Synchrony Bank Review: Savings and CDs
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Overall institution rating
4.9
Synchrony offers top-of-the-line rates on its savings account and certificates of deposit — and no monthly fees. In fact, the online-only bank earns one of the best overall scores of any bank NerdWallet has reviewed. At Synchrony, the focus is 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.
- 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.
Full review
Full review
Synchrony Bank
Savings
4.5
/5APY
3.80%
With $0 min. balance for APY
Bonus
N/A
APY
3.80%
With $0 min. balance for APY
Bonus
N/A
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 3.80% 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
3.9
/53.9
/5APY
2.25%
With $0 min. balance for APY
Bonus
N/A
APY
2.25%
With $0 min. balance for APY
Bonus
N/A
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
5.0
/55.0
/51-year APY
4.00%
3-year APY
4.00%
1-year APY
4.00%
3-year APY
4.00%
5-year APY
4.15%
Minimum deposit
$0
Show details
Top rates. Synchrony offers some of the best CD rates around, with an annual percentage yield of 4.00% 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.
See the list of Synchrony CD rates
3-month CD: 0.25% APY.
6-month CD: 3.70% APY.
9-month CD: 3.90% APY.
11-month no-penalty CD: 0.25% APY.
1-year CD: 4.00% APY.
13-month CD: 3.90% APY.
14-month CD: 4.00% APY.
15-month CD: 4.15% APY.
16-month CD: 3.90% APY.
18-month CD: 3.80% APY.
19-month CD: 4.15% APY.
2-year bump-up CD: 3.00% APY.
2-year CD: 3.50% APY.
3-year CD: 4.00% APY.
4-year CD: 3.50% APY.
5-year CD: 4.15% APY.
» Learn more details about Synchrony CD rates.
Customer experience
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?
3.80%
N/A
Up to 3.80%
Up to $300
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). The ratings are incremented in tenths of a star.