Pros

1.30% APY on savings, about the best you'll find.
No fees for ATMs in its network; reimburses $5 a month for out-of-network ATMs.

Cons

No checking account.
Only one branch location, in Bridgewater, New Jersey.

Overall

4.0

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

Savings

5.0

Synchrony's high-yield savings account comes with low fees and one of the highest rates at 1.30% 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.

High Yield Savings Account
1.30%
APY
$1
Min. balance for APY
Learn moreat Synchrony Bank
Certificate of Deposit
1.65%
APY
$2,000
Min. balance for APY
1 year
Length of term
Learn moreat Synchrony Bank
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Overall
Customer service
Poor
Website / app
Poor
Rates
Excellent
Fees
Low
Their Software/ Systems are JUNK
Here's what I experienced in the first week of joining, (after which I closed my account): - When logging in, they send a text message to confirm it's me. That's fine, except they send the messages to the wrong phone number! (it was the number of the secondary account holder - I confirmed they have the correct number for me on file). - When calling, they ask for your SSN and a confirmation ID, which defaults to the last 4 of my SSN. Again, that's fine EXCEPT the last 4 digits of my SSN wasn't accepted by their system. Really?!? - When I created my account, I setup a login and pwd. I use tools to keep track of my pwds. When I go to login the next time, they say my pwd doesn't work. With systems that are such a complete mess as this, I am seriously considering reporting them to the FDIC and other regulators to protect other consumers from their debacle - how can anyone trust them to keep track of money?
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
DO NOT USE
Never received a statement from this bank. After well over a year I finally received one statement after I threatened to sue them for failure to provide information. Now I can't get online banking because I "already" created an account which I never did. Oh, and I have to pay a fee for paying on the phone versus through online banking. Worst customer service and worst experience with a "professional" bank. I would steer clear of this bank.
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