at Synchrony Bank,

Member, FDIC

Pros

1.85% 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 1.85% 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
1.85%
Min. balance for APY
$1

at Synchrony Bank,

Member, FDIC

Certificate of Deposit
APY
3.00%
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

1.85%

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

1.90%

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

1.80%

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
Poor
Fees
High
From site to customer service everything is garbage
I call them and they want to call me to verify my identity. Fine. They then say my number the one on my account can't be used for identity verification. I can't give them another because only the phone on the account can be used but then it can't be because they say so. I can answer it, but they won't call it. You open the account with that phone number you say you can't use for identity verification. So I can't access my account.
Overall
Customer service
Poor
Website / app
Poor
Rates
Excellent
Fees
Fair
Terrible experience!
I submitted an application for a CD. Synchrony rates were appealing, but given my experience no amount of money gained is worth the run around. After a week of going back and forth because of a typo on the report Synchrony uses to confirm identity I finally cancelled my application. During the week I easily had the error corrected....that wasn't good enough for Synchrony. Actually, they farm out that part of the process to a third party and no one had any clue when they would get an update on their system, maybe in 45 days!!! After I cancelled the application I immediately went to Marcus Goldman Sachs, 10 minutes later my acct was approved and funded. That was so simple. Synchrony lost a good customer.
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