Synchrony Bank Review

Earning a high interest rate on your bank accounts generates extra income on your savings. Synchrony Bank is an online-only bank that offers high-yield savings, money market accounts and CDs without charging the usual monthly fees of other banks. Additionally, its accounts have no minimum opening deposit or monthly minimum balance requirements, so they're open to all levels of savers. Although it doesn't have branch locations and has a limited number of products, it might be a good secondary bank for your savings. Learn about Synchrony Bank's products and services, how to open an account and more to determine if its products work for you.

Review summary: pros & cons

Services offered

Synchrony Bank offers a limited number of services to its customers. The bank does not offer overdraft protection since it does not have checking accounts. However, you can perform a money transfer between accounts online or through its mobile app.

In addition to banking products, it features an online Money Matters blog for customers to learn basic finance skills. Additionally, its website provides an ATM finder link to locate nearby ATMs to withdraw money surcharge-free and to make deposits. Since the bank does not have physical branches, customers can access their accounts online or through a mobile app.

Account opening

To open a bank account with Synchrony Bank, you must be at least 18 years old. Start your account application by going to the bank's website at SynchronyBank.com and clicking on "Start Saving Now." If you're already a customer, log into your account to continue the account opening process. Otherwise, you'll need to create an online account and provide your personal information.

The information you need to enter includes:

• First and last name
• Home address
• Phone number
• Email address
• Social Security Number
• Date of birth

Upon providing your information, you'll choose your bank account product and review its terms. Then, you'll finalize your website profile and add money to your new account.

Opening an IRA, Trust, Custodial or Non-Personal account requires calling customer service at 866-226-5638.

For a Synchrony Bank credit card, click on the "Apply Now" button. The website can pre-populate your information using the last four of your Social Security Number and your mobile phone number. Complete your application to receive a decision on your credit card request.

Types of accounts

As an online-only bank, Synchrony Bank offers a limited scope of banking products to its customers.

• High-yield savings accounts
• Money market accounts
• Certificates of deposit (CDs)
• IRA CDs and money market accounts
• Credit cards

As you can see, Synchrony Bank does not offer checking accounts, mortgages, auto loans, or other lending products. Additionally, you cannot access investments or insurance through this bank. For customers who want a full-service financial institution that can handle all of their needs, including getting one of the best checking accounts, consider CIT Bank or Chase Bank.

CIT eChecking

View Offer

CIT eChecking

APY*

0.25% with a balance of $25,000 or more; 0.10% with a balance of under $25,000

Monthly fee

$0

Interest rates

Without the cost of physical branches, Synchrony Bank is one of the best banks for earning a high interest rate. Its High Yield Savings account is one of the best savings accounts because of its competitive interest rates and lack of monthly fees and minimum deposit. Of course, there are higher competitive rates at no minimum deposit, like Discover® Online Savings. Ultimately, the decision to choose Synchrony over other banks depends on individual preferences and financial goals, considering the various factors mentioned above.

Discover® Online Savings Account

View Offer

Discover® Online Savings Account

APY*

3.90%

Min. deposit

$0

Monthly fee

$0

* Rates as of June 6, 2023.
** CD rates vary based on the CD term and features of the CD. Rates as of June 6, 2023.

Alternative savings account offers

Physical vs. online

Synchrony Bank does not have physical branches for customers to visit. Instead, the bank relies on online chat and phone calls to handle customer service needs. Although the bank does not have its own ATMs, customers can use PLUS or Accel Network ATMs. While Synchrony does not charge ATM fees, some ATM operators may charge nominal fees; Synchrony will refund up to $5 per statement cycle. Furthermore, Diamond status members of Synchrony’s Perks Reward program will receive unlimited refunds of any such fees.

Customers can access their accounts and perform banking transfers, account opening, and other actions online or through the bank's mobile app. The Synchrony Bank mobile app is available from the Apple App Store and the Google Play App Store.

In the mobile app, you can open accounts, check balances, link and manage credit cards, deposit checks, transfer funds and more. Customers can also chat with customer service through the mobile app.

How to deposit or withdraw money

With Synchrony Bank, you can withdraw money in several ways, depending on the type of account you have.

• ATM access. Deposit or withdraw money at the ATM with a withdrawal limit of $1,000 per day. Synchrony Bank reimburses up to $5 per statement cycle for fees charged when using another bank's ATMs. Diamond status customers receive unlimited domestic ATM rebates.
• Debit card (point-of-sale) transactions. Use your debit card to make purchases like a credit card. There is a limit of $500 per day for these transactions, but this limit is separate from the ATM withdrawal limit.
• Electronic transfers. Transfer money electronically between your linked accounts at Synchrony Bank and other institutions. Initiate transfers online, through the mobile app or by calling the automated phone system.
• Checks. Although Synchrony Bank doesn't offer checking accounts, you can request checks for your Money Market Account.
• Wire transfers. Customers can wire money from their High Yield Savings or Money Market Accounts by calling customer service. Wire transfers are also allowed into savings or money market accounts.

Since the bank does not have physical branches, you cannot deposit money at a branch. Instead, you can deposit cash and checks at eligible ATMs or checks through its mobile app.

Deposits by mail are also an option. Customers receive deposit slips in their welcome package. If you don't have a deposit slip, note your account type and account number in the memo section of the check. Mail your checks and a deposit slip to:

Synchrony Bank
PO Box 669802
Dallas, TX 75266-0955

Customer service phone number

If you'd like to speak with Synchrony Bank customer service, call 866-226-5638. Automated telephone service is available 24 hours a day, seven days a week. Live customer service is available Monday through Friday from 8 a.m. to 10 p.m. Eastern time. They are also open on Saturday and Sunday from 8 a.m. to 5 p.m. Eastern time. However, the IRA and Trust teams are unavailable on the weekends.

Minimum balance requirements

There are no minimum balance requirements for any of the Synchrony Bank deposit products. Customers are not charged monthly fees, so they don't need to have a minimum balance to avoid fees. Additionally, there are no minimum deposit requirements to open an account.

The Money Money Account does have three tiered deposit rates. However, all three tiers currently offer the same interest rate.

Insurance

All customer deposits are insured by the FDIC up to regulatory limits. Current FDIC limits are up to $250,000 per depositor at each bank. You can extend these limits by naming your accounts to take advantage of different ownership categories.

Fees

Synchrony Bank does not charge monthly service charges on its accounts. There are no monthly minimum balance requirements to waive the service charges.

The bank does not charge ATM fees, but customers may be charged fees for using another bank's ATMs. However, Synchrony reimburses up to $5 per statement cycle for domestic ATM fees for all customers and an unlimited amount for Diamond status customers.

How Synchrony Bank stands out

When comparing the best savings accounts, Synchrony Bank stands out for high interest rates on its High Yield Savings. Although the bank has a limited number of bank products, the accounts that it does offer have attractive terms—competitive interest rates, no minimum balance, no minimum opening deposit, and no monthly fees.

The bank also offers three credit cards with a variety of perks without charging an annual fee. This allows customers to earn high rates of interest on their deposits while also building credit through the bank's credit cards.

About Synchrony Bank

Synchrony Bank is an online-only bank that offers savings accounts, money market accounts, CDs, and credit cards. Customer deposits are FDIC insured, and the company is backed by Synchrony, a Fortune 500 company with more than 80 years of experience.

How Synchrony Bank compares to other banks

This chart compares Synchrony Bank against competitors to highlight the types of products available at each bank. For more details about each bank, read our reviews to determine if their products are right for you.

*Money loaded on your prepaid card is held at Metropolitan Commercial Bank, and is FDIC insured up to $250,000 in the event of Metropolitan Commercial Bank's failure. Securities products are not FDIC Insured, not bank guaranteed and may lose value.

How to decide if Synchrony Bank is the right choice for you

Synchrony Bank is an excellent choice as a secondary bank for customers who want to earn higher rates of interest on their deposits. All of its accounts have no minimum deposit requirements, no monthly fees, and no minimum balance requirements. Additionally, it offers fixed-rate CDs ranging from three months to five years and CDs with flexible terms to match your financial needs. Whether you have large balances or are just starting to save, you'll receive the same competitive interest rates to earn money on your deposits.

However, customers looking for a full-service bank that offers in-person banking, checking accounts, mortgages, auto loans, and other products should look elsewhere. For customers looking for a bank with a more comprehensive menu of products, there are several alternatives as illustrated by the table above.

TIME Stamp: Synchrony Bank offers high-yield savings accounts and other financial products without monthly fees

Synchrony Bank is an online-only bank that specializes in interest-bearing deposit products and credit cards. While the bank doesn't offer a full array of bank accounts, its products are a good complement to a primary checking account at another bank. It does not charge monthly fees, and there are no minimum deposit or balance requirements. Additionally, it offers competitive interest rates on savings, money market accounts and CDs.

Frequently Asked Questions (FAQs)

Since Synchrony Bank is an online bank, how can I make deposits to my account?

Customers have many options for depositing money into their Synchrony Bank accounts. The bank offers deposits at select ATMs, its mobile app, or through the mail. Additionally, its accounts accept online transfers, ACH deposits, and wire transfers.

What happens if I overdraw my Synchrony Bank account?

If your debit card purchase, electronic transfer, Money Market Account check, or other transfer is more than your available balance, it will be declined. Synchrony Bank does not charge overdraft fees.

How do I contact Synchrony Bank by phone?

To contact Synchrony Bank by phone, call 866-266-5638 between the hours of 8 a.m. and 10 p.m. Eastern, Monday through Friday. Live customer service is also available from 8 a.m. to 5 p.m. Eastern on Saturday and Sunday. You may also contact customer service by online chat through the website or mobile app.

Is Synchrony Bank good or bad?

Synchrony Bank is one of the best banks for customers seeking high interest on their deposits without monthly fees or minimum balance requirements. For customers willing to have accounts at different banks, its products are a good complement to your primary checking account. The bank is ideal for customers who don't need to visit a branch and are comfortable using online customer service.