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Synchrony Bank Review 2024

Updated February 19, 2024
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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
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CDs

Rating: 4.9 stars out of 5

Savings

Rating: 5 stars out of 5

MMA

Rating: 4 stars out of 5

About Bankrate Score

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. However, the bank doesn’t offer a checking account.

Highlights

  • High APY
  • No Monthly Fees
  • Highly Rated App
Compare offers
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/21/2024
Rating: 4.9 stars out of 5
$1
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
Savings Account
5.15
%
APY
APY
Info
As of 2/21/2024
Rating: 5 stars out of 5
$0
Min. balance for APY
View offer Arrow Right
Promoted offer:
Bank logo
Member FDIC
CD
5.25
%
APY
APY
Info
As of 2/21/2024
Rating: 4.9 stars out of 5
$500
Minimum deposit
View offer Arrow Right
Promoted offer: Expires 4/17/24. APY may change before CD is opened & funded.

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.

  • Checkmark

    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

5.0
/5
Rating: 5 stars out of 5
See methodology Compare savings rates

SCORE BREAKDOWN

APY offering:
4.75%
Rating: 5 stars out of 5
5/5
Info
Minimum balance to earn interest:
$0.00
Rating: 5 stars out of 5
5/5
Info
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Info
Access to funds:
Great
Rating: 5 stars out of 5
5/5
Info

FEATURES

Invest Rate
4.75% APY
Info
Loan
$0 minimum deposit to open

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

Pros

  • Checkmark

    The account offers a competitive yield.

  • Checkmark

    There are no monthly service fees.

  • Checkmark

    The account comes with an ATM card and offers rebates.

Cons

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

  • Some banks offer a higher APY on their savings accounts.

  • See how rates for this account have changed over time. Interact with the trend lines to view APY by date.

    Synchrony Bank
    APY
    APY
    Info
    National average APY
    How do we get this data?
    Info
Compare Offer
Info
Bank logo
Member FDIC
Savings Account
4.35
%
APY
APY
Info
As of 2/21/2024
Rating: 4.9 stars out of 5
Info
$1
Min balance for APY
View offer Arrow Right
Promoted offer:

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

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 seven days a week, Monday through Friday from 8 a.m. to 10 p.m. ET, and Saturday through Sunday from 8 a.m. to 5 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 2023 Direct Banking Satisfaction Study

Digital experience

Highly rated mobile app. Synchrony’s mobile app is highly rated on the Apple App Store, but receives middling scores on the Google Play Store. Collectively, more than 60,000 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.

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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.”

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

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.

How Synchrony compares to other banks

Synchrony vs. Ally Bank

As online-only banks, Ally and Synchrony share many similarities. Neither bank has minimum opening requirements, minimum balance requirements or monthly maintenance fees for their accounts. Moreover, both banks offer highly competitive APYs for their savings products, which is a hallmark of the best online banks. 

Although Ally generally has a larger pool of financial products, including checking, retirement and investment accounts, both banks offer competitive yields on par with each other for their CDs and savings accounts. Moreover, Synchrony has a wider array of CD terms to choose from.

Synchrony Bank FAQs

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.