Synchrony Bank Review 2021

Published September 2021 by Matthew Goldberg

AT A GLANCE
4.3

Bankrate Score

bank-logo

High APYs

No monthly fees

Synchrony Bank is ideal for savers who are comfortable banking entirely online.

  • Savings
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    5.0
  • CDs
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    4.7
  • MMAs
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    4.4
  • MORE HIGH-YIELD OPTIONS
    MORE HIGH-YIELD OPTIONS
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    Valley Direct

    Member FDIC

    Savings account

    0.55 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Overall

    4.3

    Bankrate Score

    Synchrony Bank is an online bank that issues credit cards and offers several products that pay some of the market’s best rates.

    What we like

    • Synchrony consistently offers competitive rates on deposit products.

    • Synchrony doesn’t have minimum balance requirements for its savings accounts, money market accounts and CDs.

    What we don't

    • Synchrony has no branches.

    • The bank doesn’t offer a checking account.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    LendingClub

    Member FDIC

    Savings account

    0.60 % APY

    $ 2,500

    Min. balance for APY

    Synchrony Bank customers can open a high-yield savings account through the institution’s website.

    The Synchrony Bank High Yield Savings account earns a competitive yield and doesn’t have a monthly maintenance fee. The account offers an ATM card, which is a feature that isn’t offered at every online bank.

    What we like

    • The account offers a very competitive yield.

    • There is no monthly service fee.

    • The High Yield Savings account offers an ATM card.

    What we don't

    • There are savings accounts available with higher yields.

    • All tiers have the same APY, so you’re not rewarded for depositing more money.

    CD rates

    4.7

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Sallie Mae

    Member FDIC

    CD

    0.65 % APY

    18mo

    Term

    $ 2,500

    Min. deposit

    Synchrony Bank offers traditional CDs with terms ranging from three months to 60 months. Traditional and Roth IRA CDs are also available, which isn’t the case at all banks.

    You don’t have to worry about perfect timing when opening a CD at Synchrony Bank. It will give you the best rate within 15 calendar days of opening it.

    What we like

    • Synchrony Bank pays competitive rates.

    • The bank offers a variety of terms.

    What we don't

    • No special CDs are available.

    • Synchrony Bank doesn’t offer a no-penalty CD.

    Money market accounts

    4.4

    Bankrate Score

    Synchrony offers a money market account that has no minimum balance requirement. The yield is higher than what brick-and-mortar banks typically pay but lower than what some online banks offer. It has check-writing privileges and your first check order is free.

    You can get up to $5 in ATM surcharges reimbursed monthly, if you use a non-Synchrony Bank ATM.

    Make sure you keep some money in your account. Otherwise the account may be closed if it has a zero balance for more than 60 days.

    What we like

    • An ATM card is available for customers with money market accounts.

    • The account has check-writing privileges.

    • The account’s rate is competitive.

    • There is no minimum balance requirement.

    • Synchrony Bank may close your account if it doesn’t have money in it for more than 60 days.

    What we don't

    • The APY is lower than what some online banks offer.

    • All tiers earn the same APY, so you’re not rewarded for putting more money in your Synchrony Bank Money Market account.

    Bank experience

    You won’t have access to a branch at Synchrony Bank. So if you need assistance from the bank, you can contact a representative via the online chat service or make a phone call.

    The bank won’t charge you a fee to use an ATM; however, the ATM operator may charge you a fee. Should that occur, Synchrony says it will refund you up to $5 per month.

    About Synchrony Bank

    Synchrony Bank is a subsidiary of Synchrony Financial, a leading financial services company based in Stamford, Connecticut. Until 2014, Synchrony Bank was known as GE Capital Retail Bank, an extension of General Electric.

    Synchrony offers certificates of deposit as well as savings and money market accounts. A number of credit cards, including some available at Amazon.com and LensCrafters, are issued by Synchrony Bank.

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg Twitter Created with Sketch. @MATTATBANKRATE

    Matthew Goldberg is a consumer banking reporter at Bankrate. He uses his banking and financial services experience to help readers with personal finance. Nearly his entire career has either been as a reporter or working in financial services, in banking and insurance. He’s been in financial services for more than a decade. His career includes being a banker in New York City. His reporting career includes working as a staff reporter at two daily newspapers. He earned his first newspaper bylines in 1998. He has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has been featured online on MSN, the Miami Herald, the Houston Chronicle, the Omaha World-Herald, The Kansas City Star, the Arizona Daily Star, and appeared in Sports Illustrated On Campus, The Atlanta Journal-Constitution, The Buffalo News and other publications. Matthew’s radio experience includes being a weekly panelist on the SportsWriter’s show on WGEM AM ESPN 1440 in Quincy, Illinois. He was also an occasional co-host and call-in guest on WGEM SportsCenter. He’s also been a guest on other stations throughout the country. Matthew is currently a member of the Board of Governors at the Society for Advancing Business Editing and Writing (SABEW), which is the world's largest and oldest organization of business and financial journalists. He chairs the organization's training committee and is on the finance committee. He has previously served on conference planning committees and has been a Best in Business contest judge for the organization. Matthew earned a bachelor’s degree at Illinois State University and an MBA at William Paterson University. Media mentions CNBC CNBC Acorns + CNBC WGN Radio 720 in Chicago 1080 KRLD Dallas-Fort Worth