at Synchrony Bank,

Member, FDIC

Pros

1.70% 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 Feb. 19, 2020

Savings

4.5

Synchrony's high-yield savings account comes with low fees and one of the highest rates on the market, at 1.70% 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
1.70%
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
Poor
Website / app
Good
Rates
Poor
Fees
High
Record your conversations
We had two CDs with them. Renewal time for first was up and we called about rates. Told we could rollover with same rates. So we did. But new CD issues with much lower rate. We got runaround trying to fix it. Conversation was recorded but they refused to let us hear the recording nor would they send us a transcript. Would not even read the transcript over the phone. We were just told they listened and we were never promised we could keep the original interest rate. We asked it get out of the new CD but told $2,000 penalty. We did cashed out of the second CD when it came due and got a higher rate somewhere else.
Overall
Customer service
Excellent
Website / app
Poor
Rates
Fair
Fees
Low
Slow moving
I've been with them for 3months now. The main and only problem I'm having is VERY SLOW processing payments. It's the slowest I've ever seen. Please send your payments in atleast 10 days before due date,electronically processing payments is slow for them.
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