Business Insider's personal finance team compared Synchrony Bank (Member FDIC) to the best online banks and decided it's a top option for savings accounts and CDs.
Synchrony has a great high-yield savings account and pays strong rates on CDs. It doesn't require minimum deposits for any of its accounts, or charge monthly fees. But it's not the best choice if you want to do all your banking with the same company because it doesn't have a checking account.
Synchrony Bank Pros and Cons
Pros
- High interest rates on savings account and CDs
- Savings account comes with an ATM card
- Money market account comes with an ATM card and paper checks
- Variety of CD types and terms
- No minimum opening deposit for any accounts
Cons
- No physical locations
- No checking account
- Money market account rate is just so-so
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Compare Synchrony Bank
no monthly service fee
up to 4.66%
$0
- Early direct deposit
- Enhanced FDIC protection
- High interest if you can meet the requirements
- No monthly service fees
- No minimum opening deposit
- 24/7 customer service for banking products
- Large ATM network
- Interest compounds daily
- Low interest rate if you cannot meet requirements
- Cannot overdraft your account
- Online-only bank
- Earn up to 4.66% APY on savings, and 0.51% APY on checking when you meet requirements.
- Get your money up to 2 days early. You’ve earned it, so start earning on it.
- No monthly maintenance, minimum balance, account opening, or overdraft fees.
- We’ve got you covered. Access expanded FDIC Insurance for up to $265 million.
- Access a network of over 95,000 fee-free ATMs.
- Manage all your bank accounts from one place in the Axos app.
- Link external accounts in the app to move your money seamlessly.
no monthly service fee
up to 4.40%
$0
- No minimum opening deposit
- No monthly service fee
- High interest rate on standard rate and LevelUp Rate
- Free ATM card
- Must meet certain requirement to earn LevelUp Rate, which is the highest APY
- Primarily an online-only financial institution
- Earn 4.40% APY by depositing $250 per month
- Earn 3.40% as the standard rate when you don’t meet the monthly deposit requirement
- Interest compounded and deposited monthly
- FDIC insured
no monthly service fee
up to 3.80%
$0
up to $300
- FDIC insured up to $3 million
- High interest rate
- Earn a higher interest rate with qualifying activities
- No minimum opening deposit
- No monthly service fees
- Up to $300 bonus with qualifying direct deposit (terms apply)
- Savings tools
- Early direct deposit
- Joint account available
- Declined purchase if you overdraw by more than $50
- Doesn't reimburse out-of-network ATM providers' fees
- May deposit cash at Green Dot locations but there's a $4.95 fee
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi® Checking and Savings (Member FDIC)- Sign-up bonus of up to $300. When you sign up and set up direct deposit. Wait for direct deposit to hit account (typically 2-4 weeks). Collect cash bonus of $50 to $300 depending on direct deposit amount
- Up to 3.80% APY with direct deposit or $5,000 or more in qualifying deposits during the 30-day evaluation period
- FDIC Insured and covered up to $3 million in FDIC coverage through a network of participating banks
- 55,000+ fee-free ATMs
Synchrony Bank Overview
Synchrony Bank is an online-only institution best suited for people who prioritize finding strong bank accounts where they can save money.
The bank offers a high-yield savings account, a money market account, CDs, and credit cards. Synchrony doesn't offer a checking account. It does provide an ATM card with its savings and money market accounts, though, and you can use your card for free at any Plus or Accel ATM. Synchrony reimburses up to $5 per month in out-of-network ATM fees.
You can also use your ATM card to make purchases at stores by entering your ATM PIN.
Synchrony accounts are insured by the FDIC for up to $250,000, or $500,000 if you have a joint account. This means that even if Synchrony shuts down, your deposited money would be safe.
Is Synchrony Trustworthy?
The Better Business Bureau gives Synchrony an NR (No Rating) grade because it is in the process of responding to previously closed complaints. A strong BBB rating indicates the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.
Synchrony does have some recent controversies. In 2023, the bank was ordered to pay a settlement of $2.6 million; the lawsuit claimed that Synchrony called people about bank accounts they did not own. In 2021, Synchrony paid $3.5 million in a settlement when California residents said the bank was making an unreasonable number of phone calls to people who owed debt.
Synchrony Bank Interest Rates and Fees
In general, Synchrony Bank's interest rates on savings accounts, money market accounts, and CDs are higher than average bank account interest rates. Average bank account interest rates take into account all types of banks, including brick-and-mortar banks, which tend to pay less on interest-earning bank accounts than online banks.
However, when you compare specific bank accounts to competition from the best online banks, you'll see some distinctions.
Synchrony's money market account rate isn't quite as high as rates on the best money market accounts — some online banks even have an APY that doubles Synchrony's account.
The bank's high-yield savings account and CD rates are still competitive if you compare them to options from top online banks, like Ally or Discover Bank. However, you might find some local financial institutions with 5% interest savings accounts or higher CD rates.
Even though Synchrony doesn't have the absolute highest rate on the market, you may prefer a national brand like Synchrony for other benefits, such as minimal fees or better customer support hours.
Synchrony Bank Fees and Charges
One of Synchrony Bank's strengths is its fee structure for its savings and money market accounts. These accounts do not charge monthly bank maintenance fees. Synchrony also does not charge out-of-network ATM fees and reimburses $5 per month in domestic ATM fees charged by other financial institutions.
Synchrony Digital and Mobile Banking
Synchrony Mobile App Features
Synchrony mobile banking is similar to apps from other national banks. You can contact customer support through live chat, make mobile check deposits, view your transaction history, open new bank accounts, and manage credit cards.
Synchrony's mobile app is rated 4.7 out of 5 stars in the Google Play store and 4.8 out of 5 stars in the Apple store.
Synchrony Online Banking Tools
You can access online banking through Synchrony's website, which will be the other primary method for managing bank accounts and credit cards. You can open new bank accounts, get customer support, and calculate potential interest earnings with savings and CD calculators.
Synchrony Bank Customer Service and Support
If you have questions, you can chat online with customer support. You'll initially be connected to a virtual assistant, and if the virtual assistant can't answer your query, you'll be transferred to a live assistant.
You can call an agent from 8 a.m. to 10 p.m. ET Monday through Friday or 8 a.m. to 5 p.m. ET Saturday and Sunday.
According to the J.D. Power 2024 U.S. Direct Banking Satisfaction Study, Synchrony Bank ranked below the segment average for overall customer satisfaction among online savings providers. Marcus and Ally Bank ranked the highest in this study.
Synchrony Bank Savings Account
The Synchrony high-yield savings account is a great option for savers. It pays a competitive interest rate, has a $0 minimum opening deposit, and has no monthly service fee.
This account is unique because unlike most savings accounts, it comes with an ATM card, which gives you easy access to your savings. You can use it at an ATM or to make a purchase when you enter your PIN. This is especially important because Synchrony doesn't have a checking account, so the ATM card is a crucial way to withdraw savings if you need money quickly.
Synchrony Bank CDs
Synchrony offers three types of CDs, and Synchrony CD rates are competitive across the board.
The Synchrony Bank CD has a variety of terms to choose from, paying 0.25% to 4.35% APY. The 11-month Synchrony No-Penalty CD pays 0.25% APY. The 24-month Synchrony Bump-Up CD pays 3.00% APY, and you have the option to increase your rate once during the term if the banks increases its rate on this certificate.
Synchrony Bank Money Market
The Synchrony Money Market Account has a $0 minimum deposit and no monthly service fee. It also comes with both paper checks and an ATM card, making it easy to access your money. Use the Plus or Access ATM networks for free, and Synchrony reimburses up to $5 per month if any out-of-network ATMs charge you a fee.
Synchrony Credit Cards
Synchrony Bank has two cash-back credit cards and another credit card with no annual fees. Other online banks like Capital One and American Express National Bank (Member FDIC) have more credit card options.
None of Synchrony's credit cards are among our picks for best credit cards.
Synchrony Bank Alternatives
Synchrony vs. Ally Bank
Both Synchrony and Ally offer savings accounts, money market accounts, and CDs. Synchrony offers higher rates on CDs and savings accounts, while Ally has a higher interest rate on a money market account.
You might prefer Ally Bank if you want to do all your banking with one company, because unlike Synchrony, it has a checking account. It's easy to immediately transfer money from your Ally savings account to the checking account. With Synchrony, you'll either need to withdraw savings with your ATM card, or transfer money to an external checking account — the latter option could take up to a few business days.
Synchrony vs. Marcus Bank
Marcus only offers CDs and a high-yield savings account, so Synchrony will be the clear choice if you want a money market account. Neither bank has a checking account, though.
The two high-yield savings accounts are pretty comparable. You might prefer Synchrony if you want an ATM card attached to your savings account, but Marcus' account includes tools that let you see your monthly cash flow in the app.
Both banks have strong CDs, but Marcus CD rates are slightly higher overall.
Why You Should Trust Us: How We Reviewed Synchrony Bank
To review Synchrony's savings and money market accounts, we used our bank account methodology. Each account receives a rating between one and five stars.
We evaluate ethics, security, customer service, miscellaneous features, and mobile apps when rating every type of account. Other factors considered depend on the type of account we're reviewing. For example, we look at whether a money market account offers access to your funds with an ATM card, debit card, and/or paper checks. For CDs, we look at term variety and early withdrawal penalties.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Business Insider's Synchrony Bank Rating
| Feature | Our rating (out of 5) |
| Savings | 4.5 |
| CD | 4.5 |
| No-penalty CD | 4.5 |
| Bump-up CD | 4.5 |
| Money market account | 4.75 |
| Trustworthiness | 4 |
| Total Rating | 4.5 |
FAQs
What services does Synchrony Bank offer?
Synchrony has a variety of services for savers, including a high-yield savings account, a money market account, and CDs. The bank also offers cash-back credit cards and a credit card with no annual fees.
What are the interest rates for Synchrony Bank accounts?
The Synchrony High Yield Savings Account pays 4.00% APY and the Synchrony Money Market Account pays 2.00% APY. Synchrony also has traditional CDs, IRA CDs, a no-penalty CD, and a bump-up CD. Standard and IRA Synchrony CDs pay 0.25% to 4.35% APY, the Synchrony No-Penalty CD pays 0.25% APY, and the Synchrony Bump-Up CD pays 3.00% APY.
How can I contact Synchrony Bank customer service?
You can contact Synchrony Bank customer service by live chat or phone.
What are the pros and cons of banking with Synchrony Bank?
The pros of banking with Synchrony include a top-tier high-yield savings account with a competitive interest rate and easy opening requirements, and a variety of CD terms and types. The cons of banking with Synchrony include no physical locations, no checking accounts, and limited services and products beyond banking.
Is Synchrony Bank legit?
Yes, Synchrony is a legitimate bank. It is a Member FDIC bank, so your deposits are insured for up to $250,000 per owner, per category.
Is Synchrony Bank hard to deal with?
Synchrony has received an average of 3.4 out of 5 stars from over 16,500 users on WalletHub, and 1.1 out of 5 stars from over 300 users on TrustPilot. This indicates that customers leaving reviews are moderately satisfied or below satisfied with Synchrony.
Is there a class action lawsuit against Synchrony Bank?
There was a class action lawsuit against Synchrony in early 2023, but it has now closed. The lawsuit claimed that Synchrony made calls to people about Synchrony accounts that did not exist. Synchrony was ordered to pay $2.6 million in the settlement.
Bonus Disclosure: New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking#1.
APY disclosures: SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. See the SoFi Plus Terms and Conditions at https://www.sofi.com/terms-of-use/#plus.
Fee Policy: SoFi does not charge any account, service or maintenance fees for SoFi Checking and Savings. SoFi does charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. SoFi's fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at sofi.com/legal/banking-fees/.
Additional FDIC Insurance: SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC's regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
ATM Access: We've partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi's ATM policies are subject to change at our discretion at any time.
Early Access to Direct Deposit Funds: Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage: Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A. The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the"30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage.
