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Synchrony Bank Review: Standout Online Bank with the Right Perks

Refreshed Review Updated Jan. 24, 2023
Kevin Payne
By: Kevin Payne

Our Banking Expert

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.

Synchrony Bank is known as the name behind many popular retailer credit cards. The national bank has more to offer than just credit cards, though. It’s also home to several bank account offerings, including high-yield savings accounts, CDs, and money market accounts. Keep reading our in-depth Synchrony Bank review to find out if it's the right bank for you.

Award Icon 2023 Award Winner
Offer image for

Synchrony Bank

Rating image, 4.50 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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4.50/5
Bottom Line

Excellent APRs with no minimum balance requirements. Synchrony Bank has a range of products available, including savings accounts, CDs and retirement accounts.

Pros
  • Competitive APYs
  • No savings account minimum balance
  • No monthly fees
  • ATM fee reimbursements
Cons
  • No checking account option
  • No physical branch locations

Synchrony Bank savings account review

If you need a safe place to keep your emergency fund or sinking fund, Synchrony Bank's HighYield Savings account might be right for you.

Synchrony Bank High Yield Savings account

Synchrony Bank High Yield Savings offers a decent APY in line with many of the top savings accounts we've come across. Plus, there's no minimum balance required to earn the highest interest tier. This FDIC-insured savings account has no monthly service fees.

Funds are accessible via electronic and wire transfers. If you opt to receive an ATM card, Synchrony won't charge you ATM fees. Customers can stay on top of their funds online or via Synchrony's mobile app.

Compare savings accounts

Check out our list of the best savings accounts to see how Synchrony Bank High-Yield Savings stacks up against other top banks. Below are a few high-yielding picks.

Rates as of Feb. 3, 2023
Offer
 
 
 
Account
Rating
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 4.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.00/5
Rating image, 5.00 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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5.00/5
APY 3.30% 4.05% 3.30%
Min. to earn APY $1 $100 $0
Next Steps

Synchrony Bank CD accounts

CDs typically reward you with higher rates if you keep your money in the bank for a set amount of time. Synchrony Bank CD rates are highly competitive and the bank offers a range of term lengths.

Synchrony Online CDs

Synchrony Online CDs come in a wide array of terms, ranging from three months to five years. Rates vary depending on term length, with longer terms offering higher APYs. Synchrony Bank CD rates are competitive at most CD terms.

There is no minimum deposit required to open a Synchrony Online CD. With no deposit requirements and no fees, Synchrony Online CDs could be a good option for people interested in building a CD ladder strategy.

Compare CD rates

Synchrony Bank offers competitive CD rates but isn't the only high-yield CD to consider. Check out some select picks below to see how Synchrony Bank stacks up.

Rates as of Feb. 3, 2023
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Logo for Discover High Yield CD
Member FDIC.
4.25%
4.30%
4.30%
4.30%
4.30%
$2,500
Yes
Logo for Marcus by Goldman Sachs High Yield CD
Member FDIC.
Marcus by Goldman Sachs High Yield CD
4.40%
4.35%
4.00%
4.00%
3.80%
$500
Yes
Logo for CIT Bank CD
Member FDIC.
0.30%
0.40%
0.40%
0.50%
0.50%
$1,000
Yes

Alternatives to Synchrony Bank checking accounts

Synchrony Bank doesn't offer a checking account, so if you're looking for one, you'll have to consider other banks. Browse our list of best checking accounts to find one that works for you.

Synchrony Bank customer service and experience

Customers can access Synchrony Bank's customer service via phone and chat support. Synchrony Bank has an A+ rating from the Better Business Bureau. However, the bank has some room to improve, based on its low TrustPilot rating.

Its ratings aren't as cut and dry as they look, though. Most of the complaints found online relate to Synchrony's credit card services, rather than its personal banking division.

Synchrony Bank relationship benefits

Some traditional banks offer relationship benefits to reward loyal customers for having multiple accounts or using other services like mortgage loans. Popular relationship benefits include fee waivers or higher APYs on deposit accounts.

As an online bank, Synchrony Bank is already able to offer customers the best possible rates.

There is no requirement to open multiple accounts to earn a higher rate, and Synchrony Bank doesn't charge monthly fees on any of its deposit accounts.

Alternatives to Synchrony Bank

CIT Bank

CIT Bank is another top choice for online banking. The CIT Savings Connect account offers competitive rates that are among the best we've come across. Unlike Synchrony Bank, CIT offers an interest-bearing online checking account, but it doesn't feature check-writing privileges.

Discover Bank

Better known for its credit cards, Discover Bank is also a highly rated online bank with high-yield deposit accounts and a strong lineup of banking products. Discover's Cashback Debit Account earns on everyday purchases, just like a cash back credit card, and is unique among checking accounts.

Is Synchrony Bank right for you?

Synchrony Bank is right for you if:

  • You want a high savings account interest rate and no monthly fees.
  • You are interested in CDs of up to five years.
  • You want to boost your retirement fund with IRA CDs and MMAs.

Our Banking Expert