Is Synchrony Bank worth it in 2024? (2024)

Headquartered in Stamford, Connecticut, Synchrony Bank is an online-only bank that provides low-cost financial products with highly competitive interest rates. Synchrony offers certificates of deposit (CDs), savings accounts, money market accounts (MMAs), credit cards, and more.

All rates and fees are current as of March 15, 2024, and are subject to change.


Savings accounts:No minimum balance required
Money market accounts:Earn up to 2.25% APY
CD Rates:Earn up to 5.15% APY


  • Competitive deposit rates
  • No minimum deposit requirements
  • ATM fee reimbursem*nt


  • No physical branches
  • No checking account
  • Can’t deposit cash

Synchrony Bank is a good choice for those who are primarily interested in maximizing their savings through high-yield deposit products, such as savings accounts, CDs, and money market accounts. These customers should also prefer managing their finances online, given Synchrony’s focus on digital banking and lack of physical branches.

Synchrony may not be the best fit for those seeking a full range of banking services, including checking accounts and loans, or for those who prefer in-person banking interactions. Additionally, people who deal with cash transactions frequently might find the online-centric model of Synchrony limiting since the bank doesn’t allow cash deposits at ATMs and mobile check deposits are limited to $2,000.

Synchrony Bank rates and products

Synchrony doesn’t currently offer a checking account, but it has a high-yield savings account option, money market accounts (MMAs), and several CDs.

Synchrony productAPY
Savings accountUp to 4.75%
Money market accountUp to 2.25%
Certificates of deposit0.25% to 5.15%

High-yield savings account

The high-yield savings account from Synchrony Bank boasts a competitive 4.75% APY with no minimum deposit or minimum balance requirement and no monthly fees.

This account also provides an optional ATM card for surcharge-free access to cash at any ATM displaying the Plus or Accel logos. Synchrony Bank refunds domestic ATM fees charged by other financial institutions up to $5 per statement cycle. Customers with Diamond status in the Perks Rewards program receive unlimited ATM fee refunds each statement cycle.

Interest is compounded daily and credited monthly on the statement date. Although there isn’t a minimum balance requirement, your account may be subject to closure if it has a $0 balance for more than 60 days.

Synchrony savings account features
Minimum opening deposit$0
Monthly fees$0
Top APY4.75%

Synchrony Bank savings rates compared to current top rates*

While Synchrony Bank is a great option, there are some institutions that offer higher interest rates. Compare the rates above to this list of competitors:

Money market accounts

Synchrony Bank’s MMA provides a competitive 2.25% APY with no minimum balance requirement and no fees. It offers check-writing privileges and an optional ATM card. Interest is compounded daily and credited monthly on the statement date.

Synchrony money market account features
Minimum opening deposit$0
Monthly fees$0
Top APY2.25%

Certificates of deposit

Synchrony Bank offers many types of CDs to help customers earn more on their savings. Synchrony has some of the best CD rates available today. It also offers individual retirement account (IRA) CDs.
Note that if you tap into the funds before your CD’s maturity date, you’ll likely be subject to an early withdrawal fee.

Synchrony CD features
Minimum opening deposit$0
Available term lengths3 months to 5 years
Top APY5.15% (9-month term)

Other services Synchrony Bank offers

Synchrony Bank’s other products and services include:

  • Credit cards and financing options: Synchrony offers a variety of credit products, including retail credit cards, Synchrony Mastercards, Synchrony HOME, Synchrony Car Care, Synchrony Outdoors, and CareCredit® for various needs including automotive, electronics and appliances, health and wellness, and more.
  • Business services: The bank provides financing solutions, partner tools, and insights for both large retailers and small businesses. It offers customized financing programs, promotional financing, and co-branded credit products.

Online banking

As an online bank, Synchrony offers both online and mobile banking for customers. Its app is available for download on the Apple App Store and Google Play and has a 4.5-star rating on both digital storefronts.

The Synchrony Bank platform and customer support

For customers who need assistance, Synchrony offers 24/7 automated telephone service. If you need human assistance, you can speak to a customer service representative Monday through Friday from 8 a.m. to 10 p.m. Eastern time as well as Saturday and Sunday from 8 a.m. to 5 p.m. ET. Note: IRA and Trust teams are not available on weekends.

You can also reach Synchrony via secure email and live chat.

Is Synchrony Bank secure?

Synchrony Bank's deposit accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of $250,000 per depositor, per account ownership category. This insurance protects your money in the unlikely event of a bank failure.

Synchrony also uses advanced security tools and practices to protect customer information and accounts when they bank online or through the mobile app. These include encryption, two-factor authentication (2FA), and automatic logout after periods of inactivity. Additionally, the bank monitors transactions for potential fraud and alerts customers to suspicious activity on their accounts.

Synchrony user reviews

Synchrony Bank holds an A+ rating from the Better Business Bureau (BBB), although it’s not a BBB-accredited business. Despite this high rating, it's important to note that the bank has received a considerable number of complaints through the BBB platform, with more than 7,000 posted within the past three years. The feedback mainly revolves around credit card and billing issues, with customers expressing both positive and negative experiences regarding their interactions with the bank and its handling of their accounts.

Compare Synchrony alternatives

SynchronyMilli BankTAB BankChime
Savings APY4.75%5.50%5.27%2.00%
Savings account monthly feeNoneNoneNoneNone
Checking APYN/AN/A0.10%0%
Checking account monthly feeN/AN/A$8$0
Learn moreRead Milli Bank reviewRead TAB Bank reviewRead Chime review

Is Synchrony right for you?

With competitive APYs on savings accounts, CDs, and MMAs, Synchrony Bank is a strong choice for savers looking to maximize their interest earnings. These accounts come with no minimum balance requirements and no monthly service fees, making them especially cost-effective for savers​. Given that Synchrony is an online-only bank, it’s a good fit for customers who prefer managing their finances digitally without the need for physical branch access.

Frequently asked questions

Is Synchrony Bank an online-only bank?

Yes, Synchrony is an online-only bank and doesn’t have physical branches.

Is Synchrony Bank FDIC-insured?

Yes, Synchrony Bank is a member of the FDIC and deposits made into your Synchrony Bank account are insured up to $250,000 per depositor, per ownership category.

Does Synchrony Bank use Zelle?

Synchrony Bank customers can send and receive money via Zelle within the bank’s mobile app.

Is Synchrony Bank worth it in 2024? (2024)
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