Banking » Compare Banks » CD Rates Full Comparison: Synchrony vs. Discover
Advertiser Disclosure This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval. This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

CD Rates Full Comparison: Synchrony vs. Discover

Synchrony Bank offers better CD rates than Discover for most terms. Compare CD rates, minimum deposit, and early withdrawal fees.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Table Of Content

When it comes to saving money, certificates of deposit (CDs) can be a great option for individuals who are looking to earn a fixed rate of interest while keeping their funds safe. However, with so many banks and financial institutions offering CDs, it can be challenging to determine which option is the best fit for you.

In this article, we'll compare two popular banks, Synchrony Bank and Discover, and take a closer look at their CD rates, early withdrawal fees, and terms. Here's a general CD comparison:

Synchrony Bank CDs
Discover Bank CDs
CD Range
2.05% – 5.15%
2.00% – 4.70%
Minimum Deposit
$0
$2,500
Early Withdrawal penalty
90 – 365 days of interest
3 – 24 months of interest
Terms
3 months – 5 year
3 – 120 months

Synchrony vs. Discover CD Rates: Which Is Best?

The table compares the CD rates offered by Discover and Synchrony Bank for various terms.

Both institutions offer the same APY for most terms, while in a couple of specific terms  – Synchrony offers a slightly higher rate than Discover.

CD Term
Synchrony APY
Discover Bank APY
3 Months
0.25%
2.00%
6 Months
5.15%
4.25%
9 Months
4.90%
4.25%
12 Months
4.80%
4.70%
18 Months
4.50%
4.40%
24 Months
4.20%
4.00%
30 Months
N/A
3.75%
36 Months
4.15%
3.75%
48 Months
4.00%
3.75%
60 Months
4.00%
3.75%
120 Months
N/A
3.75%
Synchrony no penalty cd
Synchrony no penalty CD (Screenshot from synchronybank.com ,rates are not updated)

Only Synchrony Bank Offers No Penalty CD

When it comes to no penalty CD, there is a clear winner. Actually, Discover doesn't offer a no-penalty CD at all. 

That being said, Synchrony still offers a competitive rate on no-penalty CD, which can be a great option if there is any chance you'll need money before maturity.

Synchrony Bank
Discover Bank
11 Months
0.25%
N/A

Sign Up for

Our Newsletter

Join our community for the latest attractive savings rate changes ,expert insights, and member-only perks

Which Is Better If You Need An Early Withdrawal?

The early withdrawal penalty is designed to compensate the institution for the loss of interest and administrative costs associated with the early withdrawal, and vary depending on the institution and the length of time remaining until the maturity date.

The penalties for the different terms are almost the same for both banks, as shown in the table below, and there is no clear winner. However, for the very long terms, Discover is a better option with slightly lower penalties compared to Synchrony.

CD Term
Synchrony Bank
Discover Bank
3 Months
90 days of interest
3 months of interest
6 Months
90 days of interest
3 months of interest
9 Months
90 days of interest
3 months of interest
12 Months
90 days of interest
6 months of interest
18 Months
180 days of interest
6 months of interest
24 Months
180 days of interest
6 months of interest
30 Months
N/A
6 months of interest
36 Months
180 days of interest
6 months of interest
48 Months
365 days of interest
6 months of interest
60 Months
365 days of interest
18 months of interest
120 Months
N/A
24 months of interest

Do Synchrony And Discover Offer Alternatives to CDs?

A savings account typically offers easier access to funds with no penalty for early withdrawal, so it can be a good alternative to CDs. However, the interest rates for savings accounts are typically lower than CD rates, especially for longer-term CDs.

Synchrony High Yield Savings
Discover Online Savings
Savings Rate
4.75%
4.25%
Minimum Deposit
$0
$0
Fees
$0
$0
Promotion
None
$150 – $200 Minimum deposit of $15,000 / $25,000, expired on 03/14/2024

The Synchrony High Yield Savings account offers several features for savers including high rates, no minimum balance requirements, free ATM access, no maintenance fees, multiple withdrawal methods, and a savings goal calculator.

The account provides a high-yield interest rate. Additionally, the account has no minimum balance requirements and no maintenance fees, making it accessible and cost-effective for savers. 

Synchrony High Yield Savings options
(Screenshot taken by our team from Synchrony Bank app)

On the other hand, Discover Bank online savings account offers competitive high rates over 5 times the national savings rate, with no minimum balance or initial deposit requirements, and no monthly maintenance fees.

The account also has minimal fees and provides access to 24/7 customer support. Discover Bank mobile app allows for easy account management and the account also offers automatic saver options for regular transfers from your Discover checking account.

The Smart Investor CDs Comparison Methodology

In our comprehensive certificate of deposit (CD) comparison, The Smart Investor team meticulously evaluated various CDs across four key categories to assist you in selecting the most suitable option for your savings goals.

  • CD Rates: We thoroughly examined the interest rates offered by each CD, considering their competitiveness in the market. Higher rates typically translate to greater returns on your investment over the CD's term. Additionally, we scrutinized any special promotional rates or conditions that might affect the overall value of the CD.
  • CD Features: This category focuses on the unique features and terms associated with each CD. We assessed factors such as minimum deposit requirements, early withdrawal penalties, and the availability of flexible terms. Additionally, we considered any additional perks like interest compounding frequency or options for automatic renewal.
  • Customer Experience: A positive customer experience is crucial in banking, and we evaluated each institution's performance in this regard. We looked into aspects such as the ease of opening a CD, the quality of customer service, and the availability of support channels. Reviews from reputable sources such as Trustpilot and JD Power rankings were also considered to gauge overall user satisfaction.
  • Bank Reputation: The reputation of the bank is a significant factor in the decision-making process. We examined the bank's financial stability, regulatory compliance, and public perception to assess its overall trustworthiness and reliability as a CD provider.

Compare Synchrony CDs

Synchrony and Marcus offer high CD rates, including no penalty CD. How they compare when it comes to termss and early withdrawal penalty?

Synchrony vs Marcus: Which Offers Better CD Rates?

Synchrony Bank offers higher CD rates than Citibank on most terms. Compare CD rates, minimum deposit and early withdrawal fees.

CD Rate Battle: Comparing Synchrony Bank vs. Citibank

Synchrony Bank and Ally CDs offer competitive rates, including no penalty CDs. Which one is the winner? Check out our full comparison.

Comparing CD Rates: Synchrony and Ally Head-to-Head

Compare Discover Certificate Of Deposit (CDs)

You can get competitive rates with both Ally and Discover CDs. Compare rates, minimum deposits, and early withdrawal penalties.

Ally vs Discover: Which Offers Better CD Rates?

Discover the best CD rates Marcus and Discover offer with our comprehensive comparison, including early withdrawal penalty.

Marcus vs Discover: Which Offers Better CD Rates?

Synchrony Bank offers better CD rates than Discover for most terms. Compare CD rates, minimum deposit, and early withdrawal fees.

Comparing CD Rates: Capital One vs. Discover Side By Side

Compare CD Rates

Picture of Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Search
Best CD Rates
Top Offers From Our Partners

UpgradeLogo

Savings Rate: 5.21% APY
Minimum Deposit:
$0
 
CIT-Bank-Logo
Savings Rate: 5.00% APY
Minimum Deposit:
$5,000
Quontic bank logo
Savings Rate: 4.50% APY
Minimum Deposit:
$100
 
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary address.

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 7/24/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 

Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

penfed personal loan

APY on Daily Balances
0.15% APY on daily balances of less than $20,000 or 0.35% APY on daily balances of $20,000 up to $50,000
Get paid up to 2 days early
Set up direct deposits and get your paycheck up to 2 days early

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

#1 In Banking

Our Newsletter

Get expert advice, insider tips, fresh banking promotions and rate changes on savings accounts and CDs

Banking Promotions & Latest Rate Updates

Our Banking Newsletter

Sign up for our newsletter and gain access to expert advice,
insider knowledge, and exclusive updates