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Synchrony Bank Review: High Yields With No Monthly Fees or Branch Visits

Review Updated
Brooklyn Sprunger
Author: Brooklyn Sprunger
Brooklyn Sprunger
Brooklyn Sprunger

Brooklyn leads the content team behind product reviews and ratings at Motley Fool Money, ensuring readers get well-researched, expert-backed insights to make smarter financial decisions. With nearly seven years working full-time in financial content -- four of them at The Motley Fool -- she has developed a deep passion for personal finance, from investing strategies to everyday money management. Her financial goals include buying a house and planning as many trips as her budget allows. In her free time, you’ll likely find her listening to a pop culture podcast or telling anyone who will listen to get a high-yield savings account.

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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 that our product ratings are not influenced by compensation. APY = Annual Percentage Yield.

If you're the type of person who just wants a simple, high-interest place to stash your cash -- without jumping through hoops -- Synchrony Bank might be exactly what you're looking for.

is an online-only bank, meaning there are no physical branches to visit. But that's part of the appeal. The bank passes those savings on to customers through competitive APYs, no monthly maintenance fees, and flexible account options.

While doesn't offer checking accounts or tons of bells and whistles, it's a great fit for savers who want to earn more on their money without getting a headache trying to do it.

Award Icon 2025 Award Winner
Offer image for
Member FDIC.

Synchrony Bank

Rating image, 4.50 out of 5 stars.
4.50/5 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
Bottom Line

Excellent APYs 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

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how Motley Fool Money rates bank accounts.

Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.

These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.

We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.

Learn more about how Motley Fool Money rates bank accounts.

Synchrony Bank products

Synchrony Bank High Yield Savings

Rates as of Jun 16, 2025

Synchrony Bank High Yield Savings

Read Review
Member FDIC.
Rating image, 4.50 out of 5 stars.
4.50/5 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
Rating image, 4.50 out of 5 stars.
4.50/5 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
Read Review
APY
3.80%
Min. To Earn APY
$0
  • Competitive APY
  • No monthly account fee or minimum deposit
  • ATM access
  • ATM fee reimbursement
  • Member FDIC
  • No branch access; online only

The Synchrony Bank High Yield Savings account has no minimum deposit and offers one of the highest APYs on our radar. It not only provides an ATM card with access to your cash at tens of thousands of free ATMs, but Synchrony will even reimburse a certain amount of out-of-network ATM fees. With a top-rated app and no maintenance fees, the Synchrony High Yield Savings account could certainly be worth a look.

Annual Percentage Yield (APY) is subject to change at any time without notice. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.

Synchrony Online CD

Rates as of May 29, 2025

APY = Annual Percentage Yield

Offer image for Synchrony Online CD
Synchrony Online CD
Bottom Line

Perhaps one of the lesser-known names on the list, Synchrony is a full-line bank with a 90-year history. Synchrony's CDs are notable for competitive rates at most term lengths, plus low or no minimum deposits.

MINIMUM DEPOSIT $0
6 Mo. APY 9 Mo. APY 1 Yr. APY 13 Mo. APY 1.5 Yr. APY 2 Yr. APY 3 Yr. APY 4 Yr. APY 5 Yr. APY
3.70% 3.90% 4.00% 4.15% 3.80% 3.50% 4.00% 3.50% 4.15%

Synchrony Money Market

Rates as of Jun 16, 2025

Synchrony Money Market

Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5 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
Rating image, 4.00 out of 5 stars.
4.00/5 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
Monthly Fee
$0
Min. Balance
$0
APY
2.00%
Min. To Earn APY
$0
  • Competitive APY
  • No minimum deposit or balance
  • No monthly fees
  • ATM access with fee reimbursement
  • Checks available
  • Interest rates isn't as high as high-yield savings
  • Withdrawals can be limited
  • No debit card
  • No branch access

Simplicity is the name of the game with Synchrony Money Market. There's no minimum balance to earn the APY, account holders have checking and ATM capabilities, and the lack of nuisance fees means more money in your pocket.

Heads up: Synchrony Bank doesn't offer checking

You won't find checking accounts or debit rewards here. But the trade-off is that puts its full attention on offering the best possible savings and CD rates, without requiring you to juggle multiple accounts or maintain a certain balance.

There are also no "relationship" hoops to jump through. Many traditional banks require you to bundle accounts or keep a certain balance to earn top rates. skips that.

Digital experience

Mobile app

's mobile banking app is a standout, with nearly 90,000 reviews across platforms and high ratings overall. It lets you do everything you'd expect: deposit checks, transfer money, monitor your balance, and more.

  • App Store rating: 4.7 / 5.0 stars
  • Google Play rating: 4.7 / 5.0 stars

Online banking features

The desktop site is also worth mentioning. It's clean, user-friendly, and packed with helpful features like interactive guides and built-in FAQs. Whether you're opening a CD or moving money between accounts, the experience is smooth and intuitive.

One downside? The bank doesn't show your total interest earned across all accounts in one place. You'll need to check each account's year-to-date interest individually and add them up if you want the full picture.

Fees and costs

keeps things simple:

  • No monthly maintenance fees
  • No minimum balance requirements for most deposit accounts
  • ATM reimbursements: refunds up to $5 per month in out-of-network ATM fees (for the money market account)

Customer experience and reviews

Customer service availability

While Synchrony Bank doesn't have physical branches, customers can still get support through the mobile app, online chat, or by phone.

Its automated phone service is available 24/7. Live phone support is available Monday through Friday from 8:00 a.m. to 10:00 p.m. ET, and on Saturdays and Sundays from 8:00 a.m. to 5:00 p.m. ET.

What customers say

Most negative reviews relate to 's credit card services -- not its banking products. App and website experiences are much more positive, with plenty of praise for the interface and ease of use.

Security

Synchrony Bank is FDIC insured, so deposits are protected up to $250,000 per depositor, per account ownership category. That means balances up to that amount are completely safe. The bank also uses two-factor authentication and encryption to help keep your information safe.

Synchrony Bank in the news

Coming soon: New Walmart credit card partnership

In June 2025, announced a major partnership with fintech company OnePay to launch a new credit card program for Walmart customers. Set to go live in the fall of 2025, the program will offer both general-purpose and Walmart-specific cards, embedded directly into the OnePay app and powered by Mastercard. It's part of 's continued push to expand digital credit offerings and deliver seamless, mobile-first experiences to consumers nationwide.

How Synchrony Bank compares

has a lot going for it, but it's not the only online bank offering high rates and low fees. Here are two solid alternatives worth checking out:

American Express National Bank (Member FDIC)

Best known for its credit cards, American Express National Bank (Member FDIC) also offers a competitive high-yield savings account with no monthly fees and a strong reputation for customer service. It's a great option if you're just looking to grow your savings with a trusted brand.

SoFi®

If you'd rather keep your checking, savings, investing, and borrowing all under one roof, SoFi® could be a great fit. It offers a high-yield savings account, an interest-bearing checking account, and a full suite of financial products. Just note: SoFi® doesn't offer CDs at this time.

Who Synchrony Bank is best for

is a great fit if you:

  • Want to maximize interest on savings or CDs
  • Don't need checking or debit card features
  • Prefer to bank entirely online
  • Value low fees and a clean digital experience
  • Want straightforward, no-hassle banking

FAQs

  • Yes, Synchrony Bank is FDIC insured, meaning your deposits are protected up to $250,000 per depositor, per account ownership category.

  • No, Synchrony Bank focuses on savings, CDs, and money market accounts and does not offer checking accounts or debit cards.

  • Synchrony Bank has no monthly maintenance fees and no minimum balance requirements for most deposit accounts, making it easy to save without extra costs.