at Synchrony Bank,

Member, FDIC

Pros

1.65% 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 1.65% 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
1.65%
Min. balance for APY
$1

at Synchrony Bank,

Member, FDIC

Certificate of Deposit
APY
2.60%
Min. balance for APY
$2,000
Length of term
5 years

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
Stay away from away any of this bank's cards
If you can help it stay away from all Synchrony Bank cards no matter how on time your payments if your credit score drops slightly they will close or lower your credit line which will send your credit limit to hell stay away from them at all cost JCPenney Lowe's Walmart or qvc.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Amazon Card Payment/Fee Scam?
Signed up for the Amazon card - simple enough. Found out it's nearly impossible to make a payment without giving them your bank info so they can draft your account. I'm not willing to do that, as it's a Business account and I want to pay with my business debit - on my terms, not theirs. Customer service is pretty much non-existent, they just send you their boilerplate terms & conditions. If they'd been forthcoming about their restrictive payment policy, I'd have never signed up. I'll be closing the account and mailing in a check today. The only reason I can think that they'd make it so hard to make a payment without owning my checking account is that they might want you to be late paying so they can collect exorbitant fees. (As if the nearly 30% interest rate alone isn't enough). Buyer Beware.
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