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 TierneyJul 12, 2021

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Overall bank rating

Synchrony Bank
  • Savings

  • CD rates

  • Banking experience

4.5

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.

Best for: Those who prefer to bank online and earn competitive rates and don’t need a checking account or in-person services.

Pros

  • Good rate on savings.
  • Reimburses $5 per month for out-of-network ATMs.

Cons

  • No checking account.
  • No branches.

Full review

Synchrony Bank High Yield Savings

Synchrony Bank High Yield Savings

4.5

NerdWallet rating 
APY

0.50%

With $0 minimum balance

Synchrony's high-yield savings account comes without fees and with one of the highest rates on the market, at 0.50% 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 from domestic ATMs, 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

5.0

NerdWallet rating 
1-year APY

0.55%

3-year APY

0.75%

5-year APY

1.00%

Minimum Deposit

$0

Synchrony offers some of the best CD rates around, with an annual percentage yield of 1.00% for a CD with a five-year term. There is no minimum opening deposit required.

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

Banking experience

4.5

NerdWallet rating 

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

Synchrony’s mobile app gets good ratings 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.

Synchrony Bank High Yield Savings

Synchrony Bank High Yield Savings

4.5

NerdWallet rating 
APY

0.50%

With $0 minimum balance

Synchrony's high-yield savings account comes without fees and with one of the highest rates on the market, at 0.50% 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 from domestic ATMs, Synchrony Bank offers a monthly $5 refund.

» Want to see more options? Check out NerdWallet’s best high-yield online savings accounts

How does Synchrony Bank compare?

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
APY

0.50%

With $0 minimum balance

APY

0.40%

With $0 minimum balance

APY

0.40%

With $1 minimum balance

Bonus

N/A

Bonus

$200

Requirements to qualify

Bonus

N/A

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.