at Synchrony Bank,

Member, FDIC

Pros

1.90% 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 July 5, 2018

Savings

5.0

Synchrony's high-yield savings account comes with low fees and one of the highest rates on the market, at 1.90% 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
1.90%
Min. balance for APY
$1

at Synchrony Bank,

Member, FDIC

Certificate of Deposit
APY
3.10%
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

APY

1.90%

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

1.95%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

1.90%

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
Poor
Website / app
Poor
Rates
Fair
Fees
Low
Dissapointing
Well account set up relatively easy...Same old questions...Name, Address, Tele, SS. So this was completed and monies were transferred. As part of the sign in process they send a code via text or call to your phone. Fine!!! Except that they have a 3rd party verifier for your information and since I changed phones like 50 days before I opened the accnt. my number couldn't be verified. So thought I'd call and get it straitened out...huh uh.....they could only overnight me a code whereby I had to call in during they're business hours and give the code to one of they're employees who would then unlock the accnt....Next time....same thing....almost 60 days now since I signed up....game over...going with another online bank...Btw the number I submitted when I opened my account was the same number they were trying to verify. They could have called me and let me verify it....But that was not an option.
Overall
Customer service
Poor
Website / app
Fair
Rates
Excellent
Fees
Low
Great Rates, Lousy Customer Service
Had to call them 5 times to get action (well not quite yet there yet, but hopeful) to get my RMD processed on my IRA. Three times promised they had everything and it would be processed in 3 to 5 days. No one follows up or keeps promises to act or call back if there is a problem.
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