at Synchrony Bank,

Member, FDIC

Pros

2.25% 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 2.25% 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
2.25%
Min. balance for APY
$1

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
Absolutely horrible
The app sucks just as much as the customer service. Paid bills a day before they are due. Arent taken out of my bank account till days later. Resulting in late fees. Over draft bank account fees e.t.c
Overall
Customer service
Poor
Website / app
Poor
Rates
Excellent
Fees
High
Predators!
I bought a motorcycle for 16k. I put down 50% and borrowed 50%. My credit score is above 800, I have a great job and life is perfect right? After I made the last payment, the statements continued???? I called and asked why??? They said it was penalties and late fees and I still owe 900.00. WHAT??? I had autopay take care of everything every month 3 days before the due date. They said that my electronic payments arrived a day late during holidays. They immediately take a 45.00 late fee, this makes your payment insufficient, then they charge a penalty for that!!! I never thought that such a thing could happen with autopay, but it was a 900.00 lesson for me! What a clever scheme to get even the upper income people with top credit scores into deeper debt!!! The amount owed was continuing to grow and would grow forever because all of those insufficient payments would be penalized each and every month again and again and again!!! I had to send a check for nearly 900.00 after all 60 payments were made each month 3 days in advance just to get off of their hook!!!! BE CAREFUL AND KEEP YOUR EYE ON THESE PEOPLE!!!
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