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

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

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
Poor
Website / app
Poor
Rates
Poor
Fees
High
Hidden late fee policy
If you have an active loan with Synchrony Bank chances are you have been charged a late fee for one or more of your monthly installments. Last month I made my first installment and I sent a check for significantly more than my normal charge. The check was sent on 6/28 with a due date of 7/2, which is the same for all of my bills. What they fail to explain is that there is a zero grace period and that a $30.00 late payment would ensue. After receiving a letter in the mail explaining that they had never received my check I called Synchrony to explain my situation. I was met with an extraordinary attitude by the women on the other end of the line! Fortunately, I was able to reverse this ridiculous late fee and I will be paying off the loan in its entirety this month. I would NEVER recommend using Synchrony Bank for a loan. I realize this is a small bank, but that is no excuse for this lapse in customer care.
Overall
Customer service
Poor
Website / app
Poor
Rates
Poor
Fees
High
Terrible Bank
The bank not only was charging me interest during my year of interest free, I was also being charged a 38.00 late fee for multiple months. My bank showed the money coming out but they didn't process it until later, making them charge me for a late fee. I was never advise of the late fee until I began digging into my account trying to figure out why my account amount was not getting any lower!
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.