Editorial Review

Synchrony Bank Review: Savings and CDs

Synchrony is an online bank with relatively high rates on savings and CDs, but it doesn't have checking products or branches.

Spencer TierneyFebruary 19, 2020

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Overall bank rating

Synchrony Bank
  • Savings

    Savings

  • CD rates

    CD rates

  • Banking experience

    Banking experience

4.0

NerdWallet rating 

The bottom line: Synchrony offers an online savings account and CDs with competitive rates, but it doesn't have a lot of bells and whistles — or a checking account.

Pros

  • 1.30% APY on savings.

  • Reimburses $5 per month for out-of-network ATMs.

Cons

  • No checking account.

  • No branches.

Full review

Synchrony Bank High Yield Savings Account

Synchrony Bank High Yield Savings Account

4.5

NerdWallet rating 
APY

1.30%

With $0 minimum balance

Synchrony's high-yield savings account comes with low fees and one of the highest rates on the market, at 1.30% 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

Synchrony Bank CD

Synchrony Bank CD

4.5

NerdWallet rating 
1-year APY

1.00%

3-year APY

1.25%

5-year APY

1.40%

Minimum Deposit

$2,000

Synchrony offers some of the best CD rates around, with an annual percentage yield of 1.40% for a CD with a five-year term. The minimum opening deposit is $2,000. If you'd like to compare this with CDs that have lower opening requirements, click here.

» Find other high yields on our list of best CD rates this month

Banking experience

4.0

NerdWallet rating 

Synchrony doesn't have any branches, but customer service is available through live chat, Twitter and a toll-free phone number.

Synchrony’s mobile app is highly rated in Apple’s App Store and the Google Play store and allows mobile check deposit and other general banking tasks. Synchrony also has a customer service Twitter page for fielding customer queries.

Synchrony Bank High Yield Savings Account

Synchrony Bank High Yield Savings Account

4.5

NerdWallet rating 
APY

1.30%

With $0 minimum balance

Synchrony's high-yield savings account comes with low fees and one of the highest rates on the market, at 1.30% 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

Synchrony Bank CD

Synchrony Bank CD

4.5

NerdWallet rating 
1-year APY

1.00%

3-year APY

1.25%

5-year APY

1.40%

Minimum Deposit

$2,000

Synchrony offers some of the best CD rates around, with an annual percentage yield of 1.40% for a CD with a five-year term. The minimum opening deposit is $2,000. If you'd like to compare this with CDs that have lower opening requirements, click here.

» Find other high yields on our list of best CD rates this month

4.0

NerdWallet rating 

Synchrony doesn't have any branches, but customer service is available through live chat, Twitter and a toll-free phone number.

Synchrony’s mobile app is highly rated in Apple’s App Store and the Google Play store and allows mobile check deposit and other general banking tasks. Synchrony also has a customer service Twitter page for fielding customer queries.

How does Synchrony Bank compare?

APY

1.30%

With $0 minimum balance

APY

1.30%

With $0 minimum balance

APY

1.30%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Bonus

$500

Requirements to qualify

RATING METHODOLOGY

NerdWallet’s overall ratings for banks and credit unions are weighted averages of several categories: checking, savings, certificates of deposit or credit union share certificates, banking experience and overdraft fees. Factors we consider, depending on the category, include rates and fees, ATM and branch access, account features and limits, user-facing technology, customer service and innovation. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.