-
Financial Rates:
4.0
-
Customer Service:
4.0
-
Website Experience:
5.0
-
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
-
Financial Rates:
4.0
-
Customer Service:
3.0
-
Website Experience:
5.0
-
Bank Fees:
5.0
Pros:
- Cash rewards on savings accounts
- No account fees or required amounts
- Personal and student loans if you qualify
- Five year CDs have amazing interest rates
Cons:
- High opening amount for CDs
- CDs require large sum to earn interest
- No checking accounts offered
- High-interest rates on personal loans
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.
To get the cash back rewards you have to meet requirements. You must link a UPromise Goal Saver Account with the UPromise Rewards Account. You must also either have $5,000 in the account or make ten deposits within the first 90 days. You earn 10% of the amount of money transferred from your Rewards account to your Goal Saver account. If you meet the requirements, you earn an annual bonus of $10 the first two years and a loyalty bonus of $100 the third year.
The high yield savings account and money market accounts do not have any monthly fees. There is no required amount to open these accounts. They offer competitive interest rates, and there is no required monthly balance.
Sallie Mae is a college funding bank. They offer student and personal loans. Some of the different loans include undergraduate loans, parent loans, MBA loans, dental or medical school loans, medical residency loans, bar study loans, or graduate student loans. Sallie Mae offers a personal loan to help consolidate your debt, pay for major expenses, or life events.
The interest rates on Sallie Mae CDs are exceedingly higher than other banks. CDs range in term from six months to five years. The five year CD offers the best interest rate, but the other terms are still better than other banks.
To open a CD with Sallie Mae bank, the required opening balance is $2,500. The interest rates on the CDs are much higher than other banks.
To earn interest on Sallie Mae CDs, you must keep at least $2,500 in the CDs at all time. If your account balance drops below that amount, you will not earn interest. Sallie Mae CDs offer interest rates that are considerably higher than other banks and even other online banks.
Sallie Mae does not offer a checking account. This is a college savings bank. They do offer different savings accounts to help you prepare for college. Sallie Mae also has different loans to help pay for college, but no checking accounts.
As with any loan, the interest rates are high. Know the different repayment plans, interest rates, and if there is a fee for paying your loan off early. High-interest rates mean you could end up paying almost $9,000 in interest on a $10,000 loan.
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| Savings (Rate as of 11/21/2024) | |
| 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 11/21/2024) | |
| APY | 4.75% |
|---|---|
| Rate | 4.64% |
| Min to Open | $0 |
| Min to Earn APY | $0 |
| Monthly Fee | $0.00 |
| Min to Avoid Fee | $0 |
| Checkbook | No |
| Member FDIC No monthly maintenance fee, $0 to open, easily grow your money | |
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.