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 BankSynchrony Bank
ProductOnline Savings AccountvsHigh Yield Savings
APY
3.60% (as of 6/20/2025)3.80% (as of 6/20/2025)
Bundled Account
NoNo
FDIC-insured
YesYes
Online OnlyYesYes
Compound Frequency
DailyDaily
Minimum Deposit$0$0
Minimum Balance for APY$0$0
Maintenance Fee$0$0
Direct Deposit Required
NoNo
Visit BankOnline Savings AccountHigh Yield Savings
App Store Rating4.9/54.8/5
Google Play Rating4.3/54.6/5
BBB RatingA+Not Rated

Comparative Historical APY Insights (Last 5 Months)

Discover BankSynchrony Bank
ProductOnline Savings AccountvsHigh Yield Savings
Latest APY3.60 %3.80 %
TrendSidewaysSideways
Slope (bps/mo)-4.0-3.7
Rate Changes / Mo0.400.40
Days Since Last Change6018
High (-5 m)3.75 %4.10 %
Low (-5 m)3.60 %3.80 %
Draw-down from High-4.0 %-7.3 %
Volatility (CV)0.0170.019
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 Details

Synchrony 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 Details

After 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
Compare Synchrony Bank's APY of 3.80% with other banks