Synchrony Bank Review 2024
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At a glance
CDs
Savings
MMA
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
- Highly Rated App
- No Monthly Fees
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
These are sponsored offers rated highly by us for competitive rates, fees, and minimums.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Savings rating = 4.4/5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate Checking 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.
Offers featured here have been sponsored which impacts how, where, and in what order the products appear. Not all offers are displayed on this page.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment account.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
APY, or annual percentage yield, is the yearly return on a bank or investment 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
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Synchrony consistently offers competitive rates on deposit products.
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Synchrony doesn’t require minimum balances for its savings accounts, money market accounts and certificates of deposit (CDs).
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Up to $5 in domestic ATM rebates are available per statement cycle.
Cons
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Synchrony has no branches.
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Checking accounts aren’t offered.
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Synchrony Bank’s money market account doesn’t earn as high of a yield as its savings account.
We want to know what you think about Synchrony Bank
Do you have experience with Synchrony Bank? Let us know your thoughts.
Synchrony Bank banking products
APY last updated between 11/12 and 11/18.
Synchrony Bank savings overview
Pros
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The account offers a competitive yield.
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There are no monthly service fees.
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The account comes with an ATM card and offers rebates.
Cons
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All tiers have the same APY, so customers are not rewarded for depositing more money.
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Some banks offer a higher APY on their savings accounts.
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See how rates for this account have changed over time. Interact with the trend lines to view APY by date.
Synchrony BankAPYAPY last updated between 11/12 and 11/18.APYAPY last updated between 11/12 and 11/18.National average APYHow do we get this data?Bankrate independently tracks hundreds of APYs and product details for banking institutions nationwide. We retain the historical data of every rate we track in our database. If there are any gaps where we weren’t actively tracking a rate at the time, the graph will reflect the missing data.
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 |
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.
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 2024 Direct Banking Satisfaction Study.
Digital experience
Highly rated mobile app. Synchrony’s mobile app is highly rated on the Apple App and Google Play stores. Collectively, more than 30,000 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.”
Disclosure: To enhance our product reviews, Bankrate employees often open accounts and provide feedback. They may have been compensated for their time and account maintenance, but this does not affect the integrity of their review.
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.
How Synchrony compares to other banks
Compare different account types offered by Synchrony Bank. Annual percentage yields (APYs) shown were updated between Nov. 12, 2024 and Nov. 18, 2024.
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Selected bank
Synchrony Bank savings account
Bankrate score
5.0
Bankrate Savings rating = 5.0/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
Most comparable
Capital One savings account
Bankrate score
4.4
Bankrate Savings rating = 4.4/5 Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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Bankrate score
Bankrate Savings rating Bankrate scores are objectively determined by our editorial team. Annual percentage yields (APYs), minimum opening deposit requirements and minimum balances to avoid monthly service fees are some of the things that make up Bankrate’s score. |
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APY
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest. APYs last updated between Nov. 12, 2024 and Nov. 18, 2024.
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| 4.30% | 4.00% | |
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Minimum balance for APY
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| $0.00 | $0.00 | |
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Estimated earnings
Interest earned calculation based on a $50,000 deposit amount for a period of 1 year and is rounded to the nearest dollar. Exact earnings are dependent on calendar year, balance, and compounding frequency. Minimum deposit rules may apply.
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| $2,150 | $2,000 | |
| You’ll earn a competitive yield and can access your money at an ATM with the Synchrony Bank High Yield Savings Account. You’ll also have $5 worth of domestic ATM fees reimbursed per month and you won’t be charged a monthly service fee. | Capital One’s 360 Performance Savings Account earns a competitive yield. It doesn’t require a minimum opening deposit and you won’t pay a monthly service fee with this account. Capital One is one of the few online banks that you can visit at a branch location to withdraw cash. | |
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APY offering:
4.30%
5/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Great
5/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY offering:
4.00%
4/5
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
Minimum balance for APY:
$0.00
5/5
The lowest deposit amount an account must have before it can earn interest.
Monthly service fee:
$0.00
5/5
A monthly charge a financial institution deducts from an account if certain requirements are not met.
Minimum balance to avoid fee:
$0.00
5/5
The lowest balance an account must maintain in order to avoid a fee.
Access to funds:
Good
4/5
A procedure that allows an individual or organization to access and manage the funds of another account holder.
|
APY, or annual percentage yield, is the yearly return on a bank or investment account. APY includes the effects of compounding interest.
The lowest deposit amount an account must have before it can earn interest.
A monthly charge a financial institution deducts from an account if certain requirements are not met.
The lowest balance an account must maintain in order to avoid a fee.
A procedure that allows an individual or organization to access and manage the funds of another account holder.
Bankrate does not currently track additional product details for this bank.
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Synchrony Bank FAQs
Review methodology
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.
Synchrony Bank customer reviews
Synchrony Bank has 24 reviews
Dive into community reviews below and see what others think about Synchrony Bank.
In July 2024, Bankrate collaborated with a third-party vendor to survey 1,200 bank account holders nationwide. Bankrate and our vendor collected and summarized account holder responses to five rating questions on a 5-point scale as well as open-ended reviews of the banking experience. Responses are based on individual account holder product details, and therefore cannot be verified for accuracy. Reviewers received an incentive for their feedback. Their ratings are unedited and have not been reviewed or approved by the associated bank or credit union, nor do these responses reflect Bankrate's own expert review of these banking products.
Community Reviews
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