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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.

 Discover Bank
 Learn MoreVisit Site
 

Synchrony Bank

Discover Bank

SPECIAL OFFER
High Yield Savings - 1.70% APY - Learn More

Read Synchrony Bank Review

SPECIAL OFFER
Discover Online Savings - $200 Cash Bonus - Learn More

Read Discover Bank Review

 

Benefits and Features

Savings1.70% 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
1.60% APY
CD0.75% to 2.15% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open.0.35% to 2.20% APY. Terms of 3 months to 10 years. 12-month CD APY of 2.00%. Minimum deposit of $2,500 to open.
Checking Earn 1% cashback on up to $3,000 in debit card purchases each month
Money Market1.20% APY. No monthly service fee and no minimum deposit.1.45% APY under $100,000; 1.50% APY $100,000 or more. $2,500 minimum deposit.
Customer ServiceMon-Fri 7am - 12am (ET); Sat-Sun 8am - 5pm (ET)
24/7
ATMsAny ATMs with Plus or Accel logos
Over 60,000 no-fee ATMs
IRA CD0.75% to 2.15% APY. Terms of 3 months to 5 years. Minimum deposit of $2,000 to open.12-month CD APY of 2.00%. 24-month CD APY of 2.05%. 5-year CD APY of 2.10%.
IRA Money Market1.20% APY. 
Locations
Online Only
Online Only
 

CreditDonkey® Reviews

 Discover Bank
Savings
Money Market
Customer Service
Checking
Mobile App
Pros & ConsPros:
  • 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
Pros:
  • High yield
  • Cashback checking
  • 24/7 customer service
Cons:
  • No interest checking
  • $2,500 minimum deposit for CDs
Bottom LineGood online bank offering high interest rates... Read full reviewSolid online bank with high APY rates and good customer service... Read full review
 Learn MoreVisit Site

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 02/22/2020.

Discover Bank: Pricing information from published website as of 1/30/2020

Which is Better: Synchrony Bank or Discover Bank?

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

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


Articles on Synchrony Bank


Articles on Discover Bank


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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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