Synchrony Bank is an online-only bank offering high-yield savings, money market and CD accounts for consumers. It issues several credit cards as well, including dozens of co-branded credit cards.
In this review, we at the MarketWatch Guides team take a deep dive into the bank’s products and reputation to help you determine if it’s a good fit for your personal finance needs.
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*Annual Percentage Yield
**Accurate as of August 2024, assuming FDIC average savings rate of 0.46% and $2,500 deposit.
Our Synchrony Bank Ratings
We give Synchrony Bank 4.4 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. The bank scores highest for its CDs, savings account and overall experience and access.
Here’s how the company scores in each of our review categories:
| Overall Rating | 4.4 |
|---|---|
| Banking experience and access | 4.2 |
| Checking | N/A |
| Savings | 4.5 |
| Certificates of deposit (CDs) | 4.7 |
| Money market accounts (MMAs) | 3.8 |
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Our review team reached out to Synchrony Bank for comment on its money market account score. A representative responded but did not provide a statement.
Synchrony Bank vs. Other Top Banks
As an online-only bank, Synchrony can’t compete with legacy banks that have thousands of physical locations, and it doesn’t offer a checking account. But those seeking high-yield savings and CD accounts will find that Synchrony’s options are generally more competitive with some of the best bank offerings on the market.
Synchrony also has a wider ATM network than most of the traditional banks as account holders can take advantage of both the Accel and Plus ATM networks without incurring any fees from Synchrony. However, there may be fees charged by the ATM operator. Synchrony will reimburse up to $5 per month for any U.S. ATM fees.
| Synchrony Bank | Chase | Wells Fargo | Bank of America | |
|---|---|---|---|---|
| Our rating | 4.4 | 4 | 3.8 | 4 |
| Number of branch locations | Online only | 4,700 | 4,600 | 3,800 |
| Number of ATM locations | All Accel and Plus ATMs | More than 15,000 | 11,000 | 15,000 |
| Available deposit products | Savings, CDs, money market | Checking, savings, CDs | Checking, savings, CDs | Checking, savings, CDs |
| No-fee checking account option?* | N/A | Yes | Yes | Yes |
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Overview of Synchrony Bank: Pros and Cons
Synchrony Bank is a division of Synchrony Financial, a publicly traded financial services company. In addition to banking products, Synchrony offers credit cards, both its own and co-branded with retail partners, as well as payment plan programs for multiple major retailers. Synchrony is also a member of the Federal Deposit Insurance Corp. (FDIC).
Synchrony’s origins stretch back to 1932, when it was known as the General Electric Contracts Corp., which was formed to help households finance their electric appliance purchases. Its banking division, formerly known as GE Capital Retail Bank, rebranded as Synchrony Bank in 2014, and in 2015, Synchrony Financial separated from General Electric.
Pros
Competitive APY: As an online bank, Synchrony offers higher rates on deposit accounts than many traditional, brick-and-mortar banks.
Easy access: None of its savings, money market or CD products have minimum opening deposit or minimum account balance requirements.
Cons
Not full service: Synchrony Bank doesn’t offer a checking account.
Not as generous: Other banks may offer more generous ATM reimbursem*nts than Synchrony, which reimburses customers $5 per month for out-of-network ATM charges.
Online only: Synchrony is an online-only bank, so there are no in-person branch locations.
Who Is Synchrony Bank Best For?
Synchrony Bank is best suited for someone who is comfortable banking online and does not need a full-service bank since it doesn’t offer a checking account. However, the savings products it offers should be enticing to anyone looking to get the most out of their money.
Synchrony Bank Accounts
Synchrony Bank offers savings accounts, CDs and money market accounts, including individual retirement account (IRA) CDs and IRA money market accounts. It doesn’t offer checking accounts. None of its accounts require a minimum opening deposit.
| Synchrony Account | APY* | Minimum Opening Deposit | Minimum Account Balance |
|---|---|---|---|
| High Yield Savings | 4.50% | $0 | $0 |
| CD | 0.25% to 5.15% | $0 | $0 |
| Bump-Up CD | 3.60% | $0 | $0 |
| No-Penalty CD | 0.25% | $0 | $0 |
| IRA CD | 0.25% to 5.15% | $0 | $0 |
| Money Market Account | 2.25% | $0 | $0 |
| IRA Money Market Account | 2.25% | $0 | $0 |
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Synchrony Bank Savings Account
| Synchrony Bank Savings Account | Minimum Opening Deposit | Minimum Account Balance | Monthly Service Fee | APY* |
|---|---|---|---|---|
| High Yield Savings | $0 | $0 | $0 | 4.50% |
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Synchrony Bank Savings Account Overview
We rate Synchrony Bank’s high-yield savings accounts 4.5 stars. The bank is a great option for someone seeking a high-yield savings account who doesn’t mind banking exclusively online.
This savings account also offers an interest rate that’s much higher than the national average rate of 0.50% for savings accounts.
Pros and Cons
Pros
Competitive rate: Synchrony’s high-yield savings account offers a competitive rate over 4.00%.
No account minimums: There’s no minimum deposit requirement to open this account or minimum balance requirement to earn interest.
No fees: This account doesn’t have a monthly maintenance fee, and you won’t pay a fee for incoming wire transfers.
ATM access: You can request an ATM card for this account and you’ll get up to $5 in ATM fee reimbursem*nts per statement cycle for ATM fees charged by other financial institutions.
Cons
Deposit limitations: You won’t be able to make cash deposits at a branch or at ATMs.
Transaction limits: You can withdraw up to $1,000 per day from an ATM and make up to $500 worth of point-of-sale transactions with your debit card per day.
Synchrony Bank Savings Account
High-Yield Savings
This deposit account has numerous perks — it comes with a very competitive interest rate, no monthly fees and no minimum deposit or balance requirements. You can also request an ATM card for withdrawing cash.
However, there are some limitations to saving with Synchrony. Deposits can’t be made in person or via ATM, so account holders will have to make their deposits via mail, wire transfers, an online deposit via the mobile app, an automated clearing house (ACH) transfer from a linked non-Synchrony account or a transfer from another Synchrony account.
If you do need to make a payment from this account, your best bet is to do so via the accompanying debit card. However, you can only withdraw a maximum limit of $1,000 per day from an ATM. Point-of-sale transactions paid for with your debit card are capped at $500 per day.
Synchrony Bank CDs
| Synchrony Bank CD | APY* | Minimum Opening Deposit | Early Withdrawal Penalty |
|---|---|---|---|
| 3 months | 0.25% | $0 | 90 days of simple interest |
| 6 months | 4.40% | $0 | 90 days of simple interest |
| 9 months | 4.80% | $0 | 90 days of simple interest |
| 11 months (no-penalty CD) | 0.25% | $0 | None |
| 1 year | 4.60% | $0 | 90 days of simple interest |
| 13 months | 4.20% | $0 | 180 days of simple interest |
| 14 months | 4.20% | $0 | 180 days of simple interest |
| 15 months | 4.20% | $0 | 180 days of simple interest |
| 16 months | 4.00% | $0 | 180 days of simple interest |
| 18 months | 4.25% | $0 | 180 days of simple interest |
| 19 months | 4.25% | $0 | 180 days of simple interest |
| 2 years | 4.00% | $0 | 180 days of simple interest |
| 2 years (bump-up CD) | 3.60% | $0 | 180 days of simple interest |
| 3 years | 4.15% | $0 | 180 days of simple interest |
| 4 years | 4.00% | $0 | 365 days of simple interest |
| 5 years | 4.00% | $0 | 365 days of simple interest |
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Synchrony Bank CD Overview
We rate Synchrony’s CDs 4.7 stars. The bank offers standard CDs and specialty CDs, including no-penalty CDs, bump-up CDs and IRA CDs. All of its CDs have no minimum balance or deposit requirements.
Its top promotional rate is more than twice the national average for CDs and bests the top CD rates offered by Wells Fargo, Chase Bank and Bank of America. However, other online banks offer rates similar to those offered by Synchrony.
Pros and Cons
Pros
Variety of CD types and terms: Synchrony offers standard and specialty CDs, including no-penalty CDs, bump-up CDs and IRA CDs.
Competitive rates: Most of Synchrony’s CD terms offer over 4.00% APY.
Accessibility: Most CDs can be opened online, and there are no minimum balance or deposit requirements.
Cons
IRA CD limitations: You’ll need to call Synchrony to open an IRA CD.
Low rates on select CDs: Synchrony’s three-month CD and no-penalty CD have interest rates far below the national averages for comparable CD terms.
Synchrony Bank CD Options
Standard CDs
Synchrony’s standard CDs come with terms ranging from three months to five years. Its best rate is for the 9 months term.
Bump-Up CD
The bank offers one two-year bump-up CD, which gives you the option to increase your rate once.
No-Penalty CD
There’s also an 11-month no-penalty CD that allows you to withdraw money without penalty.
IRA CD
Synchrony’s IRA CDs are available at the same rates and term lengths as its standard CDs.
Synchrony Bank Money Market Accounts
| Synchrony Bank Money Market Account | Minimum Opening Deposit | Minimum Account Balance | Monthly Service Fee | APY* |
|---|---|---|---|---|
| Money Market Accounts | $0 | $0 | $0 | 2.25% |
| IRA Money Market Accounts | $0 | $0 | $0 | 2.25% |
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Synchrony Bank Money Market Account Overview
We rate Synchrony’s money market accounts 3.8 stars. Synchrony offers both money market accounts and IRA money market accounts. Synchrony’s money market accounts have no minimum opening deposits, no minimum balance requirements and no monthly fees.
Synchrony’s money market accounts offer an APY that’s more than three times the national average money market rate of 0.77%. However, its rate still doesn’t compare to the best money market rates available, which range from 4.00% to 5.00% APY.
Pros and Cons
Pros
No deposit requirements: Synchrony’s money market accounts have no minimum deposit requirements or minimum balance requirements.
No fees: There are no monthly maintenance fees for either money market account.
Similar to a checking account: You can request checks and an ATM card for your money market account, providing more ways you can access your money.
Cons
Lower rates: Although Synchrony’s money market APY is higher than the national average, you may be able to earn a higher rate with another online bank.
Some limitations: You must call the bank to open an IRA money market account since it can’t be opened online.
Synchrony Bank Money Market Account Options
Money Market Accounts
Synchrony’s money market account is its closest option to a checking account since you’ll be able to write checks or withdraw money from an ATM. This option would be best for someone who wants to earn interest on their money but still have easy, quick access to it.
IRA Money Market Accounts
For this IRA money market account, you can choose from a traditional IRA account or a Roth IRA account. This account can only be opened by calling Synchrony’s phone number.
Synchrony Bank Reputation and Customer Satisfaction
Synchrony has an A+ rating from the Better Business Bureau (BBB) and is FDIC-insured. However, the customer review ratings are very poor both on the BBB website, where the bank has an average rating of just under 1.1 out of 5 stars, and on Trustpilot, where it receives 1.1 out of 5 stars on average.
Many of the negative reviews cite poor customer service and mishandling of account issues related to various credit cards and loans issued by the bank.
The Consumer Financial Protection Bureau (CFPB) has received over 49,000 complaints about Synchrony since the agency began collecting data in December 2011, but only about 1,600 of those complaints are about the bank’s deposit accounts.
Our review team reached out to Synchrony for comment on its BBB reviews, Trustpilot reviews and CFPB complaints. A representative responded but did not provide a statement. Synchrony Bank’s mobile banking app, however, has good reviews. On the Google Play store, the app rates 4.6 out of 5 stars, while it receives 4.8 out of 5 stars on the App Store.
The Bottom Line: Is Synchrony Bank Right for You?
Anyone seeking top rates on savings accounts and CDs, without any opening deposit or balance minimums, will find Synchrony an appealing option. However, the lack of a checking account may be off-putting to those seeking to do all of their banking under one roof.
Additionally, the bank has had complaints lodged for account mismanagement and Synchrony Bank’s customer service has received sub-par ratings. If you need minimal services and just want a place to park your money and earn interest, Synchrony could be worth considering.
Learn More About Synchrony Bank
See how Synchrony stands out in our roundups of the best financial institutions and deposit products available today:
- Best High-Yield Savings Accounts
- Best CD Rates
- Best 6-Month CD Rates
- Best 1-Year CD Rates
FAQ: Synchrony Bank Reviews
Yes, Synchrony Bank is a reputable bank with a long history. It offers a competitive APY on its savings account, and its deposit accounts are FDIC-insured.
A class action lawsuit against Synchrony Financial, Synchrony Bank’s parent company, was settled for $34 million in 2023. The suit was on behalf of those who acquired Synchrony common stock from January 19, 2018, to July 12, 2018. The claim filing deadline was Sept. 7, 2023.
Our review team reached out to Synchrony Bank for comment on Synchrony Financial’s class action lawsuit. A representative responded but did not provide a statement.
Synchrony Bank can be a good choice for consumers who want to earn high interest rates on their deposit accounts without minimum balance or opening deposit requirements. Anyone seeking a one-stop shop for their banking may want to look elsewhere as its banking products don’t include checking accounts.
Methodology
Our team researched more than 100 of the country’s largest and most prominent financial institutions, collecting information on each provider’s account options, fees, rates, terms and customer experience. We then scored each firm based on the data points and metrics that matter most to potential customers. Read our full methodology.
- Savings and money market accounts (35% of total score): The best scores go to banks, loans and fintech companies with high interest rates and low or no fees or minimum opening deposits.
- Checking accounts (30% of total score): High marks are given to those with multiple accounts and minimal fees, plus benefits such as reward programs and mobile check deposit.
- Certificates of deposit (20% of total score): Top-rated financial institutions have low or no minimum opening deposits, as well as a variety of term options and specialty CDs for flexibility.
- Banking experience and access (15% of total score): Providers that excel in this category have large branch and ATM networks and multiple checking and savings accounts, and they earn more points for offering CDs and money market accounts.
All America Bank, Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Airlines Credit Union, American Express National Bank, Apple Bank, Arvest Bank, Associated Bank, Axos Bank, Banesco Bank, Bank of America, Bank of Hope, Bank Purely, Bank5 Connect, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, BMO Alto Bank, Bread Savings (formerly Comenity Direct), BrioDirect, Capital One Bank, CFG Bank, Charles Schwab, Charlie Financial, Chase Bank, Chime, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank, Colorado Federal Savings Bank, Comerica Bank, Connexus Credit Union, Consumers Credit Union, Credit One Bank, Cross River Bank, Current, Customers Bank, Delta Community Credit Union, Discover Bank, East West Bank, Emigrant Direct, EverBank (formerly TIAA Bank), Federal Savings Bank, Fifth Third Bank, First Citizens Bank, First Internet Bank (of Indiana), First National Bank of America, First Tech Federal Credit Union, FNBO Direct, Frost Bank, Golden 1 Credit Union, Heritage Bank NA, HSBC, Huntington Bank, KeyBank, Lafayette Federal Credit Union, Lake Michigan Credit Union, LendingClub, Limelight Bank, Live Oak Bank, Lonestar Bank, M.Y. Safra Bank, M&T Bank, Marcus by Goldman Sachs, Mercury Bank, Merrick Bank, Michigan State University Federal Credit Union, Milli, Morgan Stanley Private Bank, Mountain America Credit Union, My eBanc, MySavingsDirect, National Bank of Kansas City, Navy Federal Credit Union, NBKC Bank, North American Savings Bank (NASB), Northpointe Bank, Patelco Credit Union, PenFed Credit Union (Pentagon Federal), PNC Bank, Popular Direct, Presidential Bank, Provident Bank, Quontic Bank, Quorum Federal Credit Union, Randolph-Brooks Federal Credit Union, Regions Bank, Ridgewood Savings Bank, Rising Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, SoFi Bank, South State Bank, Spectrum Credit Union, Spring Bank, Star One Credit Union, State Bank of Texas, State Department Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Sutton Bank, Synchrony Bank, Synovus Bank, TD Bank, Texas Capital Bank, Third Federal Savings & Loan, Transportation Alliance Bank (TAB Bank), Truist Bank, U.S. Bank, UFB Direct, Umpqua Bank, Upgrade, USAA Bank, USAlliance Financial, Valley National Bank, Varo Bank, Vio Bank, VyStar Credit Union, Webbank, Webster Bank, Wells Fargo, Western State Bank, Zions Bank, Zynlo Bank
*Rates accurate as of September 3, 2024
**Data accurate at time of publication
Editor’s Note: Parts of this story were auto-populated using data from Curinos, a research firm that collects data from more than 3,600 banks and credit unions. For more details on how we compile daily rate data, check out our methodology here.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
