Synchrony Bank vs Discover Bank
Synchrony Bank is a good online bank offering high interest rates. How does it compare to Discover Bank? Read our comparison chart below.
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.
While 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.
Compare Synchrony Bank with Discover Bank, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.
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Synchrony Bank | Discover Bank | |
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High Yield Savings - 0.40% APY - | Online Savings Account - Earn 0.40% APY - | |
Benefits and Features | ||
Savings | 0.40% 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 | 0.15% to 0.80% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open. | 0.20% to 0.60% APY. Terms of 3 months to 10 years. 12-month CD APY of 0.50%. Minimum deposit of $2,500 to open. |
Checking | Earn 1% cashback on up to $3,000 in debit card purchases each month | |
Money Market | 0.35% APY. No monthly service fee and no minimum deposit. | 0.30% APY under $100,000; 0.35% APY $100,000 or more. $2,500 minimum deposit. |
Customer Service | Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET) | |
ATMs | Any ATMs with Plus or Accel logos | |
IRA CD | 0.15% to 0.80% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open. | 12-month CD APY of 0.50%. 24-month CD APY of 0.50%. 5-year CD APY of 0.60%. |
IRA Money Market | 0.35% APY. | |
Locations | ||
CreditDonkey® Reviews | ||
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Savings | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Money Market | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Customer Service | ![]() ![]() ![]() ![]() ![]() | ![]() ![]() ![]() ![]() ![]() |
Checking | ![]() ![]() ![]() ![]() ![]() | |
Mobile App | ![]() ![]() ![]() ![]() ![]() | |
Pros & Cons | Pros:
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Bottom Line | Good online bank offering high interest rates... | Solid online bank with high APY rates and good customer service... |
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Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Synchrony Bank: Pricing information from published website as of 4/17/2021. Discover Bank: Pricing information and data points from published website as of 01/28/2021 |
Which is Better: Synchrony Bank or Discover Bank?
Still need help deciding which bank reviews & deals is better? Read the in-depth reviews below. You may also be interested in comparing Synchrony Bank or Chase.
In short: Discover Bank's customer service is outstanding.