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On This Page
- At a glance
- Overall
- Synchrony Bank bank products
- Bank fees
- Customer experience
- About Synchrony Bank
- How Synchrony compares to other banks
- Synchrony Bank FAQs
- Review methodology
At a glance
4.3
Rating: 4.3 stars out of 5
Bankrate Score
CDs
Rating: 4.9 stars out of 5
Savings
Rating: 5 stars out of 5
MMA
Rating: 4 stars out of 5
About Bankrate Score
Overview
Synchrony Bank is ideal for savers who are comfortable banking entirely online. Synchrony offers competitive rates on its savings products, and there’s no minimum balance requirement. However, the bank doesn’t offer a checking account.
Highlights
- High APY
- No Monthly Fees
- Highly Rated App
Compare offers
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.35
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/30/2024
Rating: 4.9 stars out of 5
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min. balance for APY
Promoted offer:
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of3/30/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.50
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/30/2024
Rating: 4.7 stars out of 5
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer:
Marcus by Goldman Sachs
Member FDIC
Savings Account Details
4.50
%
APY
$0
Min balance for APY
Offer rate as of3/30/2024
Interest rate4.50%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC.
Savings Account
5.25
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/30/2024
Rating: 5 stars out of 5
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Savings rating = 5/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. balance for APY
Promoted offer: No fees. Easy deposits and quick withdrawals.
Jenius Bank
Member FDIC.
Savings Account Details
5.25
%
APY
$0
Min balance for APY
Offer rate as of3/30/2024
Interest rate5.25%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
No fees. Easy deposits and quick withdrawals.
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.9
Rating: 4.9 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.35
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/30/2024
$1
Min. balance for APY
Promoted offer
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of3/30/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.7
Rating: 4.7 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.50
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/30/2024
$0
Min. balance for APY
Promoted offer
Marcus by Goldman Sachs
Member FDIC
Savings Account Details
4.50
%
APY
$0
Min balance for APY
Offer rate as of3/30/2024
Interest rate4.50%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC.
Savings Account
5.0
Rating: 5 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.25
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/30/2024
$0
Min. balance for APY
Promoted offer: No fees. Easy deposits and quick withdrawals.
Jenius Bank
Member FDIC.
Savings Account Details
5.25
%
APY
$0
Min balance for APY
Offer rate as of3/30/2024
Interest rate5.25%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
No fees. Easy deposits and quick withdrawals.
Member FDIC
Savings Account
5.0
Rating: 5 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
5.15
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/30/2024
$0
Min. balance for APY
Promoted offer
EverBank
Member FDIC
Savings Account Details
5.15
%
APY
$0
Min balance for APY
Offer rate as of3/30/2024
Interest rate5.02%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Member FDIC
Savings Account
4.9
Rating: 4.9 stars out of 5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Bankrate Score
4.35
%
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
as of 3/30/2024
$0
Min. balance for APY
Promoted offer: It only takes about 5 minutes to open a fee-free account.
Capital One
Member FDIC
Savings Account Details
4.35
%
APY
$0
Min balance for APY
Offer rate as of3/30/2024
Interest rate4.35%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
It only takes about 5 minutes to open a fee-free account.
Overall
Synchrony Bank is an online bank that issues credit cards and offers several products that pay some of the best rates. But if you’re looking for a checking account at an online bank, you’ll want to consider other options such as Ally Bank or Capital One.
Pros
Synchrony consistently offers competitive rates on deposit products.
Synchrony doesn’t require minimum balances for its savings accounts, money market accounts and CDs.
Up to $5 in domestic ATM rebates are available per statement cycle.
Cons
Synchrony has no branches.
Checking accounts aren’t offered.
Synchrony Bank’s money market account doesn’t earn as high of a yield as its savings account.
Synchrony Bank banking products
5.0
/5
Rating: 5 stars out of 5
See methodologyCompare savings rates
SCORE BREAKDOWN
APY offering:
4.75%
Rating: 5 stars out of 5
5/5
Minimum balance to earn interest:
$0.00
Rating: 5 stars out of 5
5/5
Monthly service fee:
$0.00
Rating: 5 stars out of 5
5/5
Minimum balance to avoid fee:
$0.00
Rating: 5 stars out of 5
5/5
Access to funds:
Great
Rating: 5 stars out of 5
5/5
FEATURES
4.75% APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of3/30/2024
$1 minimum deposit to open
Synchrony Bank savings overview
The Synchrony Bank High Yield Savings account earns a competitive yield and doesn’t charge a monthly maintenance fee. It also doesn’t require a minimum opening deposit and doesn’t have a minimum balance requirement. The account offers an ATM card and reimburses up to $5 for out-of-network ATM fees in the U.S. per month.
Pros
The account offers a competitive yield.
There are no monthly service fees.
The account comes with an ATM card and offers rebates.
Cons
All tiers have the same APY, so customers are not rewarded for depositing more money.
Some banks offer a higher APY on their savings accounts.
-
See how rates for this account have changed over time.Interact with the trend lines to view APY by date.
Synchrony Bank
APY
APY
National average APY
How do we get this data?
Synchrony Bank savings rates
Date
Synchrony Bank
APY
APY
National average APY
03/26/2024 4.75% 0.57% 03/19/2024 4.75% 0.57% 03/12/2024 4.75% 0.57% 03/05/2024 4.75% 0.57% 02/27/2024 4.75% 0.58% 02/20/2024 4.75% 0.58% 02/13/2024 4.75% 0.58% 02/06/2024 4.75% 0.58% 01/30/2024 4.75% 0.58% 01/23/2024 4.75% 0.58% 01/16/2024 4.75% 0.58% 01/09/2024 4.75% 0.58% 01/02/2024 4.75% 0.58% 12/26/2023 4.75% 0.57% 12/12/2023 4.75% 0.57% 12/05/2023 4.75% 0.57% 11/28/2023 4.75% 0.60% 11/21/2023 4.75% 0.60% 11/14/2023 4.75% 0.60% 11/07/2023 4.75% 0.60% 10/31/2023 4.75% 0.58% 10/24/2023 4.75% 0.58% 10/17/2023 4.75% 0.58% 10/10/2023 4.75% 0.58% 10/03/2023 4.75% 0.58% 09/26/2023 4.75% 0.57% 09/25/2023 4.75% 0.57% 09/19/2023 4.75% 0.57% 09/12/2023 4.75% 0.57% 09/05/2023 4.50% 0.57% 08/29/2023 4.50% 0.54% 08/22/2023 4.50% 0.54% 08/15/2023 4.50% 0.54% 08/08/2023 4.50% 0.54% 08/01/2023 4.50% 0.54% 07/25/2023 4.50% 0.54% 07/18/2023 4.50% 0.54% 07/11/2023 4.50% 0.54% 07/04/2023 4.30% 0.54% 06/27/2023 4.30% 0.49% 06/20/2023 4.30% 0.49% 06/13/2023 4.30% 0.49% 06/07/2023 4.30% 0.49% 06/06/2023 4.14% 0.49% 04/18/2023 4.15% 0.42% 04/12/2023 4.15% 0.42%
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
Savings Account
4.35
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/30/2024
Rating: 4.9 stars out of 5
Bankrate Savings rating = 4.9/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$1
Min balance for APY
American Express
Member FDIC
Savings Account Details
4.35
%
APY
$1
Min balance for APY
Offer rate as of3/30/2024
Interest rate4.26%
Minimum to avoid fees$0
Monthly fees$0
Check writingNo
Promoted offer:
4.9
/5
Rating: 4.9 stars out of 5
See methodologyCompare CD rates
SCORE BREAKDOWN
APY offering:
5.00% - 15 mos
Rating: 5 stars out of 5
5/5
Minimum deposit:
$0.00
Rating: 5 stars out of 5
5/5
Range of term lengths:
3 mos – 5 yrs
Rating: 5 stars out of 5
5/5
Early withdrawal penalty:
Good
Rating: 4 stars out of 5
4/5
Offer no-penalty or bump-up CDs:
Yes
Rating: 5 stars out of 5
5/5
Offer IRA CDs:
Yes
Rating: 5 stars out of 5
5/5
FEATURES
0.25% – 4.90% APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY as of3/30/2024
$0 minimum deposit to open
3 months – 5 years
Synchrony Bank CD overview
Synchrony Bank offers a wide array of CD types and terms, making this bank’s selection of CDs one of the best we’ve seen. Synchrony’s traditional CD has terms ranging from three months to five years, and all of those terms offer competitive APYs. Traditional and Roth IRA CDs are also available, which isn’t the case at all banks. Moreover, Synchrony also offers a bump-up and no-penalty CD option. All of these CDs pay competitive rates.
Pros
Synchrony Bank pays competitive rates.
There is no minimum deposit or balance required.
The bank offers a variety of terms, including IRA CDs.
The rate bump CD can help savers who think rates may rise further in the future to maximize their earnings.
A no-penalty CD is available.
Cons
Synchrony Bank offers no-penalty and bump-up CDs, but there’s only one term to choose for each type.
-
See how rates for this account have changed over time.Select the CD term length from the dropdown and interact with the trend lines to view APY by date.
Synchrony Bank
APY
APY
National average APY
How do we get this data?
Synchrony Bank CD rates
Date
Synchrony Bank
APY
APY
National average APY
03/26/2024 4.00% 1.43% 03/25/2024 4.00% 1.43% 03/19/2024 4.00% 1.43% 03/12/2024 4.00% 1.43% 02/27/2024 4.00% 1.42% 02/20/2024 4.00% 1.42% 02/13/2024 4.00% 1.42% 02/06/2024 4.00% 1.42% 01/30/2024 4.00% 1.43% 01/23/2024 4.00% 1.43% 01/22/2024 4.00% 1.43% 01/16/2024 4.00% 1.43% 01/09/2024 4.00% 1.43% 01/02/2024 4.00% 1.43% 12/26/2023 4.00% 1.43% 12/19/2023 4.00% 1.43% 12/12/2023 4.00% 1.43% 12/05/2023 4.00% 1.43% 11/28/2023 4.00% 1.45% 11/27/2023 4.00% 1.45% 11/21/2023 4.00% 1.45% 11/14/2023 4.00% 1.45% 11/07/2023 4.00% 1.45% 10/31/2023 4.00% 1.46% 10/26/2023 4.00% 1.46% 10/24/2023 4.00% 1.46% 10/17/2023 4.00% 1.46% 10/16/2023 4.00% 1.46% 10/10/2023 4.00% 1.46% 10/03/2023 4.00% 1.46% 09/26/2023 4.00% 1.43% 09/19/2023 4.00% 1.43% 09/12/2023 4.00% 1.43% 09/05/2023 4.00% 1.43% 08/29/2023 4.00% 1.38% 08/22/2023 4.00% 1.38% 08/15/2023 4.00% 1.38% 08/08/2023 4.00% 1.38% 08/01/2023 4.00% 1.38% 07/25/2023 4.00% 1.35% 07/18/2023 4.00% 1.35% 07/11/2023 4.00% 1.35% 07/04/2023 4.00% 1.35% 06/29/2023 4.00% 1.33% 06/27/2023 4.00% 1.33% 06/20/2023 4.00% 1.33% 06/16/2023 4.00% 1.33% 06/13/2023 4.00% 1.33% 06/06/2023 4.00% 1.33% 05/02/2023 4.00% 1.30% 04/21/2023 4.00% 1.29% 04/20/2023 4.30% 1.29% 04/18/2023 4.00% 1.29% 04/12/2023 4.00% 1.29% 04/06/2023 4.30% 1.29%
Compare Offer
Offers featured here have been sponsored by our partners, which impacts how, where, and in what order the products appear.
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Member FDIC
CD
5.05
%
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY
APY, or annual percentage yield, is the yearly return on a bank or investment account.
As of 3/30/2024
Rating: 4.7 stars out of 5
Bankrate CD rating = 4.7/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
$0
Min. deposit
1yr
Term
BMO Alto
Member FDIC
CD Details
5.05
%
APY
$0
Min. deposit
1yr
Term
Offer rate as of3/30/2024
Minimum deposit$0
Promoted offer:
4.0
Rating: 4 stars out of 5
Bankrate Score
Compare top money market rates
Synchrony Bank money market overview
Synchrony offers a money market account with no minimum balance requirement. The yield is higher than what brick-and-mortar banks typically pay but lower than what some online banks offer. An ATM card and/or checks can be requested when opening the account.
Customers can get up to $5 in domestic ATM surcharges reimbursed monthly when using an ATM at other financial institutions.
Synchrony may close the account if it has a zero balance for more than 60 days.
Synchrony Bank also offers an IRA Money Market account.
Pros
An ATM card is available for customers with money market accounts.
The account has check-writing privileges.
The account’s rate is competitive.
There is no minimum balance requirement.
Cons
The APY is lower than what some online banks offer.
All tiers earn the same APY, so customers are not rewarded for putting more money in their Synchrony Bank Money Market account.
Some banks offer higher monthly ATM reimbursem*nts with their money market accounts.
Compare more:Bankrate's best high-yield savings account offers
Bank fees
| Fee | Charged? |
|---|---|
| Overdraft fee | None |
| Non-sufficient funds fee | None |
| Monthly maintenance fee | None |
| Out-of-network ATM fee | None |
| Excessive transaction fee | None |
| Outgoing wire transfer | $25 |
Find out:Tips to avoid common bank fees
Customer experience
Customer support
Support hours. As an online-only bank, Synchrony Bank has no branches. Customers who need assistance can contact a representative via the mobile banking app, online chat service or phone. Customer support is available seven days a week, Monday through Friday from 8 a.m. to 10 p.m. ET, and Saturday through Sunday from 8 a.m. to 5 p.m. ET.
Low customer satisfaction. Synchrony Bank received the second lowest score in overall satisfaction among online-only banks for its savings accounts, according to J.D. Power’s 2023 Direct Banking Satisfaction Study.
Digital experience
Highly rated mobile app. Synchrony’s mobile app is highly rated on the Apple App Store, but receives middling scores on the Google Play Store. Collectively, more than 60,000 users have reviewed the app. “The desktop website is one of the cleanest, most intuitive platforms I’ve seen in awhile,” said a Bankrate staff member who uses Synchrony personally. “Each option provides plenty of instructions, FAQs and interactive options to toggle through ranging from how to deposit money to more specific prompts like a CD maturing and assessing how much I wanted to transfer, remove or keep the same.”
That noted, Synchrony doesn’t show you how much interest you’ve earned across accounts. Thus, you’ll need to check year-to-date interest paid on each account and tally it up to see how much you’ve earned across accounts.
Bankrate staff insights
“My experience with Synchrony Bank has been nothing short of exceptional,” said a Bankrate staff member with a Synchrony account. “Most of the digital products I use in my day-to-day are ones I’ve vetted, tested its competitors and landed on a product that checks boxes that competitors didn’t.”
The above images were last updated on Feb. 19, 2024.
About Synchrony Bank
Synchrony Bank is 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 but no checking accounts. A number of credit cards, including those offered by Amazon, Lowe's and Walgreens, are issued by Synchrony Bank. Synchrony is the biggest issuer of private label credit cards in the U.S., according to Synchrony's website.
Learn more:Synchrony CD rates
How Synchrony compares to other banks
Synchrony vs. Ally Bank
As online-only banks, Ally and Synchrony share many similarities. Neither bank has minimum opening requirements, minimum balance requirements or monthly maintenance fees for their accounts. Moreover, both banks offer highly competitive APYs for their savings products, which is a hallmark of the best online banks.
Although Ally generally has a larger pool of financial products, including checking, retirement and investment accounts, both banks offer competitive yields on par with each other for their CDs and savings accounts. Moreover, Synchrony has a wider array of CD terms to choose from.
Learn more:The best banks of 2024
Synchrony Bank FAQs
Review methodology
With so many financial institutions to choose from, it can be hard to know who to trust. Bankrate’s ever-growing list of bank and credit union reviews is updated regularly. Our editorial team analyzes and reviews each institution across deposit products such as savings accounts, checking accounts, certificates of deposit (CDs) and money market accounts (MMAs). Banks are rated by important factors such as offered interest rates, fees, minimum balance requirements, access to funds and more.
We assign a score to each type of account and its features, weigh them carefully based on importance to account holders and determine an overall score. Read our full review methodology.
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