at Synchrony Bank,

Member, FDIC

Pros

1.90% APY on savings, about the best you'll find
Reimburses $5 per month for out-of-network ATMs

Cons

No checking account
No branches

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Overall

4.0

Synchrony doesn’t fit the banking mold — it doesn’t have branches or offer a 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 March 18, 2019

Savings

5.0

Synchrony's high-yield savings account comes with low fees and one of the highest rates on the market, at 1.90% 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
APY
1.90%
Min. balance for APY
$0

at Synchrony Bank,

Member, FDIC

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
Confusing Reviews
I use Synchrony for savings. They have one of the best rates in the nation. One reviewer said they have no web site. I don't know what he or she is talking about - I use their website. Another reviewer said they don't credit things very fast - again, not something I find to be true in my experience. I have mailed checks to them and I have transferred funds to them. It happens as quickly as my other banks handle funds. The common thread with one-star complaints is when a loan or credit card is used. I did have a synchrony card for my Walmart account, but never had any trouble with it.
Overall
Customer service
Poor
Website / app
Poor
Rates
Good
Fees
High
Untrustworthy
I had a cd savings account with this bank and upon maturity of the cd I had made arrangements to purchase a classic car at a really great price and planned to take some of my money out to purchase this car and they claimed that the request was never made and I had proof of the call on my cell phone. Needless to say I lost the opportunity to purchase the car due to their incompetence and failure to tell the truth. Now is that someone you would want holding your money for you. Took every dime I had out and would like to sue them.
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