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Financial Rates:
4.0
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Customer Service:
4.0
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Website Experience:
5.0
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Bank Fees:
5.0
Pros:
- No monthly fees or required balances
- Variety of CD terms available
- Competitive interest rates
- Reimbursed ATM fees
Cons:
- 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.
History
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 GOBankingRates.com
- "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
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.
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.
Yes. Through online banking, you can view your account balances and make transfers. You can deposit checks and view account statements.
Yes. The Synchrony savings and money market account do not have monthly maintenance fees.
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.
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.
Yes. Synchrony offers competitive interest rates. Their rates are much higher than your typical bank rates. They are competitive with other online-only 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.
The interest rates are considerably higher than your typical bank rates. Everything for your account is online.
Synchrony Bank does not offer any checking accounts. The only accounts offered are a savings and money market account, and CDs.
By email, phone, or online chat.
No. Synchrony does not offer checking accounts. Because they do not offer checking accounts bill pay is not available.
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.
Wire transfers before 2:30 p.m. are available the same day. After that time, wires are credited the next business day.
Yes. Money can be directly deposited into the savings and money market accounts.
Bank Contact Information
Synchrony BankP.O. Box 105972
Atlanta, GA 30348-5972
1-866-226-5638
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| Savings (Rate as of 10/29/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 3.92% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.00% |
|---|---|
| Rate | 4.00% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC It only takes about 5 minutes to open a fee-free account. | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.81% |
|---|---|
| Rate | 4.81% |
| Min to Open | $500 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
| Savings (Rate as of 10/29/2024) | |
| APY | 4.60% |
|---|---|
| Rate | 4.50% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC | |
The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guarantee the accuracy or availability of any rates shown. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own website where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
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1 APY stands for Annual Percent Yield. It's different from Rate because it takes into account compounding interest for the year.
2 MMA stands for Money Market Account. It's a savings and checking hybrid, allowing you to earn interest and use checks 6 times a month.