Banking » Reviews » Synchrony Bank Review 2024: Competitive Rates, Limited Products
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Synchrony Bank Review 2024: Competitive Rates, Limited Products

If your banking needs are simple enough and you are comfortable doing your transactions without human interface, this could be your bank. Here's why.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

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Synchrony Bank

synchrony-bank-logo-vector
synchrony-bank-logo-vector

Synchrony Bank

Fees

$0

Our Rating

4
4/5

Current Promotion

None

APY Savings

4.75%

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

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.

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.

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.

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.

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.

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.

If you're a new customer looking for a promotion, Synchrony Bank may not be the right place for you. 

Synchrony Savings Account

synchrony-bank-logo-vector
synchrony-bank-logo-vector

Synchrony Savings Account

APY

4.75%

Minimum Deposit

$0

Fees

$0

APY MMA

None

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.

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Synchrony CDs

synchrony-bank-logo-vector
synchrony-bank-logo-vector

Synchrony CDs

APY

2.05% – 5.15%

Minimum Deposit

$0

Terms

3 months – 5 year

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
5.15%
9 Months
4.90%
12 Months
4.80%
11 Months – No Penalty
0.25%
18 Months
4.50%
24 Months
4.20%
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.

Synchrony money market details
(Screenshot from Synchrony Bank, rates are not updated)

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.

Synchrony savings Account Dashboard
Synchrony savings Account (Screenshot taken by our team from Synchrony Bank)

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.

Synchrony high yield savings account recent transactions
(Screenshot from Synchrony Bank)

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.

Synchrony products
(Screenshot from Synchrony Bank, rates are not updated)

In the event of questions or concerns, Synchrony Bank's customer support is readily accessible through the app:

Synchrony bank support
(Screenshot from Synchrony Bank)

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

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.

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.

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.

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

sofi logo
CIT-Bank-Logo
Capital One
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 4.60%
4.45%
4.35%
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:

  • 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.

  • 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.

  • 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.

  • 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 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?

Both Barclays Bank and Synchrony Bank offer great savings products for their customers, but lack a checking account. Which bank is best?

Barclays Bank vs. Synchrony Bank : Which Bank Is Better?

American Express is our winner with a decent checking account, an impressive savings account, and a great selection of credit cards.

Synchrony Bank vs. American Express Bank: Which Bank Account Is Better?

Capital One is our winner with a full banking package, including a decent checking option, high savings rates, and great credit cards.

Synchrony Bank vs. Capital One: Compare Banking Options

Ally Bank is our winner with a complete banking package, including a checking account ( not available with Synchrony) and high savings rates.

Ally Bank vs. Synchrony Bank: Compare Banking Options

Compare Synchrony CDs

Synchrony and Marcus offer high CD rates, including no penalty CD. How they compare when it comes to termss and early withdrawal penalty?

Synchrony vs Marcus: Which Offers Better CD Rates?

Synchrony Bank offers higher CD rates than Citibank on most terms. Compare CD rates, minimum deposit and early withdrawal fees.

CD Rate Battle: Comparing Synchrony Bank vs. Citibank

Synchrony Bank and Ally CDs offer competitive rates, including no penalty CDs. Which one is the winner? Check out our full comparison.

Comparing CD Rates: Synchrony and Ally Head-to-Head

Synchrony Bank offers better CD rates than Discover for most terms. Compare CD rates, minimum deposit, and early withdrawal fees.

CD Rates Full Comparison: Synchrony vs. Discover

Banking Reviews

Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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