Discover Bank vs Synchrony Bank
High-Yield Savings Accounts Comparison
Last Updated: June 20, 2025
Summary of Discover Bank vs. Synchrony Bank
As of June 20, 2025 Discover Bank offers an APY of 3.60% for its Online Savings Account account, compared to Synchrony Bank's 3.80% APY for its High Yield Savings account.
Synchrony Bank yields $20 more than Discover Bank on a $10,000 balance after one year. Discover Bank pays $360, while Synchrony Bank pays $380 - an APY advantage for Synchrony Bank.
Discover Bank
Strengths
- Discover Bank has a strong BBB rating of A+ and is BBB Accredited.
- Discover Bank has no minimum balance requirement for its Online Savings Account.
- Discover Bank's App Store rating is high at 4.9.
Potential Drawbacks
- Discover Bank's current APY is lower than Synchrony Bank's at 3.60%.
- Discover Bank does not have any branches.
Synchrony Bank
Strengths
- Synchrony Bank offers a higher current APY of 3.80%.
- Synchrony Bank has a better Google Play rating at 4.6.
Potential Drawbacks
- Synchrony Bank is not rated by the BBB.
- Synchrony Bank's App Store rating is lower at 4.8.
Summary: Discover Bank offers a strong BBB rating and a high App Store rating, but its APY is lower than Synchrony Bank's. Synchrony Bank provides a higher APY and a better Google Play rating, but lacks BBB accreditation. Both banks have no branches and no maintenance fees, making them competitive online savings options.
Compare Discover Bank's vs Synchrony Bank's Savings Accounts
| Discover Bank | Synchrony Bank | ||
|---|---|---|---|
| Product | Online Savings Account | vs | High Yield Savings |
| APY | 3.60% (as of 6/20/2025) | 3.80% (as of 6/20/2025) | |
| Bundled Account | No | No | |
| FDIC-insured | Yes | Yes | |
| Online Only | Yes | Yes | |
| Compound Frequency | Daily | Daily | |
| Minimum Deposit | $0 | $0 | |
| Minimum Balance for APY | $0 | $0 | |
| Maintenance Fee | $0 | $0 | |
| Direct Deposit Required | No | No | |
| Visit Bank | Online Savings Account | High Yield Savings | |
| App Store Rating | 4.9/5 | 4.8/5 | |
| Google Play Rating | 4.3/5 | 4.6/5 | |
| BBB Rating | A+ | Not Rated |
Comparative Historical APY Insights (Last 5 Months)
| Discover Bank | Synchrony Bank | ||
|---|---|---|---|
| Product | Online Savings Account | vs | High Yield Savings |
| Latest APY | 3.60 % | 3.80 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.0 | -3.7 | |
| Rate Changes / Mo | 0.40 | 0.40 | |
| Days Since Last Change | 60 | 18 | |
| High (-5 m) | 3.75 % | 4.10 % | |
| Low (-5 m) | 3.60 % | 3.80 % | |
| Draw-down from High | -4.0 % | -7.3 % | |
| Volatility (CV) | 0.017 | 0.019 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 5 months (regression slope).
- Slope (bps/mo)
- Average monthly change; 10 bps = 0.10 pp.
- Rate Changes / Mo
- Typical number of APY moves per month.
- Days Since Last Change
- Recency of the latest APY adjustment.
- High (-5 m)
- Highest APY in the last 150 days.
- Low (-5 m)
- Lowest APY in the last 150 days.
- Draw-down from High
- How far today sits below the 5-month peak.
- Volatility (CV)
- Coefficient of variation = stdev ÷ mean.
Why Track Savings-Account APYs?
- See how quickly a bank reacts to Fed moves or competition.
- Gauge “twitchiness” - frequent moves can annoy savers.
- Spot if you're buying near a peak (draw-down) or riding a rise.
- Slope (bps/mo) shows speed of change.
- Volatility (CV) scales jumps by average level.
Calculate Savings Growth for Discover Bank vs Synchrony Bank
All calculations are based on APY.
Discover Bank
APY: 3.60%
Total savings breakdown:
- Interest earned: $36 (3.47%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.53%)
Your total balance
$1,036.00
Effective APY: 3.60% (based on your deposit and contributions)
Total balance: $1,036
Earnings: $36
Bank DetailsSynchrony Bank
APY: 3.80%
Total savings breakdown:
- Interest earned: $38 (3.66%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.34%)
Your total balance
$1,038.00
Effective APY: 3.80% (based on your deposit and contributions)
Total balance: $1,038
Earnings: $38
Bank DetailsAfter 1 year Discover Bank would earn you $2 less than Synchrony Bank.
More Comparisons
Compare Discover Bank's APY of 3.60% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Discover Bank vs Ally Bank | 3.50% | $0 |
| Discover Bank vs American Express | 3.60% | $0 |
| Discover Bank vs Axos Bank | 4.66% | $0 |
| Discover Bank vs Bank of America | 0.01% | $100 |
| Discover Bank vs Barclays | 4.10% | $0 |
| Discover Bank vs Capital One | 3.60% | $0 |
| Discover Bank vs Chase Bank | 0.01% | $0 |
| Discover Bank vs Chime | 3.75% | $0 |
| Discover Bank vs CIT Bank | 4.00% | $100 |
| Discover Bank vs Fitness Bank | 5.00% | $100 |
| Discover Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Discover Bank vs SoFi Bank | 3.80% | $0 |
| Discover Bank vs Varo Bank | 5.00% | $0 |
Compare Synchrony Bank's APY of 3.80% with other banks
| Bank Pair | Best APY | Min Deposit |
|---|---|---|
| Synchrony Bank vs Ally Bank | 3.50% | $0 |
| Synchrony Bank vs American Express | 3.60% | $0 |
| Synchrony Bank vs Axos Bank | 4.66% | $0 |
| Synchrony Bank vs Bank of America | 0.01% | $100 |
| Synchrony Bank vs Barclays | 4.10% | $0 |
| Synchrony Bank vs Capital One | 3.60% | $0 |
| Synchrony Bank vs Chase Bank | 0.01% | $0 |
| Synchrony Bank vs Chime | 3.75% | $0 |
| Synchrony Bank vs CIT Bank | 4.00% | $100 |
| Synchrony Bank vs Fitness Bank | 5.00% | $100 |
| Synchrony Bank vs Marcus by Goldman Sachs | 3.65% | $0 |
| Synchrony Bank vs SoFi Bank | 3.80% | $0 |
| Synchrony Bank vs Varo Bank | 5.00% | $0 |