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

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

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 March 18, 2019

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
Good
Website / app
Fair
Rates
Excellent
Fees
Low
Great for savings
I use it as a set it and forget it, system. I get the best rate offered without my calling to ask. Easy to get funds in 2 days outside of ATM. Great extended calling hours. Friendly and knowledgeable workers Cons- The outsourcing call center to the Philippines, but when ask to speak w/US rep, it was 1-2 minutes hold tops. No monthly statements,
Overall
Customer service
Excellent
Website / app
Poor
Rates
Good
Fees
Fair
Beware of Wire Transfer Service
I trusted this bank with my money and expected it to be available when I needed it most: home closing. I initiated the transfer three days in advance and it took all that time when it was only supposed to take 24 hours. My account was placed "under review" (i.e. Locked) and no one could tell me any details as to why. It took 24 hours to get the review cleared after escalation. Without notice, the wire was canceled. I had to re-initiate it after another 24 hours. They still had the audacity to charge be the $25 fee for a wire that was three days late. I closed my account immediately following resolution.
Some of the reviews on the NerdWallet site were purchased through a third party provider. Users who post a review directly on the NerdWallet site will not be compensated in any way. Please see our Terms of Use and Posting Guidelines for more information.