Synchrony Bank Review 2021

Published January 2021 by Mary Wisniewski

AT A GLANCE
4.3

Bankrate Score

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High APYs

No monthly fees

Synchrony Bank is ideal for savers who are comfortable banking entirely online.

  • 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
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    American Express National Bank

    Member FDIC

    Savings account

    0.50 % APY

    $ 1

    Min. balance for APY

    Axos Bank

    Member FDIC

    Checking account

    1.25 % APY

    $ 50

    To open

    $ 0

    To avoid fees

    Overall

    4.3

    Bankrate Score

    Synchrony Bank is an online bank that issues credit cards and offers several products that pay some of the market’s best rates.

    What we like

    • Synchrony consistently offers great rates on deposit products.

    • The minimum balance requirements are low for savings accounts and money market accounts.

    What we don't

    • There are no branches available.

    • The minimum deposit requirements to open CDs are steeper than they are at many other banks.

    Savings accounts

    5.0

    Bankrate Score

    OTHER SAVINGS OFFERS YOU MAY LIKE
    Goldman Sachs Bank USA

    Member FDIC

    Savings account

    0.50 % APY

    $ 0

    Min. balance for APY

    Synchrony Bank customers can open a high-yield savings account through the institution’s website. There are no monthly maintenance fees and the yield offered by the bank is competitive.

    What we like

    • The account offers a very competitive yield.

    • There is no monthly charge.

    What we don't

    CD rates

    4.7

    Bankrate Score

    Synchrony Bank offers traditional CDs with terms ranging from three months to 60 months. Traditional and Roth IRA CDs are also available.

    The rates are competitive; however, you can find other banks with lower minimum deposit requirements.

    What we like

    • Synchrony Bank pays competitive rates.

    • The bank offers a variety of terms.

    What we don't

    • No special CDs are available.

    • You need to deposit at least $2,500 to open a CD.

    Money market accounts

    4.4

    Bankrate Score

    Synchrony offers a money market account that has no minimum balance requirement. The yield is higher than what the biggest banks pay but lower than what some online banks offer. It has check-writing privileges and your first check order is free.

    If you use a non-Synchrony Bank ATM, you can get up to $5 in ATM surcharges reimbursed.

    What we like

    • An ATM card is available for customers with money market accounts.

    • 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.

    Bank experience

    You won’t have access to a branch at Synchrony Bank. So if you need assistance from the bank, you can contact a representative via the online chat service or make a phone call.

    The bank won’t charge you a fee to use an ATM; however, the ATM operator may charge you a fee. Should that occur, Synchrony says it will refund you up to $5 per month.

    About Synchrony Bank

    Synchrony Bank is a subsidiary of Synchrony Financial, a leading financial services company 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. A number of credit cards, including some available at Amazon and LensCrafters, are issued by Synchrony Bank.

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski Twitter Created with Sketch. @MARYMWISNIEWSKI

    Mary Wisniewski is a banking editor for Bankrate. She oversees editorial coverage of savings and mobile banking articles as well as personal finance courses. She occasionally writes on fintech trends — a beat she has covered for more than a decade. Mary is a frequent speaker at a variety of leading digital banking events and podcasts, including: Money Next Summit, the Money Experience Summit, the Future of Fintech, Fintech South, Breaking Banks and more. She was named as one of 200 revolutionists in fintech and one of top 100 fintech influencers in 2019. She was also a judge for the Finovate Awards in 2020 and 2019. Previously, Mary covered fintech for American Banker and edited op-eds for the publication's BankThink section. She was also a blogger and editor at Bank Innovation and served as a fashion editor for National Jeweler, where she reported on fashion shows and jewelry news. Her work has appeared in American Banker, Bankrate, the Associated Press, Star Tribune, Billboard, MSN and more. Her stories are referenced in numerous industry reports, like this one by Deloitte. Mary grew up in the Michigan suburbs and now lives in Los Angeles with a maltipoo, a record player and roller skates. She received her B.A. in journalism from Pepperdine University.