Synchrony Bank Review: Savings and CDs

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

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Overall bank rating

Synchrony Bank
  • Savings

  • Money market

  • CD rates

  • Banking experience

5.0

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.

Synchrony also offers credit cards, which aren’t factored into this review.

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

  • High rates on savings and CDs.
  • No monthly fees.
  • Reimburses $5 per month for out-of-network ATM access.

Cons

  • No personalized savings tools, such as for tracking goals.

Full review

Synchrony Bank High Yield Savings
Synchrony Bank High Yield Savings

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
3.75%
With $0 min. balance for APY

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 3.75% 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

Synchrony Bank Money Market Account
Synchrony Bank Money Market Account

Money market

Member FDIC

4.5

/5
 NerdWallet rating 
APY
1.75%
With $0 min. balance for APY

Synchrony Bank's Money Market Account offers a 1.75% 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.

Synchrony Bank CD
Synchrony Bank CD

CD

Member FDIC

5.0

/5
 NerdWallet rating 
1-year APY
4.30%
3-year APY
4.30%
5-year APY
4.30%
Minimum deposit
$0

Top rates. Synchrony offers some of the best CD rates around, with an annual percentage yield of 4.30% for a CD with a five-year term.

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. For more details, see our deep dive into Synchrony CD rates.

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

Banking experience

4.5

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, Twitter and a toll-free phone number. Phone support is not 24/7, but it’s available every day.

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

Synchrony Bank High Yield Savings
Synchrony Bank High Yield Savings

Savings

Member FDIC

4.5

/5
 NerdWallet rating 
APY
3.75%
With $0 min. balance for APY

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 3.75% 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

How does Synchrony Bank compare?

NerdWallet rating 

4.5

/5
NerdWallet rating 

5.0

/5
NerdWallet rating 

5.0

/5

APY 

4.00%

With $0 min. balance for APY

APY 

3.75%

With $0 min. balance for APY

APY 

3.30%

With $0 min. balance for APY

Bonus 

N/A

Bonus 

$250

Earn up to $250 with direct deposit. Terms apply.

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.