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Synchrony Bank Review 2022

Published August 2022 by Matthew Goldberg

AT A GLANCE
4.3

Bankrate Score

bank-logo
TOP OFFER
2.15 % APY
Savings account
$ 0
Min. balance for APY
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High APYs

No monthly fees

Synchrony Bank is ideal for savers who are comfortable banking entirely online. Synchrony offers competitive rates on its savings products and there’s no minimum balance requirement.

  • 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
    Citizens Access

    Member FDIC

    Savings account

    2.35 % APY

    $ 5,000

    Min. balance for APY

    SoFi

    Member FDIC

    Savings account

    2.00 % APY

    $ 0

    Min. balance for APY

    Capital One

    Member FDIC

    Savings account

    2.00 % 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 best rates. But if you’re looking for a checking account, you’ll want to consider other options such as Ally Bank or Capital One.

    What we like

    • Synchrony consistently offers competitive rates on deposit products.

    • Synchrony doesn’t require minimum balances for its savings accounts, money market accounts and CDs.

    What we don't

    • Synchrony has no branches.

    • Checking accounts aren’t offered.

    Savings accounts

    5.0

    Bankrate Score

    TODAY'S SAVINGS RATES
    Synchrony Bank

    Member FDIC

    Savings account

    2.15 % APY

    $ 0

    Min. balance for APY

    The Synchrony Bank High Yield Savings account earns a competitive yield and doesn’t charge a monthly maintenance fee. It also doesn’t require a minimum opening deposit and it doesn’t have a minimum balance requirement.

    What we like

    • The account offers a competitive yield.

    • There are no monthly service fees.

    • The High Yield Savings account offers an ATM card and reimburses up to $5 for out-of-network ATM fees in the U.S. per month.

    What we don't

    • All tiers have the same APY, so customers are not rewarded for depositing more money.

    CD rates

    4.7

    Bankrate Score

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

    Synchrony Bank added a no-penalty CD and a bump-up CD in May 2022.

    What we like

    • Synchrony Bank pays competitive rates.

    • The bank offers a variety of terms, including IRA CDs.

    • Synchrony Bank now has no minimum deposit requirements on its CDs. This changed in February 2021 when the minimum was previously $2,000.

    • The addition of a rate bump CD can help savers who think rates may rise further in the future to maximize their earnings.

    • Synchrony Bank also introduced a no-penalty CD in May 2022.

    What we don't

    • For customers looking to lock in rates for as long as possible, Synchrony Bank doesn’t offer CDs with a term longer than five years.

    • Synchrony Bank recently started offering a no-penalty CD, but there’s only one term to choose.

    Money market accounts

    4.4

    Bankrate Score

    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 online banks offer. An ATM card and/or checks can be requested when opening the account. 

    Customers can get up to $5 in domestic ATM surcharges reimbursed monthly, when using a non-Synchrony Bank ATM.

    Synchrony may close the account if it has a zero balance for more than 60 days.

    Synchrony Bank also offers an IRA Money Market account.

    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.

    What we don't

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

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

    • Some banks offer higher monthly ATM reimbursements with their money market accounts.

    Bank experience

    Synchrony Bank has no branches. Customers needing assistance can contact a representative via the mobile banking app, online chat service or phone. Synchrony charges no ATM fees, though fees imposed by the ATM owner/operator may still apply. And as mentioned above, Synchrony will refund domestic ATM fees up to $5 a month.

    The mobile banking app has earned positive ratings in Apple and Google app stores.

    About Synchrony Bank

    Synchrony Bank is 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, but no checking accounts. A number of credit cards, including those offered by Amazon.com, Lowe’s and Walgreens, are issued by Synchrony Bank. Synchrony is the biggest issuer of private label credit cards in the U.S, according to Synchrony’s website.

    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 banking 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. His writing has been honored by both the Illinois Associated Press Editors Association and the Illinois Press Association. His writing has also 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