Pros

1.55% 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 1.55% 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
1.55%
APY
$1
Min. balance for APY
Learn moreat Synchrony Bank
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Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Bank uses deceptive practices!
Synchrony Bank takes over servicing the credit accounts for different companies. This is the second time I've experienced negative effects due to them. This time with my PayPal Connect account. I made an initial payment by the due date on my account in March, and then 5 days later made a payment to bring the amount owed to $0. In April I used PayPal Connect for a purchase, and the following week went back online to pay in full what I had charged. To my surprise Synchrony showed my account as being delinquent. Their rep informed me that my account was delinquent for $3 which caused my spending limit to be reduced. They claim since in March I didn't payoff the account in one lump sum, I was charged interest even tho the payments were before the end of the billing cycle. Synchrony is ruthless in hampering customers ability to use the credit services of the companies they oversee (PayPal, Sams Club) and are not genuous about wanting to be helpful. Be wary of this institution.
Overall
Customer service
Poor
Website / app
Fair
Rates
Fair
Fees
Fair
Stay away
Easy to get money in. But refuse to pay me my money back , very worried about it, currently dealing with FDIC do get my money out . Plus they flat out lie to me. Stay away
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