Synchrony Bank Review: Savings and CDs

Synchrony is a top online bank with high rates on savings and CDs.
Spencer Tierney
By Spencer Tierney 
Edited by Sara Clarke

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Synchrony Bank
Learn more

at Synchrony Bank, Member FDIC

  • Savings
  • Money market
  • Certificates of deposit
  • Customer experience

Overall institution rating

4.5

NerdWallet rating 
The bottom line:

Synchrony offers top-of-the-line rates on its online savings account and certificates of deposit — and no monthly fees. The online-only bank focuses on accounts designed for savings; there’s no checking account or budgeting features. There is a money market account, which provides more withdrawal options, including check writing, but in exchange for a lower rate than a regular savings account.

Best for: Digital banking customers focused on top savings rates without the need for personalized savings tools or a checking account at the same bank.

Pros

  • Competitive rates on savings and CDs.
  • No monthly fees.
  • No minimum opening deposits.
  • ATM fee rebates.

Cons

  • No cash deposit.
  • No checking account offered.
  • No branch access.

Full review

Savings

Synchrony Bank High Yield Savings

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
4.75%
With $0 min. balance for APY
Learn more

at Synchrony Bank

Upsides: Strong rate and no monthly fee. Synchrony's high-yield savings account comes without fees and with one of the highest rates on the market, at 4.75% annual percentage yield. No minimum balance is required to open an account or qualify for the interest rate.

Free ATM access. Synchrony doesn't charge fees for using ATMs that accept its optional ATM 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.

Downside: No personalized savings tools. Synchrony offers savings goal calculators on its website but doesn’t provide more customized abilities, such as creating subaccounts for savings goals or tracking progress toward goals.

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

Money market

Synchrony Bank Money Market Account
Synchrony Bank Money Market Account

Money market

Member FDIC

4.5

/5
 NerdWallet rating 
APY
2.25%
With $0 min. balance for APY

Synchrony Bank's Money Market Account offers a 2.25% APY with no minimum balance and no monthly fees. An MMA is a type of savings account, and this one is worth considering, but it is not factored into our overall savings rating.

Certificates of deposit

Synchrony Bank CD
Synchrony Bank CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
1-year APY
4.90%
3-year APY
4.15%
5-year APY
4.00%
Minimum deposit
$0

Top rates. Synchrony offers some of the best CD rates around, with an annual percentage yield of 4.90% for a CD with a one-year term.

» COMPARE: See our list of best CD rates

No minimum deposit. You can open a CD with any amount.

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 an 11-month no-penalty CD and a 2-year bump-rate (or “bump-up”) CD. These two specialty CDs provide one bonus feature each: a penalty-free early withdrawal or the possibility of a rate increase within the CD term, respectively.

  • 3-month CD: 2.05% APY.

  • 6-month CD: 4.80% APY.

  • 9-month CD: 5.15% APY.

  • 11-month no-penalty CD: 3.65% APY.

  • 1-year CD: 4.90% APY.

  • 13-month CD: 5.00% APY.

  • 14-month CD: 5.00% APY.

  • 15-month CD: 5.20% APY.

  • 16-month CD: 5.00% APY.

  • 18-month CD: 4.50% APY.

  • 19-month CD: 4.50% APY.

  • 2-year bump-up CD: 3.90% APY.

  • 2-year CD: 4.20% APY.

  • 3-year CD: 4.15% APY.

  • 4-year CD: 4.00% APY.

  • 5-year CD: 4.00% APY.

» Learn more details about Synchrony CD rates.

Customer experience

4.0

NerdWallet rating 

Many 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.

» Want to compare? See how Synchrony stacks up against the other best banks and credit unions for mobile banking

How does Synchrony Bank compare?

Current Product

NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5

APY 

4.75%

With $0 min. balance for APY

APY 

4.60%

With $0 min. balance for APY

APY 

5.05%

With $5,000 min. balance for APY

Bonus 

N/A

Bonus 

$300

Earn up to $300 with direct deposit. Terms apply.

Bonus 

N/A

Learn more

at Synchrony Bank

Learn more

at SoFi Bank, N.A.

Learn more

at CIT Bank

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.