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

Synchrony Bank Pros and Cons

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

Synchrony Bank Savings Account Review

Synchrony High Yield Savings Account

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 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

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.