Synchrony Bank Review 2023
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At a glance

CDs
Savings
MMA
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.
Highlights
- High APY
- No Monthly Fees

Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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Synchrony consistently offers competitive rates on deposit products.
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Synchrony doesn’t require minimum balances for its savings accounts, money market accounts and CDs.
Cons
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Synchrony has no branches.
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Checking accounts aren’t offered.
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Synchrony Bank’s money market account doesn’t earn as high of a yield as its savings account.
Synchrony Bank bank products
Synchrony Bank savings overview
Pros
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The account offers a competitive yield.
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There are no monthly service fees.
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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
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All tiers have the same APY, so customers are not rewarded for depositing more money.
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Some banks offer a higher APY on their savings accounts.

Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
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
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.