Synchrony Bank Review: Standout Online Bank With the Right Perks

Synchrony Bank is known as the name behind many popular retailer credit cards, but many people don't realize it's an FDIC-member national bank as well. Synchrony Bank is home to several bank account offerings, including high-yield savings accounts, CDs, and money market accounts. Keep reading our in-depth Synchrony Bank review to find out if it's the right bank for you.

If you need a safe place to keep your emergency fund or sinking fund, a Synchrony Bank High Yield Savings account might be right for you.

Synchrony Bank High Yield Savings account

Synchrony Bank High Yield Savings offers an APY that is competitive with many of the top savings accounts we've come across, and there's no minimum balance required to open an account, or to earn the highest interest tier. This FDIC-insured savings account has no monthly service fees.

Funds are accessible via electronic and wire transfers. If you opt to receive an ATM card, Synchrony won't charge you ATM fees. Customers can stay on top of their funds online or via Synchrony's mobile app.

CDs typically reward you with higher rates if you keep your money in the bank for a set amount of time. Synchrony Bank CD rates are highly competitive and the bank offers a range of term lengths.

Synchrony Online CD

Synchrony Online CDs come in a wide array of terms, ranging from three months to five years. Rates vary depending on term length, and Synchrony Bank CD rates are competitive with most other online banks on our radar at most CD terms.

There is no minimum deposit required to open a Synchrony Online CD. With no deposit requirements and no fees, Synchrony Online CDs could be a good option for people interested in building a CD ladder strategy.

Synchrony Bump-Up CDs

If you're concerned that interest rates might rise within the next couple of years, the Synchrony Bump-Up CD might be a good fit for you. This CD only comes in 24-month term lengths. It offers a competitive APY (although lower than a standard CD of the same term length), but account holders can request a one-time rate increase if Synchrony's advertised yield on its bump-up CD rises during your term.

Synchrony No-Penalty CDs

If you want a guaranteed APY for a certain period, but don't like the idea that you have to leave your money on deposit, Synchrony's No-Penalty CD could be a good fit. These CDs come in 11-month terms, and account holders can withdraw the entire balance (including any earned interest) at any time after the first six days of opening and funding the account.

Synchrony Bank offers competitive CD rates but isn't the only high-yield CD to consider. Check out some select picks below to see how Synchrony Bank stacks up.

Synchrony Bank doesn't offer a checking account, so if you're looking for one, you'll have to consider other banks. Browse our list of best checking accounts to find one that works for you.

Customers can access Synchrony Bank's customer service via phone and chat support. Synchrony Bank has an A+ rating from the Better Business Bureau. However, the bank has some room to improve, based on its below-average score in the J.D. Power 2023 U.S. Direct Banking Satisfaction Study.

If you're looking for reviews on Synchrony, be aware that its ratings aren't as cut and dry as they look. Most of the complaints found online relate to Synchrony's credit card services, rather than its personal banking division.

Some traditional banks offer relationship benefits to reward loyal customers for having multiple accounts or using other services like mortgage loans. Popular relationship benefits include fee waivers or higher APYs on deposit accounts.

As an online bank, Synchrony Bank is already able to offer customers the best possible rates.

There is no requirement to open multiple accounts to earn a higher rate, and Synchrony Bank doesn't charge monthly fees on any of its deposit accounts.

Discover® Bank

Better known for its credit cards, Discover® Bank is also a highly rated online bank with high-yield deposit accounts and a strong lineup of banking products. The Discover® Cashback Debit account earns on everyday purchases, just like a cash back credit card, and is unique among checking accounts.

SoFi

If you want to open a checking and savings account with the same online institution, and generally want to keep all of your finances in one place, SoFi could be a good option for you. It offers an online interest-bearing checking account, a high-yield savings account, brokerage accounts, a variety of lending products, and more. One downside is that SoFi doesn't offer CDs to its customers.

Synchrony Bank is right for you if:

• You want a high savings account interest rate and no monthly fees.
• You are interested in CDs of up to five years.
• You want to boost your retirement fund with IRA CDs and MMAs.

Our bank and credit union methodology

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

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