	Online Only	Online Only
	CreditDonkey® Reviews

Savings
Checking
Money Market
Mobile App
Customer Service
Pros & Cons	Pros: High yield No fees 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 Limited customer service hours
Bottom Line	Solid online bank with high APY rates and good customer service... Read full review	Good online bank offering high interest rates... Read full review
	Visit Site	Learn More
	Online Savings Account - Earn 4.25% APY Online Checking Account - Earn Cash Back Discover® Cashback Checking – Up to $30/Month Cashback	High Yield Savings - 4.75% APY Money Market Certificate of Deposit
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 and data points from published website as of 04/09/2024. Synchrony Bank: Pricing information from published website as of 04/11/2024.

Member FDIC

Online Savings Account - Earn 4.25% APY

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No fees
No minimum opening deposit
No minimum balance required

Member FDIC

Online Checking Account - Earn Cash Back

1% cash back on up to $3,000 in debit card purchases each month. See website for details
No fees
Early Pay - Get your paycheck up to two days early with no charge
No credit impact - You can apply without affecting your credit score.
Access to over 60,000 no-fee ATMs in the U.S.

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Member FDIC

Discover® Cashback Checking – Up to $30/Month Cashback

Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.

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Which is Better: Discover Bank or Synchrony Bank?

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

In short: Discover Bank's customer service is outstanding.

Articles on Discover Bank

Discover Bank

Discover® Bank offers high interest rates on its online savings and CD accounts. But there are downsides. Here's what you need to know before you open an account.

Discover Savings Account Review

Make your money work with Discover® Bank high yield savings: high interest, no fees. Find out its benefits, drawbacks, and the easy way to open an account.