Synchrony Bank Review 2021

Published January 2021 by Mary Wisniewski

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
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 500

    Min. deposit

    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 great rates on deposit products.

    • The minimum balance requirements are low for savings accounts and money market accounts.

    What we don't

    • There are no branches available.

    • The minimum deposit requirements to open CDs are steeper than they are at many other banks.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Synchrony Bank customers can open a high-yield savings account through the institution’s website. There are no monthly maintenance fees and the yield offered by the bank is competitive.

    What we like

    • The account offers a very competitive yield.

    • There is no monthly charge.

    What we don't

    CD rates

    4.7

    Bankrate Score

    OTHER CD OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    CD

    0.55 % APY

    1yr

    Term

    $ 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.

    The rates are competitive; however, you can find other banks with lower minimum deposit requirements.

    What we like

    • Synchrony Bank pays competitive rates.

    • The bank offers a variety of terms.

    What we don't

    • No special CDs are available.

    • You need to deposit at least $2,500 to open a 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 the biggest banks pay but lower than what some online banks offer. It has check-writing privileges and your first check order is free.

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

    What we like

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

    • The account’s rate is competitive.

    • There is no minimum balance requirement.

    What we don't

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

    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 and LensCrafters, are issued by Synchrony Bank.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate and occasionally writes on a variety of fintech and banking subjects. Previously, she covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and an espresso machine.