at Synchrony Bank,

Member, FDIC

Pros

2.20% 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 2.20% 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
2.20%
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

2.20%

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

2.25%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Citizens Access

Online Savings Account

NerdWallet Rating

at Citizens Access,

Member, FDIC

APY

2.35%

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
Good
Fees
High
I will NEVER do business with them again!
I've done business with this back about 5 years back and it was not a good experience, after 5 years I decided to give it another try and less then a month into the relationship I'm closing all my accounts. There customer service is the worst I've ever come across and in their call centers they make you play the hang up and try to get someone else game.
Overall
Customer service
Poor
Website / app
Excellent
Rates
Excellent
Fees
Low
Best in Class for what it is
If you want a simple savings account to manage online, you can't beat this. Their rates are consistently the best in the industry for savings/CDs. If that's what you are looking for, highly recommended. Most of the negative reviews are regarding customer service, if all you're looking for is top rates and easy online savings management, they are the best. Been a customer for 5yrs.
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