Synchrony Bank Review: Savings and CDs
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Many or all of the products on this page are from partners who compensate us when you click to or take an action on their website, but this does not influence our evaluations or ratings. Our opinions are our own.
Overview
Synchrony offers competitive rates on its online savings account and certificates of deposit — and doesn’t charge monthly fees. The online-only bank is savings-focused; there's no checking account and no budgeting features. It also offers a money market account with check-writing privileges, but you’ll earn a lower rate than with the bank’s savings account.
Competitive rates on savings and CDs.
No monthly fees.
No minimum opening deposits.
ATM fee rebates.
No cash deposit.
No checking account offered.
No branch access.
Product reviews
Savings
Upsides:
Good rate and no monthly fee. Synchrony's high-yield savings account doesn't charge a monthly fee and comes with one of the better rates on the market at 3.30% annual percentage yield. No minimum balance is required to open an account or qualify for the interest rate.
Free ATM access. This savings account comes with an ATM card, which isn’t common. And Synchrony doesn't charge fees for using ATMs with Plus or Accel logos. But ATM owners might charge a fee. For those charges from domestic ATMs, Synchrony Bank offers a monthly $5 refund.
Downside:
No personalized savings tools. Synchrony offers savings goal calculators on its website but doesn’t provide more customized features, such as creating subaccounts for savings goals or tracking progress toward goals. Other banks, with similar rates, do offer these features. If you need help organizing savings goals and staying on track, a different account might be better for you.
» Want to see more options? Check out NerdWallet’s best high-yield online savings accounts
Synchrony Bank High Yield Savings
Money market
Synchrony Bank's money market account offers a 2.00% APY. There’s no minimum balance required to earn that APY and no monthly fee. With this account, you get more withdrawal options than you do with a savings account, including the ability to write checks.
But the drawback is that you wouldn't earn nearly as much interest on your money here as you would with Synchrony’s savings account (or other high-yield savings accounts). We did not factor this account into Synchrony’s overall savings rating, given the lower interest rate.
Synchrony Bank Money Market Account
Certificates of deposit
Top rates. Synchrony has some of the best CD rates across many of the offered terms, with an annual percentage yield of 3.70% for a CD with a one-year term.
No minimum deposit. You can open a CD with any amount, making this bank a good option if you want to build a CD ladder. Some of Synchrony’s competitors have $500 or $1,000 minimum opening requirements for their CDs.
Variety of CD types and terms. Synchrony offers a standard range of CD terms: three months to five years. In addition to high-yield CDs, the bank has a 2-year bump-rate (or “bump-up”) CD. This specialty CD provides the possibility of a rate increase within the CD term. You can also open IRA CDs here.
» Learn more details about Synchrony CD rates
Full List of Reviewed CD Rates
| Term | APY | Min Deposit |
|---|---|---|
| 3 months | 0.25% | $0 |
| 6 months | 3.50% | $0 |
| 9 months | 3.70% | $0 |
| 11 months no-penalty | 0.25% | $0 |
| 1 year | 3.70% | $0 |
| 13 months | 3.80% | $0 |
| 14 months | 4.00% | $0 |
| 15 months | 3.80% | $0 |
| 16 months | 4.00% | $0 |
| 1.5 years | 3.70% | $0 |
| 19 months | 3.70% | $0 |
| 2 years | 3.50% | $0 |
| 2 years bump-up | 2.80% | $0 |
| 3 years | 3.60% | $0 |
| 4 years | 3.50% | $0 |
| 5 years | 3.75% | $0 |
Customer experience & overdraft fees
Customer experience
Multiple support channels. Synchrony offers straightforward products and services online. It doesn't have any branches, but customer service is available through live chat, X (Twitter) and phone support with good availability.
High app ratings. Synchrony’s mobile app gets ratings above 4 stars in Apple’s App Store and the Google Play Store, and allows mobile check deposit and other general banking tasks, plus the option to ask questions and get answers over live chat.
Rating methodology
How we rate banks and credit unions
Banking writers and editors use an objective methodology to rate banks, credit unions, and other providers, and to recommend the best products.
100+
Financial institutions reviewed
100+
Financial institutions reviewed
We took a close look at around 100 financial institutions and financial service providers, including the largest U.S. banks based on assets, internet search traffic and other factors; the nation’s largest credit unions, based on assets and membership; and other notable players in the industry. We rated them on criteria including annual percentage yields, minimum balances, fees, digital experience and more.
30+
Categories assessed
30+
Categories assessed
Each provider is evaluated across five weighted categories and 30 subcategories, including checking and savings accounts, certificates of deposit, customer experience, and overdraft services. For banks or credit unions without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
60+
Data points analyzed
60+
Data points analyzed
We considered more than 60 data points for each provider. Depending on the category, these included account fees and rates (such as annual percentage yields), ATM and branch access, account features, account bonuses, customer service access and user-facing technology, such as innovative tools and mobile apps. We gathered this information for each financial institution from its website, a media representative or both.
Star rating categories
The review team is made up of seasoned writers and editors who cover personal banking deposit accounts, such as checking, savings and certificates of deposit, as well as related banking services, such as overdraft programs and ATM networks. For providers without one or more types of accounts, the overall rating is modified to include only applicable categories. Institutions are not penalized if they don't offer every type of account.
Financial institutions and providers surveyed are: Affirm, All America Bank, Alliant Credit Union, Ally Bank, Alto, Amalgamated Bank, American Express National Bank, Andrews Federal Credit Union, Associated Bank, Axos Bank, Bank of America, Bank5 Connect, Barclays, Bask Bank, BMO, Boeing Employees Credit Union, Bread Savings®, BrioDirect, Capital One, Cash App, CFG Bank, Charles Schwab Bank, Chase, Chime, CIBC U.S., CIT Bank, Citibank, Citizens Access, Citizens Bank, Climate First Bank, ConnectOne Bank, Connexus Credit Union, Consumers Credit Union, Current, Customers Bank, Discover® Bank, E*TRADE, EverBank, Fifth Third Bank, First Foundation, First Internet Bank, First Tech Federal Credit Union, FNBO Direct, Forbright Bank, FourLeaf Federal Credit Union, GO2bank, Golden 1 Credit Union, Hope Credit Union, Happen Bank, HSBC Bank, Huntington Bank, Ivy Bank, KeyBank, Lake Michigan Credit Union, Live Oak Bank, M&T Bank, Marcus by Goldman Sachs, My Banking Direct, NASA Federal Credit Union, Navy Federal Credit Union, NBKC, Newtek Bank, OMB Bank, OnePay, Openbank, PayPal, Peak Bank, Pentagon Federal Credit Union, PNC, Poppy Bank, Popular Direct, Quontic Bank, Regions Bank, Revolut, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Securityplus Federal Credit Union, Self-Help Credit Union, Service Credit Union, SoFi, State Employees’ Credit Union of North Carolina, Synchrony Bank, TAB Bank, TD Bank, Truist Bank, U.S. Bank, UFB Direct, Upgrade, USAA Bank, Valley Bank, Varo, Venmo, Vio Bank, Wells Fargo, Western Alliance Bank, Zolve and Zynlo Bank.
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