Pros

1.55% APY on savings, about the best you'll find
No fees for in-network ATMs; reimburses $5 per month for out-of-network ATMs

Cons

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

Overall

4.0

Synchrony doesn’t fit the banking mold — it has only one branch location and no 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 Dec. 12, 2017

Savings

5.0

Synchrony's high-yield savings account comes with low fees and one of the highest rates on the market, at 1.55% 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
1.55%
APY
$1
Min. balance for APY
Learn moreat Synchrony Bank
Certificate of Deposit
1.95%
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
Poor
Fees
High
Horrible company
I had three credit cards with them through pennies Amazon charge account and TJ Maxx I paid off all 3 accounts next thing you know I'm getting letters from them in the mail saying my credit score is 570 and they close all 3 accounts really causing my credit score to drop. The reason my credit score dropped in to begin with was incorrect reporting from Capital One then a drop more with Synchrony Bank closing all 3 accounts even though I had an excellent payment history Weatherman in fact a closed all three accounts and had a zero balance. I recently had a CareCredit account through them and because I did not pay it off in 18 months they upped my balance $350 charging me interest on the whole loan and caused by credit score to drop 20 points horrible company there are lot of decent Banks to get a credit card with stay away from Synchrony Bank I'll never get another account with them
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Horrible
This bank is horrible I just got 2 cards with them and I should have listened to the bad reviews that I kept hearing about them, they are nothing like comentity bank! How do you choose charge someone for items that's not even in the customer home yet? And the first payment is due a week later on one account! The other account I called just to do a change of address and asked about my first payment cause I never received a statement and he told me my bill was due the following day! Luckily I called cause I would have gotten a late payment charge for nothing! Can't wait to pay my 2 accounts off with them and they don't have to worry about me!!!!!!!!
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