Synchrony Bank: 2022 Banking Review

Explore an online-only bank that offers competitive rates on its savings and CD products.

Synchrony Bank is an FDIC-insured online bank that provides highly competitive rates on its deposit accounts. And because it doesn't operate brick-and-mortar branches, it passes its savings on to its more-than 72 million customers.   

Synchrony Bank mobile phone
James Martin/CNET

Synchrony Bank is best suited for customers looking for high-yield savings account options that might not be available with their current bank. In addition to high-yield savings accounts, Synchrony Bank offers money market accounts and several types of certificates of deposit, but it doesn't offer checking accounts

What we like

  • Competitive APYs on deposit accounts
  • Extended customer service hours provided via telephone and live chat
  • Wide variety of CD accounts

What we don't like

  • No cash deposits accepted
  • No checking account
  • No physical branches

Savings account review

Synchrony Bank offers a competitive yield on its high-yield savings account without charging fees for monthly maintenance, minimum balances or requiring a minimum deposit to open an account. The savings accounts come with optional ATM cards so you can access your funds at your convenience. What's more, you can rebate out-of-network ATM fees for up to $5 per month. Synchrony Bank supports deposits via mobile check, ACH transfers, direct deposits and wire transfers from external banks.

Note: Annual percentage yields (APYs) shown are as of Oct. 26, 2022. Bankrate's editorial team updates this information regularly, typically biweekly. APYs may have changed since they were last updated and may vary by region for some products. Bankrate includes only FDIC banks or NCUA credit unions in its listings.

Savings account features

APY 2.75%
Minimum balance $0
Monthly fee $0

What we like

  • The highest APY offered applies to all balance tiers
  • No minimum deposit required to open account
  • No monthly maintenance fees

What we don't like

  • No cash deposits accepted
  • Low cap on monthly out-of-network ATM rebates

CD account review

Synchrony Bank offers 13 types of certificates of deposit accounts including traditional CDs with terms from six months to five years, an 11-month no-penalty CD and a 24-month bump-up CD. There's no minimum balance required to open either type of CD. Synchrony also offers an IRA CD that allows investors with qualified income to save pretax dollars intended to be used in retirement after age 59½.

CD account features

6-month CD APY 3.00%
1-year CD APY 3.61%
3-year CD APY 4.01%
5-year CD APY 4.01%
No-penalty CD APY 2.60%
Bump-up CD APY 3.10%
Minimum balance $0
Early withdrawal fees 90- to 365-day simple interest at current rate

What we like

  • Competitive rates on all CD account terms
  • Wide variety of CD account types
  • No minimum deposit amount required to open an account

What we don't like

  • Early withdrawal fees can be more than other banks for longer-term CD accounts

Banking experience

Although Synchrony Bank doesn't have physical branches, its customers can manage their accounts online or through the mobile app, which has good ratings on the App Store and Google Play Store. It doesn't offer a wide variety of products, but the deposit accounts have consistently market-leading rates. Synchrony is a no-frills bank with solid banking products. Customer service offers extended hours via live chat and toll-free telephone assistance. An automated support line is available 24/7.

Overdraft fees

Synchrony Bank doesn't charge overdraft fees.

Customer Service

Customer service is available through live chat, Twitter and a toll-free phone number: 866-226-5638. Customer service opens daily at 8 a.m. ET and offers extended hours -- until 10 p.m. ET during the week and 5 p.m. ET on the weekends.