Synchrony Bank is an FDIC-insured online bank that provides highly competitive rates on its deposit accounts. And because it doesn’t operate brick-and-mortar branches, it passes its savings on to its more-than 72 million customers.
Synchrony Bank is best suited for customers looking for high-yield savings account options that might not be available with their current bank. In addition to high-yield savings accounts, Synchrony Bank offers money market accounts and several types of certificates of deposit, but it doesn’t offer checking accounts.
Synchrony Bank is an FDIC-insured online bank that provides highly competitive rates on its deposit accounts. And because it doesn’t operate brick-and-mortar branches, it passes its savings on to its more-than 72 million customers.
Synchrony Bank is best suited for customers looking for high-yield savings account options that might not be available with their current bank. In addition to high-yield savings accounts, Synchrony Bank offers money market accounts and several types of certificates of deposit, but it doesn’t offer checking accounts.
What we like
- Competitive APYs on deposit accounts
- Extended customer service hours provided via telephone and live chat
- Wide variety of CD accounts
What we don't like
- No cash deposits accepted
- No checking account
- No physical branches
Synchrony Bank products
Synchrony Bank offers a competitive yield on its high-yield savings account without charging fees for monthly maintenance, minimum balances or requiring a minimum deposit to open an account. The savings accounts come with optional ATM cards so you can access your funds at your convenience. What’s more, you can rebate out-of-network ATM fees for up to $5 per month. Synchrony Bank supports deposits via mobile check, ACH transfers, direct deposits and wire transfers from external banks.
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Savings Account Features
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| APY | 2.75% |
|---|---|
| Minimum balance | $0 |
| Monthly fee | $0 |
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Note: Annual percentage yields (APYs) shown are as of Oct. 26, 2022.
Pros
The highest APY offered applies to all balance tiers
No minimum deposit required to open account
No monthly maintenance fees
Cons
No cash deposits accepted
Low cap on monthly out-of-network ATM rebates
Synchrony Bank offers 13 types of certificates of deposit accounts including traditional CDs with terms from six months to five years, an 11-month no-penalty CD and a 24-month bump-up CD. There’s no minimum balance required to open either type of CD. Synchrony also offers an IRA CD that allows investors with qualified income to save pretax dollars intended to be used in retirement after age 59½.
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CD Account Features
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| 6-month CD APY | 3.00% |
|---|---|
| 1-year CD APY | 3.61% |
| 3-year CD APY | 4.01% |
| 5-year CD APY | 4.01% |
| No-penalty CD APY | 2.60% |
| Bump-up CD APY | 3.10% |
| Minimum balance | $0 |
| Early withdrawal fees | 90- to 365-day simple interest at current rate |
Pros
Competitive rates on all CD account terms
Wide variety of CD account types
No minimum deposit amount required to open an account
Cons
Early withdrawal fees can be more than other banks for longer-term CD accounts
Banking experience
Although Synchrony Bank doesn't have physical branches, its customers can manage their accounts online or through the mobile app, which has good ratings on the App Store and Google Play Store. It doesn't offer a wide variety of products, but the deposit accounts have consistently market-leading rates. Synchrony is a no-frills bank with solid banking products. Customer service offers extended hours via live chat and toll-free telephone assistance. An automated support line is available 24/7.
Overdraft fees
Synchrony Bank doesn't charge overdraft fees.
Customer service
Customer service is available through live chat, Twitter and a toll-free phone number: 866-226-5638. Customer service opens daily at 8 a.m. ET and offers extended hours -- until 10 p.m. ET during the week and 5 p.m. ET on the weekends.
