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.
Overall bank rating

Savings
Savings
CD rates
CD rates
Banking experience
Banking experience
4.5
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
0.60% 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
4.5
NerdWallet ratingAPY
0.60%
With $0 minimum balance
Synchrony's high-yield savings account comes without fees and with one of the highest rates on the market, at 0.60% 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
4.5
NerdWallet rating1-year APY
0.60%
3-year APY
0.70%
5-year APY
0.80%
Minimum Deposit
$2,000
Synchrony offers some of the best CD rates around, with an annual percentage yield of 0.80% 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 ratingSynchrony 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 solid 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 via live chat.

Synchrony Bank High Yield Savings Account
4.5
NerdWallet ratingAPY
0.60%
With $0 minimum balance
Synchrony's high-yield savings account comes without fees and with one of the highest rates on the market, at 0.60% 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
4.5
NerdWallet rating1-year APY
0.60%
3-year APY
0.70%
5-year APY
0.80%
Minimum Deposit
$2,000
Synchrony offers some of the best CD rates around, with an annual percentage yield of 0.80% 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 ratingSynchrony 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 solid 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 via live chat.
How does Synchrony Bank compare?
Member FDIC | Federally insured by the NCUA | |
---|---|---|
APY0.50% With $0 minimum balance | APY0.50% With $0 minimum balance | APY0.55% With $100 minimum balance |
BonusN/A | BonusN/A | BonusN/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.