Synchrony Bank Review 2025
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At a glance
Overview
Synchrony Bank is ideal for savers who are comfortable banking entirely online. Synchrony offers competitive rates on its savings products, and there are no minimum balance requirements. However, the bank doesn’t offer a checking account.
Highlights:
High APY Highly Rated App No Monthly FeesHighlights:
CDs
Savings
MMA
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.1/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Overall
Synchrony Bank is an online bank that issues credit cards and offers several products that pay competitive rates. But if you’re looking for a checking account at an online bank, you’ll want to consider other options such as Ally Bank or Capital One.
Pros
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Consistently offers competitive rates on deposit products.
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Doesn’t require minimum balances for its savings accounts, money market accounts and certificates of deposit (CDs).
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Up to $5 in domestic ATM rebates are available per statement cycle.
Cons
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Synchrony has no branches.
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Checking accounts aren’t offered.
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Synchrony Bank’s money market account doesn’t earn as high of a yield as its savings account.
Synchrony Bank banking products
Synchrony High Yield Savings Account
Pros
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Offers a competitive yield.
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There’s no minimum opening deposit or monthly service fee.
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Comes with an ATM card and reimburses $5 in out-of network ATM fees in the U.S. per month.
Cons
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Mobile deposits have a daily limit of $2,000.
The Synchrony Bank High Yield Savings comes with a number of features, including a competitive yield, no monthly fee and no minimum balance requirement. The account also offers an ATM card and reimburses up to $5 for out-of-network ATM fees in the U.S. per month.
Rate history for Synchrony Bank's Savings account
See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Synchrony CD
Pros
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Most Synchrony Bank CDs pay competitive rates.
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There is no minimum deposit or balance required.
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The bank offers a variety of terms between three months and five years.
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Bump-up, no-penalty and IRA CDs are available.
Cons
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Only one term available for no-penalty and bump-up CDs.
Synchrony Bank offers a wide array of certificates of deposit (CDs), making this bank’s selection of CDs highly competitive. Synchrony's traditional CD has terms ranging from three months to five years, and most of those terms offer competitive APYs. Traditional and Roth IRA CDs are also available, which isn't the case at all banks. Moreover, Synchrony also offers one bump-up and no-penalty CD option.
Rate history for Synchrony Bank's CD accounts
See how rates for this account have changed over time. Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
Synchrony Money Market Account
Pros
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An ATM card is available for customers with money market accounts.
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The account has check-writing privileges.
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There are no minimum opening deposit or balance requirements.
Cons
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All tiers earn the same APY, so customers are not rewarded for putting more money in their Synchrony Bank Money Market account.
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Some banks offer higher monthly ATM reimbursements with their money market accounts than the maximum of $5 Synchrony reimburses per month.
Synchrony offers a money market account with no minimum balance requirement. The yield is higher than what brick-and-mortar banks typically pay, but lower than what some comparable online banks offer.
You can access your funds using a provided ATM card or checks. Customers can also get up to $5 in domestic ATM surcharges reimbursed during each billing statement when using an ATM at other financial institutions.
Synchrony Bank offers an IRA Money Market account, which also features no minimum deposit to open. It also allows rollovers from employer-specific and independent IRAs into the account.
How Synchrony compares to other banks
Compare different account types offered by Synchrony Bank. Annual percentage yields (APYs) shown were updated between Nov. 27, 2025 and Dec. 3, 2025.
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Selected bank
Synchrony Bank savings account
Bankrate score
4.5
Bankrate Savings rating = 4.5/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Capital One savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 27, 2025 and Dec. 3, 2025.
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| 3.65% | 3.40% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $1,825 | $1,700 | |
| You’ll earn a competitive yield and can access your money at an ATM with the Synchrony Bank High Yield Savings Account. You’ll also have $5 worth of domestic ATM fees reimbursed per month and you won’t be charged a monthly service fee. | Capital One’s 360 Performance Savings Account earns a competitive yield. It doesn’t require a minimum opening deposit and you won’t pay a monthly service fee with this account. Capital One is one of the few online banks that you can visit at a branch location to withdraw cash. | |
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APY offering:
3.65%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
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APY offering:
3.40%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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Bank fees
| Fee | Amount |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | None |
| Out-of-network ATM fee | None |
| Excessive transaction fee | None |
| Outgoing wire transfer | $25 |
Customer experience
Customer support
Support hours. As an online-only bank, Synchrony Bank has no branches. Customers who need assistance can contact a representative via the mobile banking app, online chat service or phone. Customer support is available by phone Monday through Friday from 8 a.m. to 10 p.m. ET and Saturday and Sunday from 8 a.m. to 5 p.m.
Low customer satisfaction. Synchrony Bank received the second lowest score in overall satisfaction among online-only banks for its savings accounts, according to J.D. Power’s 2025 Direct Banking Satisfaction Study.
Digital experience
Highly rated mobile app. Synchrony’s mobile app is highly rated on the Apple App and Google Play stores. Collectively, over 130,000 users have reviewed the app. “The desktop website is one of the cleanest, most intuitive platforms I’ve seen in awhile,” said a Bankrate staff member who uses Synchrony personally. “Each option provides plenty of instructions, FAQs and interactive options to toggle through ranging from how to deposit money to more specific prompts like a CD maturing and assessing how much I wanted to transfer, remove or keep the same.”
That noted, Synchrony doesn’t show you how much interest you’ve earned across accounts. You’ll need to check year-to-date interest paid on each account and tally it up to see how much you’ve earned across accounts.
The above images were last updated on Feb. 19, 2024.
Bankrate staff insights
Where did this quote come from?
Our focus at Bankrate is on delivering accurate content and the right context for making well-informed financial decisions.
We gather real quotes from real people through surveys, interviews, and testimonials from Bankrate staff and consumers like you who have actual experience with these products. We then hand-pick what to feature to ensure credibility and relevance.
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
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All rates, features and offers shown in the media on this review were accurate at the time they were procured, but may have changed since recording. The content may also contain views and opinions that do not reflect those of Bankrate.
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Review methodology
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
