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The bottom line: Business Insider's personal finance team compared Synchrony Bank (Member FDIC) to the best online banks and decided it's a top option for savings accounts and CDs.
Synchrony has one of the best high-yield savings accounts out there and pays strong rates on CDs. It doesn't require minimum deposits for any of its accounts, or charge monthly fees. But it's not the best choice if you want to do all your banking with the same company because it doesn't have a checking account.
Synchrony Bank Overall Rating
| Feature | Personal Finance Insider rating (out of 5) |
| Savings | 4.75 |
| CD | 4.5 |
| No-penalty CD | 4.25 |
| Bump-up CD | 4.5 |
| Money market account | 4.75 |
| Trustworthiness | 4 |
| Total Rating | 4.5 |
Synchrony Bank Pros and Cons
| Pros | Cons |
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About Synchrony Bank
Synchrony Bank is an online-only institution best suited for people who prioritize finding strong bank accounts where they can save money.
The bank offers a high-yield savings account, a money market account, CDs, and credit cards. Synchrony doesn't offer a checking account. It does provide an ATM card with its savings and money market accounts, though, and you can use your card for free at any Plus or Accel ATM. Synchrony reimburses up to $5 per month in out-of-network ATM fees.
You can also use your ATM card to make purchases at stores by entering your ATM PIN.
Synchrony accounts are insured by the FDIC for up to $250,000, or $500,000 if you have a joint account. This means that even if Synchrony shuts down, your deposited money would be safe.
Is Synchrony Trustworthy?
The Better Business Bureau gives Synchrony an NR (No Rating) grade because it is in the process of responding to previously closed complaints. A strong BBB rating indicates the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.
Synchrony does have some recent controversies. In 2023, the bank was ordered to pay a settlement of $2.6 million; the lawsuit claimed that Synchrony called people about bank accounts they did not own. In 2021, Synchrony paid $3.5 million in a settlement when California residents said the bank was making an unreasonable number of phone calls to people who owed debt.
Synchrony Bank Interest Rates and Fees
Synchrony Bank Interest Rates on Savings Accounts, Money Market Accounts, and CDs
In general, Synchrony Bank's interest rates on savings accounts, money market accounts, and CDs are higher than average bank account interest rates. Average bank account interest rates take into account all types of banks, including brick-and-mortar banks, which tend to pay less on interest-earning bank accounts than online banks.
However, when you compare specific bank accounts to competition from the best online banks, you'll see some distinctions.
Synchrony's money market account rate isn't quite as high as rates on the best money market accounts — some online banks even have an APY that doubles Synchrony's account.
The bank's high-yield savings account and CD rates are still competitive if you compare them to options from top online banks, like Ally or Discover Bank. However, you might find some local financial institutions with 5% interest savings accounts or higher CD rates.
Even though Synchrony doesn't have the absolute highest rate on the market, you may prefer a national brand like Synchrony for other benefits, such as minimal fees or better customer support hours.
Synchrony Bank Fees and Charges
One of Synchrony Bank's strengths is its fee structure for its savings and money market accounts. These accounts do not charge monthly bank maintenance fees. Synchrony also does not charge out-of-network ATM fees and reimburses $5 per month in domestic ATM fees charged by other financial institutions.
Synchrony Digital and Mobile Banking
Synchrony Mobile App Features
Synchrony mobile banking is similar to apps from other national banks. You can contact customer support through live chat, make mobile check deposits, view your transaction history, open new bank accounts, and manage credit cards.
Synchrony's mobile app is rated 4.7 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Synchrony Online Banking Tools
You can access online banking through Synchrony's website, which will be the other primary method for managing bank accounts and credit cards. You can open new bank accounts, get customer support, and calculate potential interest earnings with savings and CD calculators.
Synchrony Bank Customer Service and Support
If you have questions, you can chat online with customer support. You'll initially be connected to a virtual assistant, and if the virtual assistant can't answer your query, you'll be transferred to a live assistant.
You can call an agent from 8 a.m. to 10 p.m. ET Monday through Friday or 8 a.m. to 5 p.m. ET Saturday and Sunday.
According to the J.D. Power 2024 U.S. Direct Banking Satisfaction Study, Synchrony Bank ranked below the segment average for overall customer satisfaction among online savings providers. Marcus and Ally Bank ranked the highest in this study.
Synchrony Bank FAQs
Synchrony has a variety of services for savers, including a high-yield savings account, a money market account, and CDs. The bank also offers cash-back credit cards and a credit card with no annual fees.
The Synchrony High Yield Savings Account pays 4.75% APY and the Synchrony Money Market Account pays 2.25% APY. Synchrony also has traditional CDs, IRA CDs, a no-penalty CD, and a bump-up CD. Standard and IRA Synchrony CDs pay 0.25% to 5.15% APY, the Synchrony No-Penalty CD pays 0.25% APY, and the Synchrony Bump-Up CD pays 3.60% APY.
You can contact Synchrony Bank customer service by live chat or phone.
The pros of banking with Synchrony include a top-tier high-yield savings account with a competitive interest rate and easy opening requirements, and a variety of CD terms and types. The cons of banking with Synchrony include no physical locations, no checking accounts, and limited services and products beyond banking.
Yes, Synchrony is a legitimate bank. It is a Member FDIC bank, so your deposits are insured for up to $250,000 per owner, per category.
Synchrony has received an average of 3.4 out of 5 stars from over 16,500 users on WalletHub, and 1.1 out of 5 stars from over 300 users on TrustPilot. This indicates that customers leaving reviews are moderately satisfied or below satisfied with Synchrony.
There was a class action lawsuit against Synchrony in early 2023, but it has now closed. The lawsuit claimed that Synchrony made calls to people about Synchrony accounts that did not exist. Synchrony was ordered to pay $2.6 million in the settlement.
Synchrony Bank Savings Account Review
Synchrony High Yield Savings Account
no monthly service fee
4.75%
$0
- Competitive APY
- Comes with an ATM card
- No required opening deposit or minimum account balance
- No monthly service fee
- No physical branch locations
- Only reimburses up to $5 of out-of-network ATM fees per month
With a high rate and no fees, the Synchrony High Yield Savings Account is a great option for savers. But if you want to open a checking account to do all of your banking at one place, you may want to consider one of the best online banks instead.
Synchrony High Yield Savings Account- Access your cash online, by phone or via ATM
- Manage your accounts from virtually anywhere in the Synchrony app
- No minimum balance
- Interest compounded daily, paid monthly
- FDIC insured
The Synchrony high-yield savings account is a great option for savers. It pays a competitive interest rate, has a $0 minimum opening deposit, and has no monthly service fee.
This account is unique because unlike most savings accounts, it comes with an ATM card, which gives you easy access to your savings. You can use it at an ATM or to make a purchase when you enter your PIN. This is especially important because Synchrony doesn't have a checking account, so the ATM card is a crucial way to withdraw savings if you need money quickly.
Synchrony Bank CDs Review
Synchrony Bank CDs
0.25% to 5.15%
$0
- Competitive APY
- Variety of term lengths
- No minimum deposit
- No terms over 5 years
- Standard-to-high early withdrawal penalties
Synchrony Bank pays some of the best CD rates for people who don't have much money to open an account, because it has a $0 minimum deposit. Synchrony Bank is also a good choice for people who want to work with a well-known bank, or who want to open multiple types of CDs. It has a no-penalty and bump-up CD, plus multiple terms for regular CDs — and they all pay competitive rates.
Synchrony Bank CD- Terms ranging from 3 months to 5 years
- Early withdrawal penalty of 90 days simple interest for terms of 12 months or less; 180 days simple interest for terms over 12 months but under 48 months; 365 days interest for terms of 48+ months
- When you're ready to cash out your CD, you must call Synchrony
- Interest compounded daily, paid monthly
- FDIC insured
Synchrony offers three types of CDs, and Synchrony CD rates are competitive across the board.
The Synchrony Bank CD has a variety of terms to choose from, paying 0.25% to 5.15% APY. The 11-month Synchrony No-Penalty CD pays 0.25% APY. The 24-month Synchrony Bump-Up CD pays 3.60% APY, and you have the option to increase your rate once during the term if the banks increases its rate on this certificate.
Synchrony Bank Money Market Review
Synchrony Money Market Account
no monthly service fee
2.25%
$0
K.A.
- No opening deposit or minimum account balance
- No monthly service fee
- Comes with an ATM card and paper checks
- No physical branch locations
- Earn a higher interest rate with other online banks
- Only reimburses $5/month in out-of-network ATM fees
Synchrony Bank's money market account stands out because it has paper checks and an ATM card, which give you easy access to your savings. But the interest rate is just so-so.
Synchrony Money Market Account- Access your cash online, by phone, or via ATM
- No opening deposit or minimum account balance
- Comes with a debit card and paper checks
The Synchrony Money Market Account has a $0 minimum deposit and no monthly service fee. It also comes with both paper checks and an ATM card, making it easy to access your money. Use the Plus or Access ATM networks for free, and Synchrony reimburses up to $5 per month if any out-of-network ATMs charge you a fee.
Synchrony Credit Cards Review
Synchrony Bank has two cash-back credit cards and another credit card with no annual fees. Other online banks like Capital One and American Express National Bank (Member FDIC) have more credit card options.
None of Synchrony's credit cards are among our picks for best credit cards.
How Synchrony Bank Compares
Synchrony vs. Ally Bank
Both Synchrony and Ally offer savings accounts, money market accounts, and CDs. Synchrony offers higher rates on CDs and savings accounts, while Ally has a higher interest rate on a money market account.
You might prefer Ally Bank if you want to do all your banking with one company, because unlike Synchrony, it has a checking account. It's easy to immediately transfer money from your Ally savings account to the checking account. With Synchrony, you'll either need to withdraw savings with your ATM card, or transfer money to an external checking account — the latter option could take up to a few business days.
Synchrony vs. Marcus Bank
Marcus only offers CDs and a high-yield savings account, so Synchrony will be the clear choice if you want a money market account. Neither bank has a checking account, though.
The two high-yield savings accounts are pretty comparable. You might prefer Synchrony if you want an ATM card attached to your savings account, but Marcus' account includes tools that let you see your monthly cash flow in the app.
Both banks have strong CDs, but Marcus CD rates are slightly higher overall.
Why You Should Trust Us: How We Reviewed Synchrony Bank
To review Synchrony's savings and money market accounts, we used our bank account methodology. To rate CDs, we used our certificate of deposit methodology. Each account receives a rating between 0 and 5.
We evaluate ethics, customer service, and mobile apps when rating every type of account. Other factors considered depend on the type of account we're reviewing. For example, we look at whether a money market account offers access to your funds with an ATM card, debit card, and/or paper checks. For CDs, we look at term variety and early withdrawal penalties.
