Headquartered in Stamford, Connecticut, Synchrony Bank is an online-only bank that provides low-cost financial products with highly competitive interest rates. Synchrony offers certificates of deposit (CDs), savings accounts, money market accounts (MMAs), credit cards, and more.
All rates and fees are current as of March 15, 2024, and are subject to change.
Synchrony
| Savings accounts: | No minimum balance required |
| Money market accounts: | Earn up to 2.25% APY |
| CD Rates: | Earn up to 5.15% APY |
Pros
- Competitive deposit rates
- No minimum deposit requirements
- ATM fee reimbursem*nt
Cons
- No physical branches
- No checking account
- Can’t deposit cash
Synchrony Bank is a good choice for those who are primarily interested in maximizing their savings through high-yield deposit products, such as savings accounts, CDs, and money market accounts. These customers should also prefer managing their finances online, given Synchrony’s focus on digital banking and lack of physical branches.
Synchrony may not be the best fit for those seeking a full range of banking services, including checking accounts and loans, or for those who prefer in-person banking interactions. Additionally, people who deal with cash transactions frequently might find the online-centric model of Synchrony limiting since the bank doesn’t allow cash deposits at ATMs and mobile check deposits are limited to $2,000.
Synchrony Bank rates and products
Synchrony doesn’t currently offer a checking account, but it has a high-yield savings account option, money market accounts (MMAs), and several CDs.
| Savings account | Up to 4.75% APY |
| Money market account | Up to 2.25% APY |
| Certificates of deposit | 0.25% to 4.90% APY |
High-yield savings account
The high-yield savings account from Synchrony Bank boasts a competitive 4.75% APY with no minimum deposit or minimum balance requirement and no monthly fees.
This account also provides an optional ATM card for surcharge-free access to cash at any ATM displaying the Plus or Accel logos. Synchrony Bank refunds domestic ATM fees charged by other financial institutions up to $5 per statement cycle. Customers with Diamond status in the Perks Rewards program receive unlimited ATM fee refunds each statement cycle.
Interest is compounded daily and credited monthly on the statement date. Although there isn’t a minimum balance requirement, your account may be subject to closure if it has a $0 balance for more than 60 days.
Synchrony savings account features
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| Top APY | 4.75% |
Synchrony Bank savings rates compared to current top rates*
While Synchrony Bank is a great option, there are some institutions that offer higher interest rates. Compare the rates above to this list of competitors:
Money market accounts
Synchrony Bank’s MMA provides a competitive 2.25% APY with no minimum balance requirement and no fees. It offers check-writing privileges and an optional ATM card. Interest is compounded daily and credited monthly on the statement date.
Synchrony money market account features
| Minimum opening deposit | $0 |
| Monthly fees | $0 |
| Top APY | 2.25% |
Certificates of deposit
Synchrony Bank offers many types of CDs to help customers earn more on their savings. Synchrony has some of the best CD rates available today. It also offers individual retirement account (IRA) CDs.
Note that if you tap into the funds before your CD’s maturity date, you’ll likely be subject to an early withdrawal fee.
Synchrony CD features
| Minimum opening deposit | $0 |
| Available term lengths | 3 months to 5 years |
| Top APY | 4.90% (9-month term) |
Other services Synchrony Bank offers
Synchrony Bank’s other products and services include:
- Credit cards and financing options: Synchrony offers a variety of credit products, including retail credit cards, Synchrony Mastercards, Synchrony HOME, Synchrony Car Care, Synchrony Outdoors, and CareCredit® for various needs including automotive, electronics and appliances, health and wellness, and more.
- Business services: The bank provides financing solutions, partner tools, and insights for both large retailers and small businesses. It offers customized financing programs, promotional financing, and co-branded credit products.
- Online banking: As an online bank, Synchrony offers both online and mobile banking for customers. Its app is available for download on the Apple App Store and Google Play and has a 4.5-star rating on both digital storefronts.
The Synchrony Bank platform and customer support
For customers who need assistance, Synchrony offers 24/7 automated telephone service. If you need human assistance, you can speak to a customer service representative Monday through Friday from 8 a.m. to 10 p.m. Eastern time as well as Saturday and Sunday from 8 a.m. to 5 p.m. ET. Note: IRA and Trust teams are not available on weekends.
You can also reach Synchrony via secure email and live chat.
Is Synchrony Bank secure?
Synchrony Bank's deposit accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of $250,000 per depositor, per account ownership category. This insurance protects your money in the unlikely event of a bank failure.
Synchrony also uses advanced security tools and practices to protect customer information and accounts when they bank online or through the mobile app. These include encryption, two-factor authentication (2FA), and automatic logout after periods of inactivity. Additionally, the bank monitors transactions for potential fraud and alerts customers to suspicious activity on their accounts.
Synchrony user reviews
Synchrony Bank holds an A+ rating from the Better Business Bureau (BBB), although it’s not a BBB-accredited business. Despite this high rating, it's important to note that the bank has received a considerable number of complaints through the BBB platform, with more than 7,000 posted within the past three years. The feedback mainly revolves around credit card and billing issues, with customers expressing both positive and negative experiences regarding their interactions with the bank and its handling of their accounts.
Compare Synchrony alternatives
 Synchrony |  Milli Bank |  TAB Bank |
|---|---|---|
| Savings APY | Savings APY | Savings APY |
| 4.75% | 4.75% | 5.27% |
| Savings account monthly fee | Savings account monthly fee | Savings account monthly fee |
| None | None | None |
| Checking APY | Checking APY | Checking APY |
| N/A | N/A | 0.10% |
| Checking account monthly fee | Checking account monthly fee | Checking account monthly fee |
| N/A | N/A | $8 |
| Learn more | Learn more | Learn more |
| View offer | Read Milli Bank Review | Read TAB Bank review |
Is Synchrony right for you?
With competitive APYs on savings accounts, CDs, and MMAs, Synchrony Bank is a strong choice for savers looking to maximize their interest earnings. These accounts come with no minimum balance requirements and no monthly service fees, making them especially cost-effective for savers. Given that Synchrony is an online-only bank, it’s a good fit for customers who prefer managing their finances digitally without the need for physical branch access.
Frequently asked questions
Is Synchrony Bank an online-only bank?
Yes, Synchrony is an online-only bank and doesn’t have physical branches.
Is Synchrony Bank FDIC-insured?
Yes, Synchrony Bank is a member of the FDIC and deposits made into your Synchrony Bank account are insured up to $250,000 per depositor, per ownership category.
Does Synchrony Bank use Zelle?
Synchrony Bank customers can send and receive money via Zelle within the bank’s mobile app.
