Banking » Compare Banks » Synchrony Bank vs. Capital One: Compare Banking Options
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Synchrony Bank vs. Capital One: Compare Banking Options

Capital One is our winner with a full banking package, including a decent checking option, high savings rates, and great credit cards.
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: January 1, 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: January 1, 2024

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

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Both Capital One and Synchrony Bank offer great banking products and online experience for their customers.

Let's compare their checking and savings accounts, CDs, credit cards, and lending options.

Checking Accounts

When it comes to checking accounts, Capital One Bank is the only option, as Synchrony currently doesn't provide a checking account for customers in the US.

The Capital One 360 checking accounts are mainly used and operated online for your optimal convenience. 

Bank Account
Monthly Fee
APY On Balance
Capital One 360 Checking Account
$0
0.10%
Capital One account options
Capital One account options (Screenshot from Capital One)

With the Capital One 360 Checking Account, you can easily handle your expenses, withdraw cash, deposit money, and move funds around—all without worrying about a monthly fee.

Capital One Mobile check deposit
Mobile check deposit (Screenshot from Capital One)

You'll have access to more than 38,000 ATMs without any fees, and there are over 2,000 Capital One ATMs to make managing your money convenient. Plus, Capital One 360 sweetens the deal by providing a free debit card for all your purchases.

Bank Account
Main Features
Capital One 360 Checking Account
No overdraft fees, get paid early, pay bills online, send cash with Zelle, mobile deposit, account alerts
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Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

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Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you'll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Savings Accounts

Synchrony Bank is our winner as it offers slightly higher savings rates than Capital One.

With Synchrony, you can make more money on your savings with a great interest rate. Handling your savings is a breeze with handy features like easy transfers and automatic deposits. The added convenience of accessing funds through an ATM card enhances the overall banking experience.

Synchrony Explore savings Products
(Screenshot from Synchrony Bank, rates are not updated)

On the other hand, Capital One 360 Performance Savings account gives you good rates and makes it easy to transfer money between your accounts or other banks. Plus, the mobile check deposit feature lets you add money by depositing checks whenever you want.

Synchrony also offers money market accounts, but the rates are lower than those of its savings account.

Capital One 360 Performance Savings
Synchrony Savings
Synchrony Money Market
Savings Rate
4.35%
4.75%
2.25%
Minimum Deposit
$0
$0
$0
Fees
$0
$0
$0

Certificate Of Deposits (CDs)

There is no clear winner when it comes to CDs, as both Synchrony and Capital One offer competitive rates and various terms to choose from.

Both banks let you be flexible with how you invest in CDs. You can use strategies like CD laddering, which involves having CDs with different maturity dates, and combining short and long-term CDs. This flexibility gives you more control over your investments, allowing you to customize your CD approach according to your financial goals.

CD Term
Synchrony
Capital One
3 Months
2.25%
N/A
6 Months
5.25%
4.35%
9 Months
5.30%
4.35%
12 Months
5.30%
5.25%
18 Months
5.25%
5.00%
24 Months
4.40%
4.40%
36 Months
4.30%
4.30%
48 Months
4.00%
4.20%
60 Months
4.00%
4.10%

Credit Cards

When it comes to credit cards, Capital One is a clear winner with much better options, rewards, and redemption options than Synchrony Bank cards.

The Capital One Savor Rewards Credit Card is tailored for individuals who want a high cashback rewards ratio on everyday spending categories. For those who want a flat rate cashback, The Capital One Quicksilver offers unlimited 1.5% cash back on every purchase, making it straightforward and rewarding. 

Card
Rewards
Bonus
Annual Fee

capital-one-venture

2X 2X miles per dollar on every purchase, plus 5X miles on hotels and rental cars booked through Capital One Travel
75,000 miles 75,000 miles once they spend $4,000 on purchases within 3 months from account opening
$95
1.5% 1.5% cash back on all purchases
$250 $200 cash bonus once you spend $500 on purchases within 3 months from account opening
$0

Venture X Rewards

1X – 10X 10 miles per dollar on hotels and rental cars when booking via Capital One Travel, 5 miles per dollar on flights and 2 miles per dollar on all eligible purchases
75,000 miles 75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening
$395

1% – 4% unlimited 4% cash back on dining, entertainment, and popular streaming services, 3% at grocery stores and 1% on all other purchases.
$300 $300 cash bonus once you spend $3,000 on purchases within 3 months from account opening
$95

capital_one_secured_mastercard

N/A
N/A
$0

For travelers, the Capital One Venture Rewards Credit Card is great for travel enthusiasts, while the Venture X card offers premium travel benefits and annual credits. 

Capital One Travel Portal pay with miles
(Screenshot from Capital One app)

Synchrony Bank has different types of credit cards, including ones partnered with other companies.

One of their cards, called the Synchrony Home card, lets you delay paying interest for six to twelve months on certain purchases. Some places where you can use this card even give you up to 60 months without interest.

Synchrony also has three levels of Mastercard credit cards: Preferred, Plus World, and Premier World. They also partner with popular US brands like JCPenney, American Eagle, Walgreens, and others for co-branded cards.

Card
Rewards
Credit Requirementss
Annual Fee

Synchrony HOME Credit Card

Synchrony Home Credit Card
Promotional Financing six months of promotional financing on purchases of $299-$1,998.99, or 12 months of promotional financing on purchases of $1,999 or more. Some Synchrony partner locations defer interest for up to 60 months.
Excellent
$0

Synchrony Premier World Mastercard

Synchrony Premier World Mastercard
2% 2% cash back on all purchases
Good – Excellent
$0

jcpenney credit card

JCPenney Credit Card
5% 1 point for every dollar at JCPenney, 200 points worth $10 -> $10 per $200 spend on JCPenney = 5% back
Fair – Good
$0

American Eagle Credit Card review

American Eagle Credit Card
30X – 40X 30 points per dollar spent at American Eagle, 40 points if you spend more than $350 annually
Fair – Good
$0

Mortgage And Loans

Both banks don't offer various options for borrowers. Capital One does offer auto loans.

Both banks lack important lending options you can find on other banks such as mortgages (including refinancing), auto loans, or student loans.

Which Bank Is Our Winner?

Capital One is our winner with a full banking package, including a decent checking option that is not available with Synchrony, high savings rates, and a great selection of cards.

However, it's important to think about different things, especially the ones that matter most to you. This might include looking at banking services, help with overdrafts, how often you use ATMs, how close the bank is to where you live, and other things that are different for each person.

How We Compared Capital One and Synchrony Bank: Methodology

In our comprehensive banking comparison, The Smart Investor team meticulously reviewed and compared banks across five vital categories:

  1. Checking Accounts (30%): We thoroughly examined features such as direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. Special offers available to customers were also taken into account.

  2. Savings Accounts and CDs (20%): Our focus centered on critical factors including the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.

  3. Credit Cards (15%): We carefully analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options provided by each bank's credit cards to offer a comprehensive comparison of available features.

  4. Lending Options (15%): We evaluated the variety of loan options offered, encompassing personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, providing valuable insights into the banks' lending capabilities.

  5. Customer Experience and Bank Reputation (20%): Our assessment included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, delivering a holistic perspective on customer experience and 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?

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 Capital One With Other Banks

Discover Bank is a full-service online bank as well as a provider of payment services. Discover can be used for banking and retirement planning by individuals. Discover is best known for its credit cards with rewards, but it also provides personal, student, and home equity loans.

Capital One began as a credit card company, but it has grown to offer a diverse range of traditional banking services over the years. In addition to credit cards, it offers checking and savings accounts, loan refinancing, auto finance, and children's accounts. As a result, Capital One is more appealing to those seeking a traditional banking experience.

Read Full Comparison: Discover vs Capital One: Which Bank Account Wins?

Capital One is a premium online banking service that offers convenient, dependable service and physical locations to anyone looking for them. Capitol One 360, in addition to providing a trustworthy and dependable service, has no hidden fees or minimums, allowing you to continue earning interest on your daily money. There are over 38,000 fee-free ATMs and over 2,000 Capital One ATMs to meet your money access needs.

American Express is one of the world's most well-known credit card brand names. Customers can get a personal banking solution from American Express National Bank, which offers online savings and CD options. Personal savings accounts have a high potential yield. American Express National Bank is a respectable, secure banking option that does not offer any extra features but does offer the most important one.

Read Full Comparison: American Express vs Capital One: Which Bank Is Better For You?

CIT Bank offers a variety of savings accounts. Savings Connect has two tiers, with the first offering a higher rate if you make qualifying deposits and link your checking account. Savings Builder, on the other hand, offers 3.99 percent if you keep a balance of $25,000 or make monthly deposits of at least $100. There are no account maintenance fees, but you can only make six transactions per statement cycle.

Capital One offers a high yield savings account with a slightly lower rate than CIT Bank's top rate. However, you are not required to jump through any hoops. The account allows six withdrawals per calendar month, but there is no minimum deposit or balance requirement to keep your account open.

Read Full Comparison: CIT Bank vs Capital One: Which Bank Account Is Better?

Chase and Capital One both have banking product lines that compete with traditional high street banks.

Capital One also has a competitive advantage in terms of checking accounts. The Capital One checking account is not only fee-free, but you can also earn interest on your account balance. Chase's checking account does not pay interest, and you must meet certain requirements to have the $12 monthly fee waived.

However, when you open a qualifying account, Chase will give you a welcome bonus, and its checking account has some nice features such as paperless statements for up to seven years and checking account upgrade options.

Read Full Comparison: Chase vs Capital One: Compare Banking Options

Capital One began as a credit card company, but has expanded its line of banking products to rival a traditional bank. Aside from checking and savings accounts, you can also get loan refinancing, auto finance, and children's accounts.

Wells Fargo offers an even broader range of products. There are several checking accounts available, as well as two savings accounts and investment options such as IRAs and 401ks. You can also get loans and mortgages, as well as wealth management services. Wells Fargo is thus a highly comparable alternative to the traditional high street bank.

Read Full Comparison: Capital One vs Wells Fargo: Which Bank Wins?

Capital One made its name as a credit card company, but in recent years, it has developed a decent banking product line that rivals that of a traditional bank. Capital One offers loan refinancing, kids' accounts, and auto finance in addition to checking and savings accounts.

Credit One remains primarily a credit card company, but it does offer a limited range of banking products, including CDs.

Read Full Comparison: Capital One vs Credit One: Which Bank Account Is Better?

Ally has a decent banking product lineup that would make switching from a traditional high street bank relatively simple. Checking, savings, CDs, auto loans, personal loans, mortgages, investments, and retirement products are among the products available. The only obvious omission from the Ally line is the absence of a credit card.

Capital One began as a credit card company, but it has since expanded into a variety of other banking services. You can access auto finance, loan refinancing, and children's accounts in addition to savings and checking accounts.

Read Full Comparison: Ally vs Capital One: Compare Banking Options

Capital One began as a credit card company, but it has recently expanded its banking product line. Capital One offers checking and savings accounts, children's accounts, auto finance and refinancing, in addition to an impressive selection of credit cards.

Citi offers a diverse range of banking products, including checking and savings accounts, CDs, credit card options, mortgages, personal loans, wealth management plans, IRAs, and investment options.

Read Full Comparison: Citi vs Capital One: Which Bank is Best For You?

Bank of America has an impressive product lineup, as one would expect from a large banking institution. There are various checking and savings accounts, as well as numerous credit card options, auto loans, home loans, and investments. This makes switching from your current bank a breeze.

Capital One began as a credit company, but it has recently expanded its product line. You can now access checking and savings accounts, auto finance, refinancing, and children's accounts in addition to an impressive selection of credit cards.

Read Full Comparison: Bank of America vs Capital One: Which Bank Wins?

Picking the right bank account can be confusing, especially when looking at big banks like U.S. Bank and Capital One. Here's our winner: U.S. Bank vs. Capital One

Capital One is our winner as it offers a full banking package. But if you have specific checking requirements, M&T Bank may win. Here's why.

M&T Bank vs. Capital One: Which Bank Account Is Better?

Capital One is our winner as it offers a full banking package, which is better than TD Bank, especially if you have deposit needs. Here's why.

TD Bank vs. Capital One: Which Bank Account Is Better?

Regions Bank has physical branches you can visit, while Capital One operates mainly online. Let's compare their banking products: Regions Bank vs. Capital One

While PNC Bank is a brick-and-mortar bank, Capital One's presence is mainly online. Let's compare them and see which is our winner: Capital One vs. PNC Bank

Capital One is our winner as it is a better fit for most consumers, while HSBC banking products are designed for high-net-worth individuals.

Capital One vs. HSBC Bank: Which Bank Account Is Better?

Capital One is our winner for most consumers than Barclays bank. But, there are important things to consider when comparing them: Barclays Bank vs. Capital One

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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Chase_logo

Promotion:
$300 New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account and make direct deposits totaling $500 or more within 90 days of coupon enrollment.. Expired on 4/17/2024
Chase Overdraft Assist
With Chase Overdraft AssistSM, you won’t be charged an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day

UpgradeLogo

Fees:
No monthly fees No monthly fees and no overdraft fees. Plus get reimbursed for ATM fees with an active account 
Rewards:
Up to 2% cash back Up to 2% cash back on common everyday expenses for active accounts with monthly $1,000 direct deposit, and up to 1% cash back for other purchases 
Promotion:
$300 Use Promo Code “AXOS300” for a $300 bonus when you apply for a Rewards Checking account
Up to 3.30% APY
to get the maximum rate (up to $50,000) you’ll need monthly direct deposits of $1,500 (0.40% APY), 10 transaction on your debit card (+0.30% APY), average daily balance of $2,500 on Axos Invest Managed Portfolio (+1.00% APY), average daily balance of $2,500 on Axos Invest Self Directed Trading Account(+1.00% APY) and make full monthly payment on loans (mortgage, personal and auto) with Axos account (+0.60% APY).

PNC bank logo

Promotion:
Up to $400 Open a new, select Virtual Wallet product and receive $500/$2,000/$5,000 or more in qualifying monthly direct deposits within 60 days to earn a $100/$200/$400 bonus.
Subject to state availability
PNC Virtual Wallet ® is available in AL, AZ, CA, CO, DC, DE, FL, GA, IL, IN, KY, MD, MI, NC, NJ, NY, NM, OH, PA, SC, TX, VA, WI, and WV. Virtual Wallet ® is offered in the state of MO with the exception of the Greater Kansas City area. Product availability may vary based on where you open your account and the Zip code of your primary

Promotion:
Up to $4,000 New customers may earn up to $4,000 when they open an eligible HSBC Premier checking account from January 8, 2024 through March 27, 2024 and complete qualifying activities:

• Receive a cash bonus of $1,500 when you deposit or invest $100,000 – $199,999.99

• Receive a cash bonus of $2,000 when you deposit or invest $200,000 – $299,999.99

• Receive a cash bonus of $2,500 when you deposit or invest $300,000 – 499,999.99

• Receive a cash bonus of $3,500 when you deposit or invest $500,000+

• Earn an extra $500 when you set up recurring monthly Direct Deposits totaling at least $5,000 for 3 months
Wealth Products & Advice
Get access to wealth products, insights and advice from an HSBC Financial Professional through HSBC Securities (USA) Inc
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

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