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. 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.
Learn More | Visit Site | |
Synchrony Bank | Discover Bank | |
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High Yield Savings - 4.50% APY - | Discover® Online Savings - $200 Cash Bonus - | |
Benefits and Features | ||
Savings | 4.50% 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 | 0.25% to 4.80% APY. Terms of 3 months to 5 years. No minimum deposit to open. | 2.00% to 4.10% APY depending on terms. $2,500 minimum |
Checking | Cashback Debit Account: 1% cash back on up to $3,000 in debit card purchases each month. See website for details | |
Money Market | 2.25% APY. No monthly service fee and no minimum deposit. | 3.90% APY under $100,000; 3.95% APY $100,000 or more. |
ATMs | Any ATMs with Plus or Accel logos | |
Customer Service | Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET) | |
IRA CD | 0.25% to 5.15% APY. Terms of 3 months to 5 years. No minimum deposit to open. | 9-month CD APY of 4.00%. 12-month CD APY of 4.10%. 18-month CD APY of 3.80%. 24-month CD APY of 3.60%. 5-year CD APY of 3.40%. |
IRA Money Market | 2.25% APY. | |
Locations | ||
CreditDonkey® Reviews | ||
Savings | ||
Money Market | ||
Customer Service | ||
Checking | ||
Mobile App | ||
Pros & Cons | Pros:
| 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... |
Learn More | Visit 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 09/28/2024. Discover Bank: Pricing information and data points from published website as of 09/25/2024. |
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Discover® Online Savings - $150 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Online Savings Account - Earn 4.10% APY
- No fees
- No minimum opening deposit
- No minimum balance required
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.