Synchrony Bank
Fees
Our Rating
Current Promotion
APY Savings
Synchrony Bank boasts of being a member of Synchrony Financial, a Fortune 500 company with more than 80 years of experience in consumer finance. The bank has positioned itself as a pure online bank to channel its operating costs back to its customers through higher deposit rates.
Synchrony bank shines when it comes to deposit rates, as its savings account and CD rates are among the highest in the market. Like most online banks and credit unions, customer service touchpoints rely on a digital interface. Still, Synchrony Bank limits access only by chat, an automated voice-response phone line, and live agents.
Customers can access their accounts online, via mobile app, or through the thousands of ATMs that carry the Visa Plus or Accel logos. This is free, although some ATM operators may charge a fee.
Synchrony Bank can be a perfect fit if:
- You want higher savings/CDs rates
- You need a credit card
- You would like to minimize account fees
- No monthly fees
- High Deposit Rates
- No-Fee ATM Access
- No checking accounts
- No Loans
- Limited physical branches
What Synchrony Bank products are inflation proof?
Synchrony has a limited product line and none of the products are particularly inflation proof. While you can access decent savings rates and there are some excellent CD rates, these are at a fixed rate. So, if you sign up for a five year CD and the interest rates go up, the real value of your investment will diminish.
However, the high yield savings account does offer a great rate and you’re not tied in for a set term. So, if interest rates do go up and there is a better deal elsewhere, you could move your money.
Synchrony Bank Review
Banking Services | Credit Options | ||
|---|---|---|---|
Savings Accounts | Mortgage | ||
Checking Accounts | Government Mortgage | ||
CDs | Credit Cards | ||
Money Market Account | Debit Card | ||
Investing Capabilities | Personal Loans |
Benefits & Drawbacks
Here are the main pros and cons of Synchrony bank:
Pros | Cons |
|---|---|
High Deposit Rates | No Checking Account |
No-Fee ATM Access | Cash Deposit Inconvenience |
IRA CD And MMA
| No Debit Card or Loans |
No Promotions |
- High Deposit Rates
This is often what most people look for when choosing a bank, and this bank offers some of the highest savings rates in the market.
Synchrony’s strategy to keep itself among the top banks that offer good rates to customers without imposing heavy conditions is a good advantage.
It makes keeping one’s account in this bank worthwhile.
- No-Fee ATM Access
It’s plain insanity when you have to pay your bank to get your own money.
Synchrony does not charge customers for taking money from the ATM and this is good news. So, free ATM access plus wide ATM network – that’s a winning formula for this bank.
- IRA CD And MMA
Synchrony Bank offers IRS CDs and IRA Money Market accounts, both in Traditional and Roth options. These accounts provide tax advantages depending on the type of IRA you pick.
You can conveniently manage your accounts online or through their app, giving you the flexibility to bank anytime and anywhere. Select the account type that aligns with your financial needs and preferences.
- No Checking Account
Synchrony Bank doesn't offer a checking account and focuses only on deposit products. The lack of checking accounts makes its banking products too thin compared to other banks.
- Cash Deposit Inconvenience
For traditional customers who may need to deposit cash into their accounts, this could be a major drawback with this bank. Since there is no physical branch you can go to, the options are very, very limited.
- No Debit Card or Loans
Many customers prefer to use a debit card, and this option is not available with Synchrony Bank.
The bank doesn't provide an access to credit such as personal loan, home loans ot government mortgage options.
- No Promotions
If you're a new customer looking for a promotion, Synchrony Bank may not be the right place for you.
Synchrony Savings Account
Synchrony Savings Account
APY
Minimum Deposit
Fees
APY MMA
The most important feature of the High Yield Savings is the APY. It’s one of the highest in the market today. For example, unlike other banks that would have several options in savings accounts alone, Synchrony Bank offers only one type of savings account. And don’t even bother to ask for a checking account because that one didn’t make it on their list for whatever reason.
The good thing about it is that their high rates merited the bank several awards from a few groups. That gives a little assurance that customers can expect above-average rates even if the bank does adjust from time to time.
There is no minimum balance, and the account comes with an ATM card for easy access, although their online and mobile banking apps are convenient too. The high rates make synchrony one of the best options for a savings account.
Top Savings Accounts From Our Partners
Quontic High Yield Savings
- 4.50% APY on savings
- Interest is compounded daily
- No Monthly Service Fees
CIT Savings Connect
- Up to 4.85% APY on savings
- No monthly service fees.
- Zelle, Samsung & Apple Pay
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners
Top Offers From Our Partners
Synchrony CDs
Synchrony CDs
APY
Minimum Deposit
Terms
Fees
$0
Synchrony Bank CDs offer good interest rates. Traditional banks often don't offer rates as high as the national average, so online banks are usually a better option. Synchrony Bank's rates are competitive with other top bank rates CD.
Even the lowest rate offered by Synchrony Bank, which is for a 3-month CD, is higher than the national average. This is good because some banks offer lower rates for shorter terms. So, if you don't want to commit your money for a long time, you can still get a good interest rate with Synchrony Bank.
Here is a table of the current CD rates at Synchrony Bank:
CD Term | APY |
|---|---|
3 Months | 0.25% |
6 Months | 4.40% |
9 Months | 4.85% |
12 Months | 4.70% |
11 Months – No Penalty | 0.25% |
18 Months | 4.25% |
24 Months | 4.00% |
36 Months | 4.15% |
48 Months | 4.00% |
60 Months | 4.00% |
Money Market Account
This account is for people who have some funds they can deposit for a time but do not know exactly when they will need them. The money market accounts let them earn 2.25% APY interest for their money while giving them the flexibility to withdraw their money any time should it be necessary.
Synchrony Bank’s 2.25% APY for money market is still above the national average so this is another benefit for the customers.
Also, there is no minimum balance requirement for this account which is good for those who are just starting out on their saving journey.
Through the User's Eyes: Navigating Synchrony Bank
We closely examined the features of the Synchrony Bank app to assess their user-friendliness and functionality for everyday users. Let's dive into our detailed assessment of some features.
The account dashboard serves as the nerve center for managing your savings account. From transaction history to goal tracking, this feature consolidates essential information in one location, offering a comprehensive overview of your savings journey.
Keeping track of recent transactions is vital for monitoring your financial activity. Synchrony provides a detailed list of transactions, helping users identify and verify recent activities within their high-yield savings account.
Customers can browse between the different products the bank offers within the app. It guides users through various savings products, providing insights into which options align with their financial objectives.
In the event of questions or concerns, Synchrony Bank's customer support is readily accessible through the app:
Customer Experience
Synchrony has a 24-hour automated phone service, but if you want to speak with an agent, the lines are only open from 8 a.m. to 10 p.m. on weekdays and 8 a.m. to 5 p.m. on weekends.
However, According to the J.D. Power 2023 U.S. online banking satisfaction study, Synchrony bank ranked quite low when it comes to savings customer satisfaction – 12 out of 13 banks, with 676 points compared to a segment average of 718 points.
You can use the Synchrony app to not only transfer funds and manage your transactions, but also to access support and manage your card. Both Apple and Google users have given the app a rating of 4.8 out of 5 stars.
Synchrony Bank | |
|---|---|
App Rating (iOS)
| 4.7 |
App Rating (Android) | 4.5 |
BBB Rating (A-F) | A+ |
WalletHub (+1,000 reviews) | 3.4 |
Contect Options | phone/chat |
Customer Experience
Synchrony has a 24-hour automated phone service, but if you want to speak with an agent, the lines are only open from 8 a.m. to 10 p.m. on weekdays and 8 a.m. to 5 p.m. on weekends.
However, According to the J.D. Power 2023 U.S. online banking satisfaction study, Synchrony bank ranked quite low when it comes to savings customer satisfaction – 12 out of 13 banks, with 676 points compared to a segment average of 718 points.
You can use the Synchrony app to not only transfer funds and manage your transactions, but also to access support and manage your card. Both Apple and Google users have given the app a rating of 4.8 out of 5 stars.
Synchrony Bank | |
|---|---|
App Rating (iOS)
| 4.7 |
App Rating (Android) | 4.5 |
BBB Rating (A-F) | A+ |
WalletHub (+1,000 reviews) | 3.4 |
Contect Options | phone/chat |
Credit Cards
Synchrony has a few options right now. The Premier World card provides 2% cash back with no annual fee. Synchrony clients can get access to the Synchrony HOME credit card, which gives you the option to pay over time with 6 months special financing on purchases of $299 or more when combined with HomeAdvisor.
However, the bank is promoting a couple of other Mastercard credit cards that will be available “soon.” These new cards will also have no annual fee, but they will provide fewer rewards. For example, the Plus World card will provide 1% cash back.
Bottom Line
If your banking needs are simple enough and you are comfortable doing your transactions without human interface, this could be your bank. After all, for many bank customers, the deposit rates are of utmost importance and not whether the branches and tellers are nice.
But if you want a wide range of products to choose from and do not feel comfortable dealing with machines when it comes to your money, you may want to look for a brick-and-mortar bank.
FAQ
What promotion does Synchrony Bank offer?
Unfortunately, Synchrony Bank doesn't offer a promotion on its savings products. If you're looking for banking promotions, there are many other banks that do provide them.
What Synchrony Bank products are inflation proof?
Synchrony has a limited product line and none of the products are particularly inflation proof. While you can access decent savings rates and there are some excellent CD rates, these are at a fixed rate. So, if you sign up for a five year CD and the interest rates go up, the real value of your investment will diminish.
However, the high yield savings account does offer a great rate and you’re not tied in for a set term. So, if interest rates do go up and there is a better deal elsewhere, you could move your money.
How's Synchrony Bank physical coverage?
Because Synchrony is an entirely online bank, it lacks any physical branch coverage. You may manage every aspect of your account online using the dashboard or companion app.
However, if you stumble into a problem that you're having trouble fixing, there is a chat feature on the website and a hotline you may call. You can utilize the ATM finder on the website or app to locate a machine in your neighborhood because the bank has access to a sizable ATM network.
Therefore, if you are thinking about using Synchrony, you must be okay with the thought of not having branch support.
Can you buy/invest in gold products via Synchrony Bank ?
There is no investment division at Synchrony that gives users access to stocks, bonds, and gold products. Therefore, you might think about using a third party investment platform to execute your trades if you're interested in becoming a Synchrony user and want to invest in gold.
Banking Alternatives
 | |  | |
|---|---|---|---|
APY Savings
The annual percentage yield (APY) is a percentage that represents the amount of money or interest earned on your savings account over the course of a year. The APY factored in compound interest. A savings calculator can help you quickly determine how much you'll earn with a given APY.
| up to 4.50%
| Up to 4.85%
| 4.25% |
Checking Account Fee
The monthly fee on checking account
| $0 | $0 | $0 |
Checking Minimum Deposit | $0 | $100 | $50 |
Mobile App Rating | 4.8/5 on iOS, 4.2/5 on Android | 4.6/5 on iOS, 4.2/5 on Android | 4.8/5 on iOS, 4.7/5 on Android |
BBB Rating | A+ | B
| A
|
The Smart Investor Bank Reviews: Ranking Methodology
The Smart Investor team extensively reviewed hundreds of banks and credit unions. We assessed them based on four main categories, each with specific features:
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Diversity of Products and Their Attractiveness (40%): We extensively analyzed the breadth and appeal of each bank's product offerings, including savings accounts, checking accounts, loans, investment options, and more. Higher ratings were assigned to banks with a diverse range of products that are attractive in terms of interest rates, fees, terms, and additional features. This category provides insights into the variety and value of the bank's offerings, crucial for meeting customers' diverse financial needs.
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Account Features (30%): This category delves into the features and benefits accompanying each bank's accounts. We scrutinized factors such as promotions, deposit and withdrawal options, ATM accessibility, online and mobile banking functionalities, as well as additional perks like overdraft protection and rewards programs. Banks offering comprehensive and convenient features received higher ratings, reflecting the overall value of their accounts to customers.
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Customer Experience (20%): A positive customer experience is paramount in banking, so we evaluated each bank's performance in this area. This included assessing the ease of account opening, quality of customer service, availability of support channels, and overall user satisfaction. Ratings were based on factors such as responsiveness, efficiency, and the bank's commitment to meeting customer needs, ensuring a seamless and satisfactory banking experience.
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Bank Reputation (10%): The reputation of a bank is a critical consideration for customers. We examined factors such as financial stability, regulatory compliance, and public perception to determine each institution's overall trustworthiness and reliability. Higher ratings were awarded to banks with strong reputations, reflecting their credibility and ability to inspire confidence among customers.
By considering these categories, individuals can make informed decisions that align with their financial needs and preferences, ensuring they choose a bank that offers competitive products, excellent features, a positive customer experience, and a solid reputation.
Compare Synchrony Bank
Marcus vs Synchrony Bank
Marcus distinguishes itself through its investment options. With a variety of IRA options, you can experiment with different account types and portfolios. Marcus may appeal to you if you want the convenience of having your funds in a high yield savings account or if you are new to investing.
Synchrony focuses on accounts that help you save money. So there are high yield savings accounts, CDs, and money market accounts. You can also gain access to IRAs. Synchrony does, however, offer a variety of credit cards.
Read Full Comparison:: Marcus vs Synchrony Bank: Where to Save Your Money?
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