Synchrony Bank Review

How does your bank stack up?

  • Financial Rates: 4.0 Star Icon
  • Customer Service: 4.0 Star Icon
  • Website Experience: 5.0 Star Icon
  • Bank Fees: 5.0 Star Icon


  • No monthly fees or required balances
  • Variety of CD terms available
  • Competitive interest rates
  • Reimbursed ATM fees


  • Best perks require Diamond member
  • No checking account offered
  • High opening amounts for CDs
  • Tiered interest rates not offered

What You Need to Know

The high yield savings account and money market account do not have any monthly fees. Synchrony does not require a set amount be kept in their accounts. There is no required amount to open a savings or money market account.

Synchrony offers a variety of CD term lengths. The terms range from three months to five years. As with any CD, the longer the term length, the higher the interest rates offered on the account. There are no monthly fees for the CD accounts. A fee is charged if you withdraw your money before the CD reaches maturity.

The interest rates for all Synchrony accounts are competitive. The savings and money market accounts and CDs are much higher than your typical bank rates. They are competitive with other online-only accounts.

Synchrony will refund the ATM fees charged by other financial institutions. The fees for every account holder will be reimbursed up to $5 each billing cycle. If you are a Diamond Reward member, you will receive unlimited ATM reimbursements.

All customers receive some perks for being an account holder with Synchrony bank. To earn the best perks, you must become a Diamond Reward member. To qualify to be a Diamond Reward member, you must have over $250,000 in Synchrony accounts. You must also be a customer for at least five years.

There is no checking account offered through Synchrony Bank. They offer a high yield savings account, money market account, and CDs.

The amount required to open a CD is high. Synchrony offers a variety of different CD terms. To open any of the terms requires $2,000 as a minimum opening deposit.

The savings and money market rates do not increase based on how much money you invest. If you invest $1,000 or $250,000, you will earn the same interest rate for each amount. Some banks offer tiered interest rates based on how much money you invest in the account.

Cool Things

Synchrony Bank Perks

Every account holder is automatically enrolled in bank perks. These rewards are based on how much money you invest and how long you have been a customer. All account holders receive discounts on travel and leisure. Diamond Reward members receive unlimited ATM reimbursements. They receive three free wire transfers per billing cycle.

Financial Articles

Synchrony’s website has articles to help you increase your financial knowledge. These articles cover where to find the best interest rates for savings accounts and CDs. Some articles talk about what CDs are, and the different types of CDs offered.


Synchrony Financial opened in 1932. It started as General Electric Contracts Corporation. The business opened as a way to help families purchase appliances. Over time the company grew and started offering different credit cards.

Headquarters for Synchrony Financial is in Stamford, Connecticut. They now offer credit cards, as well as savings accounts, money market accounts, and CDs.

Today they have over $56 billion in assets. They have over 74 million active customer accounts and over 16,000 employees.

Awards and Recognition

  • "Best Interest Rate with ATM Access – High Yield Savings" by NerdWallet
  • "Best Savings Account" in 2017 and 2018 by
  • "High Yield Savings – Hassle-Free Savings Award" by Kiplinger’s Personal Finance
  • "Best 1-Year CD" by Money Magazine

Giving Back

Synchrony Financial provides grants that help support nonprofits. These nonprofits focus specifically on low to moderate income working families. They find ways to help these family move forward in their life.

Synchrony has been helping female business owners move their business forward more successfully. Synchrony offered small business financial classes and mentoring to women business owners. They allow them to apply for specific loans to help with their business needs.

Frequently Asked Questions

Is This Bank FDIC insured?

Yes. Synchrony is FDIC insured. The FDIC is an agency of the United States government that protects funds deposited in banks, up to $250,000 per customer, per bank. The money deposited in FDIC insured banks means that the money is backed by the full faith and credit of the United States government.

How do I access my money?

Synchrony does not offer checking accounts. An external checking account is necessary to transfer money electronically. You can transfer money from your Synchrony account into your external bank account. Checks can be written from the money market account. You can use the ATM card, wire money to another bank, or request a check be sent to your address on file.

Does this bank offer mobile banking?

Yes. Through online banking, you can view your account balances and make transfers. You can deposit checks and view account statements.

Is this bank free?

Yes. The Synchrony savings and money market account do not have monthly maintenance fees.

Is this a good bank?

Synchrony interest rates are considerably higher than your typical bank’s interest rates. There are no monthly maintenance fees. Everything for your account can be done online or through the mobile app.

Is this bank secure online?

Yes. Synchrony requires secure browsers and encrypts your information. They have a 24-hour monitoring system. Your account will be logged out after a period of inactivity. Accounts are password protected.

Does this bank offer competitive interest rates?

Yes. Synchrony offers competitive interest rates. Their rates are much higher than your typical bank rates. They are competitive with other online-only accounts.

Can I use this bank for my business accounts?

Synchrony does not offer specific business accounts. They offer a savings and money market account, and CDs. They also offer IRA CDs and IRA money market accounts.

How is the online bank different from the online banking my bank offers?

The interest rates are considerably higher than your typical bank rates. Everything for your account is online.

Do their checking accounts pay interest?

Synchrony Bank does not offer any checking accounts. The only accounts offered are a savings and money market account, and CDs.

How do I reach customer service?

By email, phone, or online chat.

Does this bank offer bill pay?

No. Synchrony does not offer checking accounts. Because they do not offer checking accounts bill pay is not available.

Can I deposit cash?

No. Deposits into your Synchrony account are made through an online transfer from your external bank account. You can upload checks through the app. You can have money directly deposited into the account. You can send a check or a wire transfer.

How long do transfers take?

Wire transfers before 2:30 p.m. are available the same day. After that time, wires are credited the next business day.

Can I sign up for direct deposit to this account?

Yes. Money can be directly deposited into the savings and money market accounts.

Bank Contact Information

Synchrony Bank
P.O. Box 105972
Atlanta, GA 30348-5972

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Sponsored Offers

Advertiser Disclosure
American Express
Savings (Rate as of 11/30/2023)
APY 4.30%
Rate 4.21%
For APY $1
Monthly Fee $0.00
Checkbook No
Member FDIC
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