Discover Bank vs Synchrony Bank
High-Yield Savings Accounts Comparison
Last Updated: July 15, 2025
Summary of Discover Bank vs. Synchrony Bank
As of July 15, 2025 Discover Bank offers an APY of 3.50% for its Online Savings Account account, compared to Synchrony Bank's 3.80% APY for its High Yield Savings account.
Synchrony Bank yields $30 more than Discover Bank on a $10,000 balance after one year. Discover Bank pays $350, while Synchrony Bank pays $380 - an APY advantage for Synchrony Bank.
Discover Bank
Strengths
- Discover Bank has an A+ BBB rating, indicating strong trustworthiness.
- Discover Bank's Online Savings Account has no direct deposit requirement.
- Discover Bank's App Store rating is 4.9, higher than Synchrony Bank.
Potential Drawbacks
- Discover Bank's current APY is 3.50%, down from 3.60% last month.
- Discover Bank has no branches, limiting in-person support.
- Discover Bank's Google Play rating is 4.3, lower than Synchrony Bank.
Synchrony Bank
Strengths
- Synchrony Bank offers a higher APY of 3.80%, stable over the last month.
- Synchrony Bank's Google Play rating is 4.6, higher than Discover Bank.
- Synchrony Bank has no maintenance fees for its High Yield Savings account.
Potential Drawbacks
- Synchrony Bank has no BBB rating, which may raise trust concerns.
- Synchrony Bank has no branches, limiting in-person support.
- Synchrony Bank's App Store rating is 4.8, slightly lower than Discover Bank.
Summary: Discover Bank offers a competitive APY of 3.50% but has seen a decrease from last month, while Synchrony Bank provides a higher APY of 3.80% with no change. Discover Bank boasts an A+ BBB rating, enhancing trust, whereas Synchrony Bank lacks a BBB rating. Both banks are online-only with no branch presence, but Discover Bank has a higher App Store rating, while Synchrony Bank excels in Google Play ratings.
Compare Discover Bank's vs Synchrony Bank's Savings Accounts
| Discover Bank | Synchrony Bank | ||
|---|---|---|---|
| Product | Online Savings Account | vs | High Yield Savings |
| APY | 3.50% (as of 7/15/2025) | 3.80% (as of 7/15/2025) | |
| 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 6 Months)
| Discover Bank | Synchrony Bank | ||
|---|---|---|---|
| Product | Online Savings Account | vs | High Yield Savings |
| Latest APY | 3.50 % | 3.80 % | |
| Trend | Sideways | Sideways | |
| Slope (bps/mo) | -4.5 | -4.6 | |
| Rate Changes / Mo | 0.52 | 0.34 | |
| Days Since Last Change | 19 | 42 | |
| High (-6 m) | 3.75 % | 4.10 % | |
| Low (-6 m) | 3.50 % | 3.80 % | |
| Draw-down from High | -6.7 % | -7.3 % | |
| Volatility (CV) | 0.022 | 0.024 |
APY Insights Glossary
- Latest APY
- Most recent advertised annual-percentage yield.
- Trend
- Direction over the last 6 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 (-6 m)
- Highest APY in the last 174 days.
- Low (-6 m)
- Lowest APY in the last 174 days.
- Draw-down from High
- How far today sits below the 6-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: 3.50%
Total savings breakdown:
- Interest earned: $35 (3.38%)
- Total contributions: $0 (0.00%)
- Initial deposit: $1,000 (96.62%)
Your total balance
$1,035.00
Effective APY: 3.50% (based on your deposit and contributions)
Total balance: $1,035
Earnings: $35
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 $3 less than Synchrony Bank.
More Comparisons
Compare Discover Bank's APY of 3.50% 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 | 3.50% | $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 Presidential Bank | 4.50% | $5,000 |
| Discover Bank vs SoFi Bank | 3.80% | $0 |
| Discover Bank vs Varo Bank | 5.00% | $0 |
| Discover Bank vs Wells Fargo | 2.51% | $25 |
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 | 3.50% | $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 Presidential Bank | 4.50% | $5,000 |
| Synchrony Bank vs SoFi Bank | 3.80% | $0 |
| Synchrony Bank vs Varo Bank | 5.00% | $0 |
| Synchrony Bank vs Wells Fargo | 2.51% | $25 |