Pros

1.45% APY on savings, about the best you'll find
No fees for in-network ATMs; reimburses $5 per month for out-of-network ATMs

Cons

No checking account
Only one branch location, in Bridgewater, New Jersey

Overall

4.0

Synchrony doesn’t fit the banking mold — it has only one branch location and no checking account. Still, it’s worth considering if you want great interest rates on savings products and prefer banking online.

 

Maybe a separation from your checking account is just what your rainy-day fund needs to prosper.

 

Ratings methodology | Updated Dec. 12, 2017

Savings

5.0

Synchrony's high-yield savings account comes with low fees and one of the highest rates on the market, at 1.45% APY. No minimum balance is required to open an account or qualify for the interest rate. Synchrony doesn't charge fees for using ATMs that accept its bank card — those with Plus or Accel logos. But ATM owners might charge a fee. For those charges, Synchrony bank offers a monthly $5 refund.

 

Want to see more options? Check out NerdWallet’s best high-yield online savings accounts

High Yield Savings Account
1.45%
APY
$1
Min. balance for APY
Learn moreat Synchrony Bank
Certificate of Deposit
2.00%
APY
$2,000
Min. balance for APY
1 year
Length of term
Learn moreat Synchrony Bank
NerdWallet reviews are the result of independent research by our editorial team while accountholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Not good, look for better options
I purchased a Kawasaki motorcycle which was financed through GE Money bank which is now called Synchrony Bank. I have found they are slow to post payments and also slow to get the statement mailed to me. The statement date is on the 19th and here it is two weeks later on 01/02/18 and I still have not received it and it's due the 9th which doesn't give you much time for mailing the payment and for them to post it to your account. You can call in to their 800 number and check status of a payment and the automated system is behind too, I call everyday to see when it posts and when I finally get the date it always says that it posted 2 days prior... even if the date falls on a holiday, Sunday or whatever it posts that day. Fortunately I use my banks online billpay to make the payment every month so I don't have to deal with the hassle. My previous bank could send it electronically and would post in 2-3 days but my current one for some reason cannot send the funds to them electronically and has to send them a check every month through the mail which is still better than waiting for the statement and then hoping that Synchrony will receive and post it in time by the due date. Also on Care Credit I had one and they cancelled due to inactivity. I read that most reviewers are upset over the interest they charge. It's in the fine print that if you do not pay the balance in 6 months that you will have to pay interest on the total amount charged, not on what's still left but on the whole amount from when the charge was placed.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Carecredit will sneak in extra charges.
Had a tooth pulled payed over the minimum amount for six months strait. Then charged 230.00 for a 1300.00 bill with also an extra 107.00 in regular interest. Scam artists at best, please read the fine print prior to using them.
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