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
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
Good
Website / app
Excellent
Rates
Good
Fees
High
Good returns
Had a GE MM account and moved it to Synchrony. Haven't had any problems, high yield savings works well.
Overall
Customer service
Poor
Website / app
Fair
Rates
Poor
Fees
High
Will Hurt Your Credit Rating
I made the mistake of forgetting to update my bank account, when I changed banks. My scheduled payment was returned. I immediately made a payment the day the payment was returned, including their high fee. I updated my account, but their website did not update my automated payments. 2nd payment was returned, as they attempted to draft it from the old account. They closed my account, negatively impacting my Credit Score. This is a horrible way to treat a customer that has a consistent and perfect payment history of paying on or before the due date. I am about to buy a home, so this hurts my credit right now. Stay away! just get a standard Visa, Mastercard, AmEx, etc.
Some of the reviews on the NerdWallet site were purchased through a third party provider. Users who post a review directly on the NerdWallet site will not be compensated in any way. Please see our Terms of Use and Posting Guidelines for more information.