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 Fees

Highlights:

High APY Highly Rated App No Monthly Fees

4.1

Bankrate Score

CDs

4.9 /5

Savings

4.5 /5

MMA

3.9 /5

4.4

Customer Score

See all 24 consumer reviews

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

Synchrony consistently offers competitive rates on deposit products.
Synchrony doesn’t require minimum balances for its savings accounts, money market accounts and certificates of deposit (CDs).
Up to $5 in domestic ATM rebates are available per statement cycle.

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 banking products

Synchrony High Yield Savings Account

4.5

/5

See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:

4.00%

4/5

Minimum balance for APY:

$0.00

5/5

Monthly service fee:

$0.00

5/5

Minimum balance to avoid fee:

$0.00

5/5

Access to funds:

Great

5/5

Pros

The account offers a competitive yield.
There’s no minimum opening deposit or monthly service fee.
The account comes with an ATM card and reimburses $5 in out-of network ATM fees in the U.S. per month.

Cons

Some banks offer a higher APY on their savings accounts.

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 Bank

APY

National average APY

How do we get this data?

Synchrony CD

4.9

/5

See methodology Compare CD rates

SCORE BREAKDOWN

APY offering:

4.35%

5/5

Minimum deposit:

$0.00

5/5

Range of term lengths:

3 mos – 5 yrs

5/5

Early withdrawal penalty:

Good

4/5

Offer no-penalty or bump-up CDs:

Yes

5/5

Offer IRA CDs:

Yes

5/5

Pros

Most Synchrony Bank CDs pay competitive rates.
There is no minimum deposit or balance required.
The bank offers a variety of terms between three months and five years.
Bump-up, no-penalty and IRA CDs are available.

Cons

Only one term available for no-penalty and bump-up CDs.

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 Bank

APY

National average APY

Term length

How do we get this data?

Synchrony Money Market Account

3.9

/5

See methodology Compare MMA rates

SCORE BREAKDOWN

APY offering:

2.00%

3/5

Minimum balance for APY:

$0.00

5/5

Monthly service fee:

$0.00

5/5

Minimum balance to avoid fee:

$0.00

5/5

Check writing:

No

3/5

Debit/ATM access:

Good

4/5

Pros

An ATM card is available for customers with money market accounts.
The account has check-writing privileges.
Competitive APY.
There are no minimum opening deposit or balance requirements.

Cons

All tiers earn the same APY, so customers are not rewarded for putting more money in their Synchrony Bank Money Market account.
Some banks offer higher monthly ATM reimbursements with their money market accounts than the maximum of $5 Synchrony reimburses per month.

Compare more: Bankrate's best high-yield savings account offers

How Synchrony compares to other banks

Compare different account types offered by Synchrony Bank. Annual percentage yields (APYs) shown were updated between April 11, 2025 and April 17, 2025.

Selected bank Synchrony Bank savings account Member FDIC Bankrate score Rating: 4.5 stars out of 5 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 Member FDIC Bankrate score Rating: 4.4 stars out of 5 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. Read review	Search for or select a bank: 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. Read review
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 April 11, 2025 and April 17, 2025.
4.00%	3.60%
Minimum balance for APY
$0.00	$0.00
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.
$2,000	$1,800

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.

You can get up to $5 worth of ATM fees reimbursed with this account. You’ll earn a competitive yield with Synchrony’s savings account. There are no monthly service fees.	The bank pays a competitive yield on its 360 Performance Savings Account. The Capital One 360 Performance Savings Account doesn’t have a monthly service fee. You don’t need a minimum opening deposit. You can deposit checks through mobile deposit with this account.	N/A
Some banks pay a higher yield on their savings accounts. All tiers have the same APY, so customers are not rewarded for depositing more money	Some banks offer a higher yield on their savings accounts.	N/A

APY offering: 4.00% 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.	APY offering: 3.60% 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.

Selected bank Synchrony Bank CD Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate CD rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score.	Most comparable Marcus by Goldman Sachs CD Member FDIC Bankrate score Rating: 4.9 stars out of 5 4.9 Bankrate CD rating = 4.9/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review	Search for or select a bank: Bankrate score Bankrate CD rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs) and minimum deposits are some of the things that make up Bankrate’s score. Read review
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 April 11, 2025 and April 17, 2025.
4.35%	4.40%
Minimum deposit
$0.00	$500.00
Term
13 mos	14 mos

Synchrony Bank offers nearly any term of CD you’ll need. You can choose between traditional CDs, a no-penalty CD and a bump-up CD. There’s no minimum deposit required, so nearly anyone can start saving with a Synchrony Bank CD.	Marcus by Goldman Sachs offers nearly every term and type of CD that most savers would want along with competitive rates. Marcus also offers a 10-day rate guarantee if the rate changes after opening the CD.

Synchrony Bank CDs offer a competitive yield. You can choose between 14 terms of CDs – ranging from three months to five years. The bank also offers a no-penalty CD and a bump rate CD. Synchrony Bank also offers IRA CDs.	Marcus by Goldman Sachs consistently offers competitive yields. Marcus offers a variety of CD terms, so you can easily build a CD ladder at this bank. An account can be opened with as little as $500. Offers three terms of no-penalty CDs.	N/A
Some banks have higher APYs. Other banks may offer CD renewal bonuses.	Some banks have lower minimum deposit requirements. Partial withdrawals are not allowed from the no-penalty CDs	N/A

APY offering: 4.35% - 13 mos 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $0.00 5/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 3 mos - 5 yrs 5/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Good 4/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: Yes 5/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: Yes 5/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	APY offering: 4.40% - 14 mos 5/5 APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs are selected based on Bankrate reviews of the highest rates a bank offers between the term ranges of 7 and 17 months. This excludes jumbo CDs and applies when the minimum deposit is $25k or less. Minimum deposit: $500.00 5/5 The minimum deposit amount a financial institution requires in order to open a CD. Range of term lengths: 6 mos - 6 yrs 5/5 A designated amount of time that funds must be held within a CD. Early withdrawal penalty: Good 4/5 A penalty incurred when funds have been withdrawn from a CD before its maturity date. Offer no-penalty or bump-up CDs: Yes 5/5 A CD that doesn’t incur a penalty if funds are withdrawn before its maturity date. Offer IRA CDs: Yes 5/5 An IRA account which consists of CDs that typically earns fixed interest over a specified period of time.	Bankrate does not currently track additional product details for this bank.

Selected bank Synchrony Bank money market account Member FDIC Bankrate score Rating: 3.9 stars out of 5 3.9 Bankrate Money Market rating = 3.9/5 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 Ally Bank money market account Member FDIC Bankrate score Rating: 4.4 stars out of 5 4.4 Bankrate Money Market 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. Read review	Search for or select a bank: Bankrate score Bankrate Money Market 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. Read review
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 April 11, 2025 and April 17, 2025.
2.00%	3.60%
Minimum balance for APY
$0.00	$0.00
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.
$1,000	$1,800

Synchrony Bank’s money market account earns a robust yield, though accounts with much higher yields are available elsewhere. The account is largely free, as it comes without monthly fees and no minimum deposit or minimum balance requirements. But accounts with a zero balance for 60 days or more are subject to closure.	Ally Bank offers a money market account with a robust annual percentage yield (APY). The account is largely fee-free, as it doesn’t charge monthly maintenance, overdraft or incoming wire fees. Moreover, Ally is part of the robust Allpoint and MoneyPass ATM networks, which provides customers with more than 75,000 fee-free ATMs nationwide.

Synchrony Bank doesn’t charge monthly fees. The account comes without minimum deposit or minimum balance requirements. The account offers check-writing privileges.	Ally’s money market account offers a competitive APY. Ally customers have access to a robust ATM network. ATM fees are reimbursed up to $10 per month for fees charged by other ATM providers. There’s no monthly maintenance fee.	N/A
Higher yields on money market accounts can be found elsewhere. The account comes with check-writing privileges, and customers can withdraw money via ATM.	Money market accounts with higher yields are available elsewhere.	N/A

APY offering: 2.00% 3/5 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. Check writing: No 3/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Good 4/5 The ability to withdraw funds from an account through the use of debit or ATM card	APY offering: 3.60% 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. Check writing: No 3/5 The ability to write a certain amount of checks within a statement cycle. Debit/ATM access: Good 4/5 The ability to withdraw funds from an account through the use of debit or ATM card	Bankrate does not currently track additional product details for this bank.

Bank fees

Fee	Charged?
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

Find out: Tips to avoid common bank fees

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 to the bank’s business account holders by phone Monday through Saturday from 8 a.m. to 12 a.m. ET and Sunday from 11 a.m. to 9 p.m. ET.

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 2024 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, nearly 90,000 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. Thus, 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.

Features

Screen view

Desktop Mobile

The above images were last updated on Feb. 19, 2024.

Bankrate staff insights

“My experience with Synchrony Bank has been nothing short of exceptional,” said a Bankrate staff member with a Synchrony account. “Most of the digital products I use in my day-to-day are ones I’ve vetted, tested its competitors and landed on a product that checks boxes that competitors didn’t.”

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.

We want to know what you think about Synchrony Bank

Do you have experience with Synchrony Bank? Let us know your thoughts.

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.

Synchrony Bank customer reviews

Synchrony Bank has 24 reviews

Dive into community reviews below and see what others think about Synchrony Bank.

4.4

24 ratings

Score breakdown

5 stars

54%

4 stars

29%

3 stars

17%

2 stars

0%

1 star

0%

Score by category

Overall Rating 4.4 / 5

Competitiveness of APY 4.3 / 5

Amount of fees 4.3 / 5

Customer support 4.2 / 5

Website / Mobile app 4.4 / 5

Bankrate methodology disclosure

In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.

Community Reviews

See what users like you are saying about Synchrony Bank.

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Anonymous account holder

September 13, 2024

Rate of return, time period, and early withdrawal time frames. Good service as an online bank, easy to use app and website.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Anonymous account holder

September 13, 2024

The saving account is a great way to save money. I always had or have a good experience The staff is always helpful Its very easy toake an deposit.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Anonymous account holder

September 13, 2024

You have to have a continued balance of a certain amount or they deduct from it. if you are a penny short they will charge you bounced check fees and overdraft fees. It was online. I didn’t need any money to start up the account. They didn’t check credit to open an account.

Score by category

Amount of fees 3 / 5

Competitiveness of APY 3 / 5

Customer support 4 / 5

Website / Mobile app 5 / 5

Anonymous account holder

September 13, 2024

So far its been good but some fees for overdraft are kind of ridiculous. Overdraft Easy to use Sign up approval.

Score by category

Amount of fees 3 / 5

Competitiveness of APY 3 / 5

Customer support 3 / 5

Website / Mobile app 3 / 5

Anonymous account holder

September 13, 2024

Synchrony bank offers a slight better interest rate, there are no monthly fees. APP is very easy to use, easy to transfer money between accounts,.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Anonymous account holder

September 13, 2024

I have a savings account and money market account and a debit card. Its easy to transfer money between the accounts when I need to write a check from the MMA, which I do. I have called up customer service and gotten immediate help by a knowledgeable person. I am very happy with the completive rates. The factors that led to me choosing this bank were the rates, ease of use, and friendliness of customer service representatives.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Anonymous account holder

September 13, 2024

It is not a fixed APY, it is variable, so it can go up or down, but interest is paid out monthly. It is convenient as it is more digital than in-person.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 3 / 5

Website / Mobile app 4 / 5

Anonymous account holder

September 13, 2024

If or when you might need money transferred to another bank, there is a 5 day wait to have access. The rates for money market accounts and CDs were better than local bank branches. We could automatically weekly save. Easy peasy.

Score by category

Amount of fees 5 / 5

Competitiveness of APY 5 / 5

Customer support 5 / 5

Website / Mobile app 5 / 5

Anonymous account holder

September 13, 2024

I love banking with them. I chose this bank because I was referred.

Score by category

Amount of fees 4 / 5

Competitiveness of APY 4 / 5

Customer support 4 / 5

Website / Mobile app 4 / 5

Anonymous account holder

September 13, 2024

It depends on what banking service you go through. I have had a couple bank accounts get closed due to inactivity and/or a negative balance, and finding a bank that would do business with me became rather challenging.

Score by category

Amount of fees 2 / 5

Competitiveness of APY 2 / 5

Customer support 3 / 5

Website / Mobile app 5 / 5

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Synchrony Bank APY APY last updated 4/16/2025. APY last updated 4/16/2025	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/01/2025	4.00%	0.59%
03/04/2025	4.00%	0.60%
02/04/2025	4.00%	0.61%
01/07/2025	4.10%	0.56%
11/26/2024	4.10%	0.57%
10/01/2024	4.30%	0.57%
09/10/2024	4.50%	0.61%
09/03/2024	4.65%	0.61%
08/06/2024	4.65%	0.59%
05/07/2024	4.75%	0.59%
04/23/2024	4.75%	0.57%

Date Bankrate gathers rate data either directly from our partners, or through our proprietary rate surveying service. The rate change date is based on when Bankrate received or captured the rate change and may differ from the actual date the rate changed.	Synchrony Bank APY APY last updated 4/15/2025. APY last updated 4/15/2025	National average APY The “national average” is determined by Bankrate’s comprehensive national survey of savings accounts and CDs and reflects the monthly average APY for each product.
04/01/2025	4.15%	1.62%
03/04/2025	4.15%	1.55%
02/04/2025	4.15%	1.54%
01/16/2025	4.15%	1.43%
01/07/2025	4.00%	1.43%
10/01/2024	4.00%	1.42%
09/03/2024	4.00%	1.43%
08/02/2024	4.00%	1.44%
07/02/2024	4.00%	1.42%
06/04/2024	4.00%	1.43%
05/07/2024	4.00%	1.42%
04/23/2024	4.00%	1.41%

Synchrony Bank Review 2025

The Bankrate promise

At a glance

Overview

Highlights:

Highlights:

Overall

Pros

Cons

Synchrony Bank banking products

Synchrony High Yield Savings Account

Pros

Cons

Rate history for Synchrony Bank's Savings account

Synchrony CD

Pros

Cons

Rate history for Synchrony Bank's CD accounts

Synchrony Money Market Account

Pros

Cons

How Synchrony compares to other banks

Bank fees

Customer experience

Customer support

Digital experience

We want to know what you think about Synchrony Bank

Review methodology

Synchrony Bank customer reviews

Synchrony Bank has 24 reviews

Community Reviews

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