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 March 18, 2019

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
$0

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
Good
Website / app
Good
Rates
Good
Fees
Low
Works for me
Great place to leave your savings if you don't care about having a physical bank. Funds transfer in and out of my checking account easily and reliably, nothing else is needed. It was easy to set up, and if I need the $ sooner I can write a check from the account, or get up to $1K in cash from an ATM.
Overall
Customer service
Poor
Website / app
Good
Rates
Excellent
Fees
High
customers not important
Found out today the 10 day grace period on CD's is not worth the paper it is written on. Don't be fooled. The agent I talked to could care less about my concern or that I am a long term customer. Closed out a 10k cd and looking for a bank that cares.
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