at Synchrony Bank,

Member, FDIC

Pros

1.75% 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 doesn’t have any 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 May 21, 2018

Savings

5.0

Synchrony's high-yield savings account comes with low fees and one of the highest rates on the market, at 1.75% 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
1.75%
Min. balance for APY
$1

at Synchrony Bank,

Member, FDIC

Certificate of Deposit
APY
2.85%
Min. balance for APY
$2,000
Length of term
5 years

at Synchrony Bank,

Member, FDIC

How does Synchrony Bank compare?

Synchrony Bank

High Yield Savings Account

NerdWallet Rating

at Synchrony Bank,

Member, FDIC

APY

1.75%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Goldman Sachs Bank USA

Online Savings

NerdWallet Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

1.8%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Barclays

Online Savings Account

NerdWallet Rating

at Barclays,

Member, FDIC

APY

1.65%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Not for you? Read more bank reviews
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
Poor
Rates
Poor
Fees
High
great personal help
the agent stayed on the phone until all the details were filled on the form. He then transferred the money from my checking account into my Synchrony CD account.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
NEVER USE SYNCHRONY!
This company has ruined my excellent credit rating by charging late fees even though I have made the correct payments every month. Twice I called and twice their error was fixed and I was told it would never happen again, but it kept on happening. Repeated phone calls got me transferred and transferred until I gave up, which I believe is their systematic way of dealing with complaints.#SynchronyBank
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