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Synchrony Bank Review 2022

Updated December 2, 2022
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At a glance

4.2
Rating: 4.2 stars out of 5
Bankrate Score
Caret Down

CDs

Rating: 4.7 stars out of 5

Savings

Rating: 5 stars out of 5

MMA

Rating: 3.9 stars out of 5

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Overview

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.

Highlights

  • High APY
  • No Monthly Fees
Compare offers
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Bank logo
Member FDIC
Savings Account
3.60
%
APY
Rating: 4.2 stars out of 5
$0
Min. balance for APY
View offer Arrow Right

Overall

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 at an online bank, you’ll want to consider other options such as Ally Bank or Capital One.

Pros

  • Checkmark

    Synchrony consistently offers competitive rates on deposit products.

  • Checkmark

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

Cons

  • Synchrony has no branches.

  • Checking accounts aren’t offered.

  • Synchrony Bank’s money market account doesn’t earn as high of a yield as its savings account.

Synchrony Bank bank products

5.0
Rating: 5 stars out of 5
Bankrate Score

Synchrony Bank savings overview

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 doesn’t have a minimum balance requirement.

Pros

  • Checkmark

    The account offers a competitive yield.

  • Checkmark

    There are no monthly service fees.

  • Checkmark

    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.

Cons

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

Compare Offer
Bank logo
Member FDIC
Savings Account
3.85
%
APY
Rating: 4.2 stars out of 5
InfoHover for more
$0
Min balance for APY

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, 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.

Review methodology

With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.

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.