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Synchrony Bank Review: Standout Online Bank With the Right Perks

Review Updated
Matt Frankel, CFP®
Cole Tretheway
By: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

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 and  Cole Tretheway
Cole Tretheway
Cole Tretheway

Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.

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Our Banking Experts

Nathan Alderman
Check IconFact Checked Nathan Alderman
Nathan Alderman
Nathan Alderman
Fact checker

Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.

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Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page. APY = Annual Percentage Yield. APYs are subject to change at any time without notice.
Award Icon 2024 Award Winner
Offer image for
Member FDIC.

Synchrony Bank

Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Bottom Line

Excellent APYs with no minimum balance requirements. Synchrony Bank has a range of products available, including savings accounts, CDs, and retirement accounts.

Pros
  • Competitive APYs
  • No savings account minimum balance
  • No monthly fees
  • ATM fee reimbursements
Cons
  • No checking account option
  • No physical branch locations

Our Synchrony Bank ratings

We gave Synchrony Bank a 4.50 out of 5 stars after evaluating annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

Synchrony Bank Accounts The Ascent's Star Rating (out of 5)
Synchrony Bank 4.50
Synchrony Bank High Yield Savings 4.50
Synchrony Money Market 4.00

  • 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.

    Learn more about how The Motley Fool Ascent rates bank accounts.

Savings accounts

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.

Rates as of Jun 28, 2024

Synchrony Bank High Yield Savings

Open Account for Synchrony Bank High Yield Savings
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.50 out of 5 stars.
4.50/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Open Account for Synchrony Bank High Yield Savings
APY
4.75% Rate info Circle with letter I in it. Our Disclosure: Annual Percentage Yields (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchronybank.com for current rates, terms and account requirements. Member FDIC
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee
  • ATM access
  • ATM fee reimbursement
  • FDIC Insured
  • No branch access; online only

The Synchrony Bank High Yield Savings account has no minimum deposit and offers one of the highest APYs on our radar. It not only provides an ATM card with access to your cash at tens of thousands of free ATMs, but Synchrony will even reimburse a certain amount of out-of-network ATM fees. With a top-rated app and no maintenance fees, the Synchrony High Yield Savings account could certainly be worth a look.

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Compare savings rates

Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.

Account APY Promotion Next Steps
up to 4.60%
Rate info Circle with letter I in it. You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
New customers can earn up to a $300 bonus with qualifying direct deposits!
4.25%
Rate info Circle with letter I in it. See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of April 11, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
N/A
4.25%
Rate info Circle with letter I in it. 4.25% annual percentage yield as of June 28, 2024
Min. to earn: $1
N/A

Certificates of deposit

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.

Rates as of June 7, 2024

APY = Annual Percentage Yield

Offer image for Synchrony Online CD
Synchrony Online CD
Bottom Line

Perhaps one of the lesser-known names on the list, Synchrony is a full-line bank with a 90-year history. Synchrony's CDs are notable for competitive rates at most term lengths, plus low or no minimum deposits.

MINIMUM DEPOSIT $0
Read Review
6 Mo. APY 9 Mo. APY 1 Yr. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
4.80% 5.10% 4.80% 4.50% 4.20% 4.15% 4.00% 4.00%

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. This perk comes at the expense of a good rate. The no-penalty rate is much lower than typical.

Compare CD rates

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.

Rates as of June 7, 2024
Bank & CD Offer APY Term Min. Deposit Next Steps
APY: 4.70% Term: 1 Year Min. Deposit:  $2,500
Open Account for Discover® Bank CD
APY: 5.25% Term: 1 Year Min. Deposit:  $1
Open Account for
APY: 5.10% Term: 9 Months Min. Deposit:  $1
Open Account for

Money market accounts

The Synchrony Money Market account combines checking and savings account features. It offers less interest than the Synchrony Bank savings account, but it lets you access checks.

Rates as of Jun 28, 2024

Synchrony Money Market

Read Review
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.00 out of 5 stars.
4.00/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Read Review
Monthly Fee
$0
Min. Balance
$0
APY
2.25%
Min. To Earn APY
$0
  • Competitive APY
  • No minimum deposit or balance
  • No monthly fees
  • ATM access with fee reimbursement
  • Checks available
  • Interest rates isn't as high as high-yield savings
  • Withdrawals can be limited
  • No debit card
  • No branch access

Simplicity is the name of the game with Synchrony Money Market. There's no minimum balance to earn the APY, account holders have checking and ATM capabilities, and the lack of nuisance fees means more money in your pocket.

Is Synchrony Bank FDIC insured?

Yes, Synchrony Bank is FDIC insured, meaning your money is protected up to $250,000 per depositor, per ownership category.

Customer experience

Synchrony Bank is an online-only bank. You can get help 24/7, but interactions will lack the human touch that comes from visiting bank branches in person.

Customer reviews

Synchrony Bank has some room to improve, based on its below-average score in the J.D. Power 2023 U.S. Direct Banking Satisfaction Study. Its reviews are poor. FYI, reviews in the 1-2 star range are fairly standard for big banks. But online banks sometimes score better.

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

  • Better Business Bureau rating: NR
  • Trustpilot rating: 1.7

Customer service

Customers can access Synchrony Bank's customer service via phone and chat support.

It offers automated telephone service 24/7, but offers live representatives Monday through Friday 8 a.m. to 10 p.m. ET, and on weekends from 8 a.m. to 5 p.m. ET.

Mobile app

Synchrony Bank's banking app scores high on both the App Store and the Google Play Store. It allows customers to transfer money, deposit checks, and more.

  • App Store rating: 4.8/5 stars
  • Google Play rating: 4.6/5 stars

Relationship benefits

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.

Alternatives to Synchrony Bank

Synchrony Bank offers great perks, but so do many competitors. Here are a couple alternatives that offer you great rates and low fees.

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.

Is Synchrony Bank right for you?

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.

FAQs

  • Synchrony Bank is an FDIC-member bank that offers a range of savings account products. It is best known for its cobranded credit card products, but it is very much a real bank.

  • Synchrony Bank is a safe place to put your money. Deposits are FDIC insured up to $250,000, just like brick-and-mortar banks.

  • Synchrony Bank can do wire transfers. It will cost you $25 to send a wire transfer unless you're Diamond status in Synchrony Bank's Perks Reward program.