at Synchrony Bank,

Member, FDIC

Pros

1.80% 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 1.80% 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
1.80%
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
Excellent
Website / app
Excellent
Rates
Excellent
Fees
Low
Great experience!!
I was a little wary of a bank with no branches, but the interest rates are hard to beat...I have done some moving around of my money with the help of customer service and all went without a glitch...wanted to leave a positive review, because I am quite surprised that Synchrony isn't listed as a top 10 online bank...I am leaving my money right where it is!!
Overall
Customer service
Fair
Website / app
Poor
Rates
Fair
Fees
Low
Doesn't link with aggregate wealth mgt sites
Rates are fine and competitive, but I found that Synchrony doesn't link up well with aggregate wealthy management sites (i.e. the platform my financial planner and I use to look at my entire portfolio). When visiting with a customer service rep, he shared that currently only work with Mint and one other platform. My thoughts are if you're going to play in this digital space, this is something that should be standard and not limited. My Fidelity, Chase, WellsFargo, and PNC financial institutions don't have this problem.
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