at Synchrony Bank,

Member, FDIC

Pros

2.15% 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

5.0

Synchrony's high-yield savings account comes with low fees and one of the highest rates on the market, at 2.15% 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
2.15%
Min. balance for APY
$1

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
Excellent
Website / app
Excellent
Rates
Excellent
Fees
High
Excellent online bank
I have always had excellent customer service. They are super easy to talk with. I am fine with not having a brick and mortar place to go visit. Love their high interest rates :)
Overall
Customer service
Poor
Website / app
Fair
Rates
Fair
Fees
Fair
Difficult to Communicate
Synchrony Bank has probably the worst communication interfaces of any institution I've ever contacted by phone or US Postal Service. If you have a problem to resolve and don't have the specific information they require, you can't get to anyone that can help with the problem. For example, I wanted to know if their central office in Orlando, Florida had received a letter I mailed to them three weeks ago. There was no way (not even close) that I could find that out, after more than an hour of trying various phone numbers, etc.
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