Synchrony Bank Just Raised Its High-Yield Savings Rate to 2.45%. More Benefits the Online-Only Bank Offers Savers

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Good for Multiple Savings Options
Synchrony Bank Review
Good for Multiple Savings Options
Synchrony Bank Review
  • refinance rates icon inactive
    Great Interest Rates
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    Several CD Types
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    No Monthly Fees

Synchrony is a great bank if you’re looking for simple savings options. It pays consistently competitive interest rates on a variety of account types that don’t require any minimum balance. Plus, Synchrony’s unique loyalty program offers a few extra benefits.

NextAdvisor’s Take

  • CD and money market accounts also have retirement tax-advantaged IRA options
  • Optional debit card available for MMA and high-yield savings accounts
  • Reimburses up to $5 per statement cycle for ATM fees
  • Rewards program for account holders
  • No checking account available
  • No branches for in-person banking
  • No loan offerings or investment accounts
  • Few credit card options (majority co-branded retail cards)

Additional Details

  • Access your account with the Synchrony mobile app or online
  • Debit card access to make point-of-sale purchases and ATM withdrawals from your high-yield savings account or MMA (up to daily limits)
  • Rewards program with benefits determined by account balance or length of account history
  • Combine multiple accounts to one debit card
  • Synchrony will reimburse up to $5 per statement cycle for domestic ATM fees
  • Unlimited reimbursements on domestic ATM fees with Synchrony’s Diamond status
  • Synchrony deposit accounts are FDIC insured

Editorial Independence

We analyze and review banks without influence of partnerships or advertising relationships. For more information about our scoring methodology, click here.

Synchrony Bank Full Review

Account options are a significant part of how we analyze the banks we review. Synchrony’s range of CDs, high-yield savings accounts, and money market accounts — including the different terms and account types between them — is a benefit of banking with Synchrony. 

Unlike some other banks, though, Synchrony does not offer a checking account option. While this may be a drawback for those looking for a one-stop online bank, Synchrony says it is solely “focused on offering accounts that help you save.” 

Savings Accounts

Synchrony’s high-yield savings account doesn’t require a minimum deposit or ongoing minimum balance, and there are no monthly fees. Synchrony also offers some of the best interest rates among savings accounts today. 

One unique feature is the option to get a debit card linked to your Synchrony savings account, and withdraw up to $1,000 per day at ATMs or $500 on point-of-sale transactions. When you use an ATM, you’ll be refunded domestic ATM fees up to $5 per statement cycle. If you’re a part of Synchrony’s rewards program, you can get unlimited domestic ATM fee reimbursements when you reach Diamond status (requires a $250,000 balance or having a Synchrony account for five years).

You can also make outbound electronic transfers or wires ($25 charge for sending wires unless you have Diamond status) via your online account or mobile app. Synchrony does limit you to six transfers or withdrawals per statement cycle. Point-of-sale transactions with a debit card do count toward this limit, but ATM transactions do not.

Certificates of Deposit

Synchrony offers bump-up, no-penalty, IRA, and traditional CDs. The term depends on the type of CD, but options range between three months and five years. None of Synchrony’s CD options require a minimum balance. 

If you want to add more money to your CD aside from your initial deposit, you’ll have 10 days from opening the CD to make another deposit. And like most CDs, you’ll pay a penalty from your principal balance if you take out money before your CD reaches maturity unless you choose a no-penalty CD. But you can withdraw interest at any time without penalty. 

If you’re considering opening a CD, make sure you take time to determine which type best fits your goals. For example, a bump-up CD could be a good option for rising rates, since you’ll have the chance to request a rate increase one time over the CD term. But no-penalty CDs can also give you flexibility to withdraw your money before the term ends and put it elsewhere when rates rise. And an IRA CD offers tax advantages if you’re looking to add a very secure account to your retirement investment portfolio.

Money Market Accounts

Synchrony offers a traditional money market account, as well as an IRA money market account with tax-advantaged savings for retirement (like the bank’s IRA CD offering). There’s no minimum balance requirement and no monthly fees.

Like the high yield savings account, you can access your MMA via debit card, or request a checkbook. Debit card access via ATM or point-of-sale transaction has the same restrictions as Synchrony high-yield savings accounts. Just remember, if you’re using the account as your emergency fund or for another dedicated goal, be careful about withdrawing money for other purposes. 

In addition to ATM withdrawals, you can make withdrawals or transfers at any time (up to six per statement cycle) via electronic transfer, check, or wire transfer. If you choose an IRA MMA, there are other IRA withdrawal restrictions that could limit your access.

Other Products

Synchrony Bank primarily offers online accounts for saving, but it does issue a few co-branded retail credit cards. Some cards across different brand categories include the CareCredit healthcare credit card*, TJX Rewards Credit Card*, and the Lowe’s Advantage Credit Card*. The bank also has a 2% flat cash back credit card, the Synchrony Premier World Mastercard®*.

Customer Experience

Synchrony has one of NextAdvisor’s best customer service ratings because it offers many ways to get assistance if needed. You can log into your Synchrony account to send a secure email or use online chat for assistance, speak with a representative through the bank’s customer-dedicated Twitter, or call the customer help line.  

Synchrony Bank also has a mobile app — you can use the MySynchrony app to bank online and make payments. The app has an average 4.5 and 4.7 star rating on the Google Play and Apple App Store, respectively.


Synchrony earns a solid score in our accessibility category for its efforts to improve the online banking experience for all customers. You can submit accessibility requests using Synchrony’s online form or call to help improve Synchrony’s online accessibility.

We reached out to Synchrony to learn more about its steps to improve accessibility and inclusivity, and will update this review if we receive a response.

Is Synchrony Bank Right for You?

Synchrony Bank is best for people who are looking for an online bank with competitive rates on a range of savings options. We like that this bank has flexible means of communication and account options which can help make banking more convenient. 

Synchrony’s loyalty rewards program — unique among the banks we’ve reviewed — can also be a small way to earn extra perks and benefits, like waived fees.

You’ll have the ability to transfer money between accounts and handle all transactions using the bank’s mobile app. Plus, you can use the optional debit card (an option for both savings and money market accounts) at ATMs and retail stores. Synchrony also reimburses domestic ATM fees up to $5 per month.

However, it’s important to keep your savings goal in mind given Synchrony’s withdrawal flexibility. If you’re using your savings account or money market account for an emergency fund or you’re saving for something specific, you’ll want to avoid making regular withdrawals from your balance, except in case of emergency.
On the downside, Synchrony does not offer checking accounts, and lacks any loan or investment products for those looking for a one-stop banking option. Another thing to keep in mind if you prefer in-person banking is that Synchrony is an online-only bank with no branches.

*All information about the CareCredit healthcare credit card, TJX Rewards Credit Card, Lowe’s Advantage Credit Card, and Synchrony Premier World Mastercard® has been collected independently by NextAdvisor and has not been reviewed by the issuer.

Synchrony Bank FAQs

Is Synchrony Bank FDIC-insured?

Yes, Synchrony is an FDIC-insured bank.

How many withdrawal transactions can I make with Synchrony each month?

Currently, you can make up to six withdrawals from your MMA or high-yield savings account each month.

Is there a charge to make transfers between Synchrony high-yield savings account and MMA?

No, you will not be charged to transfer money between a savings account and money market account.