Pros

1.30% APY on savings, about the best you'll find.
No fees for ATMs in its network; reimburses $5 a month for out-of-network ATMs.

Cons

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

Overall

4.0

With only one branch location and no checking account options, Synchrony doesn’t fit the mold of most banks. Still, this bank is worth considering if you like 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 | Reviewed May 12, 2017

Savings

5.0

Synchrony's high-yield savings account comes with low fees and one of the highest rates at 1.30% APY. No minimum balance is required to open an account or qualify for the interest rate. Synchrony Bank doesn't charge fees for using ATMs that accept its bank card — those with a Plus or Accel logo. But ATM owners might charge a fee. For those charges, Synchrony bank offers a monthly $5 rebate.

High Yield Savings Account
1.30%
APY
$1
Min. balance for APY
Learn moreat Synchrony Bank
Certificate of Deposit
1.50%
APY
$2,000
Min. balance for APY
1 year
Length of term
Learn moreat Synchrony Bank
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Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Don’t use
I’ve been paying my bill on time since I got it for toys r u, about 1 yr and they lower my credit from $300.00 to $180.00. Was never late. kind of good because I only when there because I had a card. Prices are way too high.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Synchrony Credit Cards, Awful. Awful!
If you receive an offer or get a credit card from Walmart, or any retail store, check which bank is behind it! Synchrony has the worst reputation for closing accounts, whether you pay your credit card statement on time or even pay off your balance. I will definitely tell everyone I know how I have been treated. To be fair however, I have to say I was warned about them beforehand. Nice to know the ones who told me about their business practices were not lying about it.
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