Synchrony Bank Review 2021

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Updated on Friday, October 1, 2021

Synchrony Bank

Synchrony Bank is the online bank division of Synchrony, a Fortune 500 company that’s also the leading provider of private-label credit cards in the United States.

Synchrony Bank itself has a streamlined offering of low-fee, high-rate savings accounts, CDs and money market accounts.

If you’re looking for a full-service bank with nationwide branches and in-person assistance, Synchrony Bank is not for you. However, if you’re looking for a customer-friendly, easy-to-use online bank with no minimums or account fees, Synchrony might be able to earn your business. Read on to discover if Synchrony Bank could be right for you.

Synchrony Bank savings accounts 4 out of 5

High Yield Savings
  • APY:0.50% on all balances
  • Minimum balance to open: $0
  • Monthly fee: $0

The Synchrony Bank High Yield Savings account is a good option for those looking for low fees, low minimum balance requirements and a decent APY. One of the standout features of the High Yield Savings account is the lack of an overdraft fee. If you don’t have enough money in your account to cover a withdrawal, Synchrony Bank simply won’t pay it.

As with most savings accounts, interest is credited daily and paid monthly, and transfers and some withdrawals are limited to six per month. However, ATM withdrawals are unlimited. Fees at non-Synchrony Bank ATMs are reimbursed up to $5 per month, or unlimited for those with Diamond status in the bank’s Perks Rewards program. Deposits can be made via electronic transfers, direct deposits, wire transfers, personal or cashier’s checks or the mobile app.


on Synchrony Bank’s secure website

Member FDIC

Money Market
  • APY:0.35% on all balances
  • Minimum balance to open: $0
  • Monthly fee: $0

Although money market accounts often pay more than savings accounts, at Synchrony Bank, the Money Market account currently pays slightly less than the bank’s High Yield Savings account. However, the Money Market account allows access to funds via check writing, online withdrawal, wire transfer, phone or ATM. Rates are tiered, but at the present time, all tiers earn the same 0.35% APY. Thus, if you’re looking for the highest yield available, the High Yield Savings account is likely your best option. If you’re looking for check-writing access, you’ll need to choose the Money Market account.

As with the savings account, transfers and certain withdrawals out of the Money Market account are limited to six per month, including preauthorized or automatic transfers, telephone transfers, checks or point-of-sale purchases using your ATM card.


on Synchrony Bank’s secure website

Member FDIC

See how Synchrony stacks up to the best savings accounts currently on the market.

Synchrony Bank checking accounts 0 out of 5

At the present time, Synchrony Bank doesn’t offer any checking accounts. The closest option is the bank’s Money Market account, which, while not technically a checking account, does offer check-writing capabilities.

If you’re interested in opening a checking account, check out our picks for the best checking accounts.

Synchrony Bank CDs 3 out of 5

TermAPYMinimum to earn APY
1 year0.55%$0.01
3 years0.75%$0.01
5 years0.85%$0.01

Synchrony Bank offers a wide range of online CDs, with 12 different maturities ranging from three months to 60 months. CDs enjoy a 15-day Best Rate Guarantee, in which the bank offers a higher rate if the account is funded within 15 days of opening and rates are higher on the day the bank receives and processes your deposit. There is no minimum to open a CD at Synchrony Bank, and rates currently range between 0.15% and 0.85%.

Upon maturity, you can either let your CD automatically renew into a new CD of the same term length, or you can use the 10-day grace period to withdraw your funds or make other changes. Before maturity, early withdrawal penalties apply, ranging from 90 days of interest to 365 days of interest depending on the length of the original term.

There are no jumbo or no-penalty CDs available at Synchrony Bank.


on Synchrony Bank’s secure website

Member FDIC

For more options, take a look at our roundup of the best CDs out there now.

Customer experience at Synchrony Bank

Synchrony Bank is an online-only institution, so it’s not for customers who need physical branches. The bank uses the Plus and Accel networks for ATM access, so customers looking for access to their funds typically won’t have a difficult time finding a fee-free machine. In fact, fees at Synchrony Bank are essentially nonexistent, as the only fees currently charged by the bank are $25 for stop payments, outgoing wires or overnight check fees.

Customers can access their accounts using the bank’s highly rated apps for both Google Android and Apple iOS operating systems. Both the apps and the website offer full account functionality, including transfers, complete account information and live chat with a banker — though you can also access customer service via phone or email. Integration with Siri and Google Assistant allows users to simply ask for their account balances. Remote check deposit is also available via the apps.

As an added perk, the Synchrony Bank Perks Rewards program offers a variety of benefits based on either the number of years you’ve been a customer or the amount you have on deposit with the bank. Sample rewards may include special offers on the bank’s deposit accounts or travel-related rewards such as discounts on hotel stays or discounts on theme park admissions or car rentals.

There are four tiers to the Synchrony Bank Perks Rewards program:

  • Silver: Qualify with a balance of at least $10,000 or one year of being a customer
  • Gold: Qualify with a balance of at least $50,000 or two years of being a customer
  • Platinum: Qualify with a balance of at least $100,000 or three years of being a customer
  • Diamond: Qualify with a balance of at least $250,000 or five years of being a customer