Synchrony Bank Review 2024 (2024)

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The bottom line: Business Insider's personal finance team compared Synchrony Bank (Member FDIC) to the best online banks and decided it's a top option for savings accounts and CDs.

Synchrony has one of the best high-yield savings accounts out there and pays strong rates on CDs. It doesn't require minimum deposits for any of its accounts, or charge monthly fees. But it's not the best choice if you want to do all your banking with the same company because it doesn't have a checking account.

Synchrony Bank Overall Rating

FeaturePersonal Finance Insider rating (out of 5)
Savings4.75
CD4.5
No-penalty CD4.25
Bump-up CD4.5
Money market account4.75
Trustworthiness4
Total Rating4.5

Synchrony Bank Pros and Cons

ProsCons
  • High interest rates on savings account and CDs

  • Savings account comes with an ATM card

  • Money market account comes with an ATM card and paper checks

  • Variety of CD types and terms

  • No minimum opening deposit for any accounts

  • No physical locations
  • No checking account
  • Money market account rate is just so-so

About Synchrony Bank

Synchrony Bank is an online-only institution best suited for people who prioritize finding strong bank accounts where they can save money.

The bank offers a high-yield savings account, a money market account, CDs, and credit cards. Synchrony doesn't offer a checking account. It does provide an ATM card with its savings and money market accounts, though, and you can use your card for free at any Plus or Accel ATM. Synchrony reimburses up to $5 per month in out-of-network ATM fees.

You can also use your ATM card to make purchases at stores by entering your ATM PIN.

Synchrony accounts are insured by the FDIC for up to $250,000, or $500,000 if you have a joint account. This means that even if Synchrony shuts down, your deposited money would be safe.

Is Synchrony Trustworthy?

The Better Business Bureau gives Synchrony an NR (No Rating) gradebecause it is in the process of responding to previously closed complaints. A strong BBB rating indicates the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.

Synchrony does have some recent controversies. In 2023, the bank was ordered to pay a settlement of $2.6 million; the lawsuit claimed that Synchrony called people about bank accounts they did not own. In 2021, Synchrony paid $3.5 million in a settlement when California residents said the bank was making an unreasonable number of phone calls to people who owed debt.

Synchrony Bank Interest Rates and Fees

Synchrony Bank Interest Rates on Savings Accounts, Money Market Accounts, and CDs

In general, Synchrony Bank's interest rates on savings accounts, money market accounts, and CDs are higher than average bank account interest rates. Average bank account interest rates take into account all types of banks, including brick-and-mortar banks, which tend to pay less on interest-earning bank accounts than online banks.

However, when you compare specific bank accounts to competition from the best online banks, you'll see some distinctions.

Synchrony's money market account rate isn't quite as high as rates on the best money market accounts — some online banks even have an APY that doubles Synchrony's account.

The bank's high-yield savings account and CD rates are still competitive if you compare them to options from top online banks, like Ally or Discover Bank. However, you might find some local financial institutions with 5% interest savings accounts or higher CD rates.

Even though Synchrony doesn't have the absolute highest rate on the market, you may prefer a national brand like Synchrony for other benefits, such as minimal fees or better customer support hours.

Synchrony Bank Fees and Charges

One of Synchrony Bank's strengths is its fee structure for its savings and money market accounts. These accounts do not charge monthlybank maintenance fees. Synchrony also does not charge out-of-network ATM fees and reimburses $5 per month in domestic ATM fees charged by other financial institutions.

Synchrony Digital and Mobile Banking

Synchrony Mobile App Features

Synchrony mobile banking is similar to apps from other national banks. You can contact customer support through live chat, make mobile check deposits, view your transaction history, open new bank accounts, and manage credit cards.

Synchrony's mobile app is rated 4.7 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.

Synchrony Online Banking Tools

You can access online banking through Synchrony's website, which will be the other primary method for managing bank accounts and credit cards. You can open new bank accounts, get customer support, and calculate potential interest earnings with savings and CD calculators.

Synchrony Bank Customer Service and Support

If you have questions, you can chat online with customer support. You'll initially be connected to a virtual assistant, and if the virtual assistant can't answer your query, you'll be transferred to a live assistant.

You can call an agent from 8 a.m. to 10 p.m. ET Monday through Friday or 8 a.m. to 5 p.m. ET Saturday and Sunday.

According to theJ.D. Power 2024 U.S. Direct Banking Satisfaction Study, Synchrony Bank ranked below the segment average for overall customer satisfaction among online savings providers. Marcus and Ally Bank ranked the highest in this study.

Synchrony Bank FAQs

What services does Synchrony Bank offer?

Synchrony has a variety of services for savers, including a high-yield savings account, a money market account, and CDs. The bank also offers cash-back credit cards and a credit card with no annual fees.

What are the interest rates for Synchrony Bank accounts?

The Synchrony High Yield Savings Account pays 4.75% APY and the Synchrony Money Market Account pays 2.25% APY. Synchrony also has traditional CDs, IRA CDs, a no-penalty CD, and a bump-up CD. Standard and IRA Synchrony CDs pay 0.25% to 5.15% APY, the Synchrony No-Penalty CD pays 0.25% APY, and the Synchrony Bump-Up CD pays 3.60% APY.

How can I contact Synchrony Bank customer service?

You can contact Synchrony Bank customer service by live chat or phone.

What are the pros and cons of banking with Synchrony Bank?

The pros of banking with Synchrony include a top-tier high-yield savings account with a competitive interest rate and easy opening requirements, and a variety of CD terms and types. The cons of banking with Synchrony include no physical locations, no checking accounts, and limited services and products beyond banking.

Is Synchrony Bank legit?

Yes, Synchrony is a legitimate bank. It is a Member FDIC bank, so your deposits are insured for up to $250,000 per owner, per category.

Is Synchrony Bank hard to deal with?

Synchrony has received an average of 3.4 out of 5 stars from over 16,500 users on WalletHub, and 1.1 out of 5 stars from over 300 users on TrustPilot. This indicates that customers leaving reviews are moderately satisfied or below satisfied with Synchrony.

Is there a class action lawsuit against Synchrony Bank?

There was a class action lawsuit against Synchrony in early 2023, but it has now closed. The lawsuit claimed that Synchrony made calls to people about Synchrony accounts that did not exist. Synchrony was ordered to pay $2.6 million in the settlement.

Synchrony Bank Savings Account Review

Synchrony High Yield Savings Account

Synchrony High Yield Savings Account

Start saving

Synchrony Bank, Member FDIC

Insider’s Rating

4.75/5

Perks

Earn 4.75% Annual Percentage Yield (APY). $0 minimum deposit. FDIC Insured.

Fees

no monthly service fee

Annual Percentage Yield (APY)

4.75%

Minimum Opening Deposit

$0

Pros

  • Competitive APY
  • Comes with an ATM card
  • No required opening deposit or minimum account balance
  • No monthly service fee

Cons

  • No physical branch locations
  • Only reimburses up to $5 of out-of-network ATM fees per month

Insider’s Take

With a high rate and no fees, the Synchrony High Yield Savings Account is a great option for savers. But if you want to open a checking account to do all of your banking at one place, you may want to consider one of the best online banks instead.

Synchrony High Yield Savings Account review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Access your cash online, by phone or via ATM
  • Manage your accounts from virtually anywhere in the Synchrony app
  • No minimum balance
  • Interest compounded daily, paid monthly
  • FDIC insured

The Synchrony high-yield savings account is a great option for savers. It pays a competitive interest rate, has a $0 minimum opening deposit, and has no monthly service fee.

This account is unique because unlike most savings accounts, it comes with an ATM card, which gives you easy access to your savings. You can use it at an ATM or to make a purchase when you enter your PIN. This is especially important because Synchrony doesn't have a checking account, so the ATM card is a crucial way to withdraw savings if you need money quickly.

Synchrony Bank CDs Review

Synchrony Bank CDs

Synchrony Bank CD

Insider’s Rating

4.5/5

Annual Percentage Yield (APY)

0.25% to 5.15%

Minimum Opening Deposit

$0

Pros

  • Competitive APY
  • Variety of term lengths
  • No minimum deposit

Cons

  • No terms over 5 years
  • Standard-to-high early withdrawal penalties

Insider’s Take

Synchrony Bank pays some of the best CD rates for people who don't have much money to open an account, because it has a $0 minimum deposit. Synchrony Bank is also a good choice for people who want to work with a well-known bank, or who want to open multiple types of CDs. It has a no-penalty and bump-up CD, plus multiple terms for regular CDs — and they all pay competitive rates.

Synchrony Bank CD review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Terms ranging from 3 months to 5 years
  • Early withdrawal penalty of 90 days simple interest for terms of 12 months or less; 180 days simple interest for terms over 12 months but under 48 months; 365 days interest for terms of 48+ months
  • When you're ready to cash out your CD, you must call Synchrony
  • Interest compounded daily, paid monthly
  • FDIC insured

Synchrony offers three types of CDs, and Synchrony CD rates are competitive across the board.

The Synchrony Bank CD has a variety of terms to choose from, paying 0.25% to 5.15% APY. The 11-month Synchrony No-Penalty CD pays 0.25% APY. The 24-month Synchrony Bump-Up CD pays 3.60% APY, and you have the option to increase your rate once during the term if the banks increases its rate on this certificate.

Synchrony Bank Money Market Review

Synchrony Money Market Account

Synchrony Money Market Account

Start banking

Synchrony Bank, Member FDIC

Insider’s Rating

4.75/5

Fees

no monthly service fee

Annual Percentage Yield (APY)

2.25%

Minimum Opening Deposit

$0

Bonus

N/A

Pros

  • No opening deposit or minimum account balance
  • No monthly service fee
  • Comes with an ATM card and paper checks

Cons

  • No physical branch locations
  • Earn a higher interest rate with other online banks
  • Only reimburses $5/month in out-of-network ATM fees

Insider’s Take

Synchrony Bank's money market account stands out because it has paper checks and an ATM card, which give you easy access to your savings. But the interest rate is just so-so.

Synchrony Money Market Account review External link Arrow An arrow icon, indicating this redirects the user."

Product Details

  • Access your cash online, by phone, or via ATM
  • No opening deposit or minimum account balance
  • Comes with a debit card and paper checks

The Synchrony Money Market Account has a $0 minimum deposit and no monthly service fee. It also comes with both paper checks and an ATM card, making it easy to access your money. Use the Plus or Access ATM networks for free, and Synchrony reimburses up to $5 per month if any out-of-network ATMs charge you a fee.

Synchrony Credit Cards Review

Synchrony Bank has two cash-back credit cards and another credit card with no annual fees. Other online banks like Capital One and American Express National Bank (Member FDIC) have more credit card options.

None of Synchrony's credit cards are among our picks for best credit cards.

How Synchrony Bank Compares

Synchrony vs. Ally Bank

Both Synchrony and Ally offer savings accounts, money market accounts, and CDs. Synchrony offers higher rates on CDs and savings accounts, while Ally has a higher interest rate on a money market account.

You might prefer Ally Bank if you want to do all your banking with one company, because unlike Synchrony, it has a checking account. It's easy to immediately transfer money from your Ally savings account to the checking account. With Synchrony, you'll either need to withdraw savings with your ATM card, or transfer money to an external checking account — the latter option could take up to a few business days.

Ally Bank Review

Synchrony vs. Marcus Bank

Marcus only offers CDs and a high-yield savings account, so Synchrony will be the clear choice if you want a money market account. Neither bank has a checking account, though.

The two high-yield savings accounts are pretty comparable. You might prefer Synchrony if you want an ATM card attached to your savings account, but Marcus' account includes tools that let you see your monthly cash flow in the app.

Both banks have strong CDs, but Marcus CD rates are slightly higher overall.

Marcus Bank Review

Why You Should Trust Us: How We Reviewed Synchrony Bank

To review Synchrony's savings and money market accounts, we used our bank account methodology. To rate CDs, we used our certificate of deposit methodology. Each account receives a rating between 0 and 5.

We evaluate ethics, customer service, and mobile apps when rating every type of account. Other factors considered depend on the type of account we're reviewing. For example, we look at whether a money market account offers access to your funds with an ATM card, debit card, and/or paper checks. For CDs, we look at term variety and early withdrawal penalties.

Sophia Acevedo

Banking Editor

Sophia Acevedo is a banking editor at Business Insider. She has spent three years as a personal finance journalist and is an expert across numerous banking topics.ExperienceSophia leads Personal Finance Insider's banking coverage, including reviews, guides, reference articles, and news. She edits and updates articles about banks, checking and savings accounts, CD rates, and budgeting and saving. She is highly knowledgeable about long-term trends in rates and offers at banks across the U.S.Before joining Business Insider, Sophia worked as a journalist at her college newspaper and was a freelance writer. She has spent seven years writing and editing as a journalist.Sophia was nominated for an Axel Springer Award for Change in 2023 for her coverage of ABLE accounts, tax-free savings accounts for people with disabilities. She was also a winner of a 2018 California Journalism Awards Campus Contest for her photography.She loves helping people find the best solutions for their unique needs and hopes that more people will find the tools to solve their financial problems. She’s inspired by stories of everyday people adapting to their financial circumstances and overcoming their fears around money.ExpertiseSophia's expertise includes:

  • Bank accounts
  • Savings and CD rate trends
  • Budgeting
  • Saving
  • How banks operate

EducationSophia graduated from California State University Fullerton with a degree in journalism and a minor in political science.She is an avid reader across a variety of genres, and she started running in 2021. She ran in the 2024 Los Angeles Marathon.

Evelyn He

Compliance and Operations Associate

Evelyn He is a Compliance and Operations Associate on the Personal Finance team to ensure content accuracy and editorial independence so readers get up-to-date and objective financial advice.The compliance team's mission is to provide readers with fact-checked and current stories so they can make informed financial decisions. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.

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Synchrony Bank Review 2024 (2024)

FAQs

Synchrony Bank Review 2024? ›

We rate Synchrony Bank's high-yield savings accounts 4.5 stars. The bank is a great option for someone seeking a high-yield savings account who doesn't mind banking exclusively online. This savings account also offers an interest rate that's much higher than the national average rate of 0.50% for savings accounts.

Is Synchrony Bank safe right now? ›

Synchrony Bank is a safe place to put your money. Deposits are FDIC insured up to $250,000, just like brick-and-mortar banks.

Does Synchrony Bank have a good reputation? ›

Synchrony Bank is a solid online bank with competitive interest rates on savings, money market, and CD accounts. It is a good option for consumers who are happy with their current checking account but want to earn a higher rate of interest on their savings.

What are the disadvantages of a Synchrony Bank? ›

The pros of banking with Synchrony include a top-tier high-yield savings account with a competitive interest rate and easy opening requirements, and a variety of CD terms and types. The cons of banking with Synchrony include no physical locations, no checking accounts, and limited services and products beyond banking.

What is the future of Synchrony Financial? ›

SYF Stock 12 Month Forecast

Based on 16 Wall Street analysts offering 12 month price targets for Synchrony Financial in the last 3 months. The average price target is $51.63 with a high forecast of $62.00 and a low forecast of $37.00.

Is Synchrony Bank owned by Chase? ›

More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company.

How solid is Synchrony Bank? ›

Is Synchrony Bank secure? Synchrony Bank's deposit accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of $250,000 per depositor, per account ownership category. This insurance protects your money in the unlikely event of a bank failure.

What is the Synchrony Bank scandal? ›

A new lawsuit against Synchrony Financial in Los Angeles County accuses the financial services company of installing tracking software to invade customers' privacy and track their browsing habits. This complaint was first surfaced by Law.com Radar.

Can I trust Synchrony? ›

We rate Synchrony's money market accounts 3.8 stars. Synchrony offers both money market accounts and IRA money market accounts. Synchrony's money market accounts have no minimum opening deposits, no minimum balance requirements and no monthly fees.

Where does Synchrony Bank rank? ›

Synchrony ranked No. 20 overall – up 27 places from last year – and No. 2 within the consumer and diversified finance sector.

Is Synchrony Bank having financial problems? ›

Synchrony Financial's threat of distress is less than 3% at the present time. It is unlikely to undergo any financial straits in the next 24 months.

Is Synchrony Bank financially sound? ›

Fitch Ratings - New York - 21 Apr 2023: Fitch Ratings has affirmed all of the ratings for Synchrony Financial (SYF) and Synchrony Bank (SYB) including the Long-Term Issuer Default Ratings (IDRs) at 'BBB-'. The Rating Outlook has been revised to Positive from Stable.

Is Synchrony a good company? ›

Synchrony reviews FAQs

Synchrony has an overall rating of 4.2 out of 5, based on over 2,408 reviews left anonymously by employees. 83% of employees would recommend working at Synchrony to a friend and 81% have a positive outlook for the business. This rating has decreased by 1% over the last 12 months.

Will Synchrony Bank settle? ›

You can negotiate with them to get the lowest settlement amount possible. Keep in mind that Synchrony may not agree to a settlement, but it's worth a try. Get the agreement in writing: If you agree to a settlement offer, ask the representative to send you a written agreement that outlines the terms of the settlement.

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