Synchrony Bank Review: Savings and CDs
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Overall bank rating
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.
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

Savings
Member FDIC
4.5
/5 NerdWallet ratingat Synchrony Bank
Synchrony's high-yield savings account comes without fees and with one of the highest rates on the market, at 1.65% 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

CD
Member FDIC
5.0
/5 NerdWallet ratingSynchrony offers some of the best CD rates around, with an annual percentage yield of 3.25% 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 ratingSynchrony 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.
» Want to compare? See how Synchrony stacks up against the other best banks and credit unions for mobile banking

Savings
Member FDIC
4.5
/5 NerdWallet ratingat Synchrony Bank
Synchrony's high-yield savings account comes without fees and with one of the highest rates on the market, at 1.65% 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

CD
Member FDIC
5.0
/5 NerdWallet ratingSynchrony offers some of the best CD rates around, with an annual percentage yield of 3.25% 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
4.5
NerdWallet ratingSynchrony 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.
» 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
![]() Synchrony Bank High Yield Savings Member FDIC | ![]() Discover Bank Online Savings Member FDIC |
---|---|
NerdWallet rating 4.5 /5 | NerdWallet rating 5.0 /5 |
APY 1.65% With $0 min. balance for APY | APY 1.60% With $0 min. balance for APY |
Bonus N/A | Bonus $200 Requirements to qualify |
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.