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 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
Poor
Website / app
Fair
Rates
Good
Fees
Low
Stop messing with my account
If you accidentally overdraw your account they lock it. If you accidentally make more than 6 transfers a month for a few months they will close your account - no warning.
Overall
Customer service
Poor
Website / app
Fair
Rates
Fair
Fees
Fair
Think twice before opening an account.
Opening an account and getting a good rate for a CD was easy, and renewing at a good rate was no problem. BUT, getting your money back, GOOD LUCK. We are still trying to get our CD transferred/cashed. Keep getting the runaround and will now have to call Consumer Affairs. Another CD is due in 10 days, and we are scared to death this $400,000.00 one is going to be even harder. NEVER AGAIN.
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