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You've probably heard of Synchrony Bank because of its array of popular retailer credit cards. But this bank's high-yield savings accounts, CDs, and money market accounts are also worth a look. In this Synchrony Bank review, we'll cover at what the bank has to offer, whether it might be right for you, and alternative options to check out.
Best For: High APYs with no monthly fees
Synchrony Bank
Rating image, 4.5 out of 5 stars.
4.5 stars
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.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.
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 High-Yield Savings account might be right for you.
Synchrony Bank High-Yield Savings account
Synchrony Bank High-Yield Savings earns one of the best APYs in the industry. 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 Oct. 12, 2021
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.
Synchrony Online CDs do require a $2,000 minimum deposit, which is higher than some of the best CDs we've seen. A high minimum deposit could be problematic for people interested in building a CD ladder strategy cause the requirement applies to each CD. You may be better off pursuing a high-yield savings account that offers a higher rate with a much lower deposit requirement.
| 6 Mo. APY | 0.25% |
|---|---|
| 1 Yr. APY | 0.50% |
| 1.5 Yr. APY | 0.50% |
| 2 Yr. APY | 0.65% |
| 3 Yr. APY | 0.70% |
| 4 Yr. APY | 0.70% |
| 5 Yr. APY | 0.80% |
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 Sept. 16, 2021
Lender
Account
1 yr. apy
2 yr. apy
3 yr. apy
4 yr. apy
5 yr. apy
Min. deposit
Early Withdrawal Penalty
Next Steps
Marcus by Goldman Sachs High Yield CD
0.55%
0.55%
0.55%
0.55%
0.60%
$500
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 Bank Savings Builder account offers competitive rates that are among the best in the industry. 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 line up 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.
About the Author
Kevin Payne is a personal finance writer specializing in credit cards, banking and student loans. He is a regular contributor to Forbes, Student Loan Planner, and FinanceBuzz. Kevin is the budget and family travel expert behind FamilyMoneyAdventure.com. He lives in Cleveland, Ohio with his wife and four kids.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.
