With only one branch location and no checking account options, Synchrony doesn’t fit the mold of most banks. Still, this bank is worth considering if you like 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 | Reviewed May 12, 2017
Synchrony's high-yield savings account comes with low fees and one of the highest rates at 1.20% APY. No minimum balance is required to open an account or qualify for the interest rate. Synchrony Bank doesn't charge fees for using ATMs that accept its bank card — those with a Plus or Accel logo. But ATM owners might charge a fee. For those charges, Synchrony bank offers a monthly $5 rebate.