Synchrony Bank Review: CD Rates and Savings
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Synchrony offers some of the highest savings and CD rates. But there are downsides. Read this review before you open an account.
Overall Score | 4.3 | ||
Savings | 5.0 | ||
Money Market | 4.0 | ||
Customer Service | 4.0 | ||
Pros and Cons
- Savings with ATM card
- High APY
- All balance tiers receive same rate
- No checking account
- Limited customer service hours
Bottom Line
Good online bank offering high interest rates
Synchrony Bank has gotten popular in recently years. Its online-only model allows it to minimize fees and offer better interest rates to customers.
It's not a full-service bank though. Synchrony offers primarily savings products. But they do offer flexibility in how you can access your funds.
Synchrony Bank claims to have some of the highest APYs and lowest fees in the industry, but there are some downsides.
Keep reading to see how this online bank stacks up in our eyes.
How it Works
You'll find several deposit products at Synchrony Bank:
Let's go over each product.
High Yield Savings
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Synchrony Bank's High Yield Savings offers slightly higher interest rates than competitors. There is no account minimum and no service fees.
A huge perk is that you get an ATM card. You can use any ATM banks with the Plus or Accel logo without fees. And if you do go out of network, Synchrony will reimburse ATM fees up to $5 per statement cycle. This flexibility allows you to get cash fast.
Federal regulations limit transfers/withdrawals to just 6 per statement cycle. Usually, banks will charge a fee if you exceed it. However, Synchrony does not charge for excessive withdrawals. But they could shut down your account if you do it often. ATM withdrawals don't count.
High Yield Savings - 4.30% APY
$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.
Compare Savings Account Promotion
High-Yield Savings Premier - 4.46% APY
- No account activity or maintenance fees
- $500 minimum opening deposit
- FDIC insured
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Money Market
The Money Market account is kind of a combination of a checking and savings account. You get the ability of check writing. The first order of checks is free. The APY isn't as high as the Savings account, but you do get more flexibility in how you can use and access your money.
CDs
Synchrony Bank offers CDs from 3-month to 5-year terms with higher-than-average interest rates. The APY for a 12-month CD is higher than what many competitors offer.
You must leave your money in there for the whole length of the term, or you'll incur a penalty. If you don't need your money for at least 1 year, you'll earn a higher APY than with the savings account. For anything less than a year, you're better off with the savings account.
Certificate of Deposit
- Up to 4.10% APY
- Up to 5 years
- $0 minimum opening deposit
- Daily Compounding Interest
- FDIC Insured
Compare CD Rates
High-Yield CD Rates - Up to 4.05% APY
- No fees
- $1 minimum deposit
- FDIC insured
Term | CD Rates |
---|---|
3 Month | 4.05% APY |
5 Month | 3.85% APY |
6 Month | 3.75% APY |
9 Month | 3.00% APY |
12 Month | 3.00% APY |
12-Month No-Penalty CD - 3.95% APY
- $1 minimum deposit
- 24/7 online access
- Federally insured by NCUA
Certificate of Deposit
- 4.10% APY for 12-month term
- 3.80% APY for 18-month term
- 3.50% APY for 36-month term
- 3.40% APY for 5-year term
IRA Money Market
You can rollover existing IRA contributions to a Synchrony IRA Money Market account. The interest rate isn't the highest, but it will provide a secure place to park your retirement savings. You don't need to worry about the fluctuations of the stock market. And there are tax benefits.
You can make additional deposits at any time, subject to IRS contribution limits
IRA Money Market Account
- 2.25% APY
- $250 minimum deposit to open account
- Ability to open Roth or traditional IRA account
- Make deposits at any time rather than waiting for a maturity date
- FDIC Insured
IRA CDs
Synchrony Bank also offers IRA CDs. An advantage of investing your IRA contributions in a CD is that you'll know exactly how much your savings will grow. The IRA CDs have the same rates as the standard CDs, plus they offer tax benefits. You can choose between a Traditional or a Roth IRA.
The returns are lower than what you could get with a brokerage IRA account investing in stocks. This is best for those who want stability. For example, older people who don't want to risk their investments close to retirement.
IRA CD - Up to 4.10% APY
- Up to 4.10% APY
- Up to 5 years
- $0 minimum opening deposit
- Ability to open Roth or Traditional IRA
- Ability to add funds during 10-day grace period after CD maturity
- FDIC Insured
Synchrony Bank Credit Cards
Synchrony also offers a huge lineup of over 120 credit cards. Most are co-branded cards with popular retail partners. Here are our top picks.
- Sam's Club Mastercard. You get 5% cash back on gas on up to $6,000 in gas purchases per year (then 1%). You also get 3% on dining out and travel, and 1% on everything else. This card offers one of the best gas rewards we've seen. You need to be a Sam's Club member.
- Amazon Store Card. This card is really worthwhile if you're an Amazon Prime member. Members get 5% cash back on all Amazon orders. If you regularly shop on Amazon, this could be huge savings. You can also choose interest-free financing for larger purchases.
- Walmart Credit Card. For Walmart shoppers, you get 3% cash back on all Walmart.com purchases, 2% cash back on gas at Walmart or Murphy USA, and 1% on Walmart in-store purchases. If you get the Mastercard version, you'll also earn 1% cash back on all other purchases.
- Lowe's Advantage Card. Have an upcoming home improvement project? The Lowe's card gives you 5% off all Lowe's purchases. Or you can choose 6-month interest-free financing on orders of $299 or above. If you have a bigger project over $2,000, you can ask for special project financing at low interest rates.
Reasons We Like Synchrony Bank
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- Competitive rates. Synchrony offers some of the highest interest rates in the market. The APY for their Savings and CD accounts are higher than other popular online banks.
- No minimum balance requirements for CDs, Savings or Money Market accounts. There are no minimum deposits or balance requirements for Synchrony's CDs, Savings or Money Market accounts. So you can start saving and earning interest no matter how little you have.
- No service fees. There are no account opening fees or monthly service fees for their deposit products.
- ATM card for Savings. It's very rare for savings accounts to have ATM access. Synchrony's High Yield Savings Account comes with an optional ATM card so you can withdraw savings quickly.
- ATM fee reimbursements. Synchrony will reimburse fees charged by other banks, up to $5 every statement cycle. Synchrony does not charge you for using any ATM with the Plus or Accel logo.
- Loyalty perks. Synchrony offers rewards for customers with high balances and long-term loyalty. You're automatically enrolled in Synchrony Bank Perks when you open an account. You reach different status tiers based on your balance OR the length of time you've been a customer. Perks include hotel and rental car discounts, restaurant offers, and value-added amenities. If you achieve the highest status, you get unlimited ATM reimbursements.
- Identity theft services. Each customer of Synchrony Bank's deposit products is automatically enrolled in Identity Theft Resolution Services by CyberScout.
Why You Might Look Elsewhere
- There's only one physical branch. If you prefer in-person bank transactions, you won't like Synchrony Bank. They only have one branch in New Jersey. All transactions must take place online, via ATM, wire transfer, or by phone.
- They don't offer checking accounts. Synchrony Bank doesn't have the services of a full-service bank. They are primarily a savings bank. The closest you will get to a checking account is the Money Market account. You can make ATM withdrawals and request checks for this account (the first set is usually free).
- Their mobile options leave a lot to be desired. Synchrony doesn't have a mobile app for its banking products. However, it does have a full mobile website. You can check your activity, transfer funds, and make mobile check deposits. You can still do your banking anywhere with your smartphone.
Customer Service
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Synchrony Bank gives you 24/7 access to their automated system to check on your accounts. If you want to talk to a representative, their hours are Monday through Friday 8 AM - 10 PM (ET) and Saturdays 8 AM - 5 PM (ET).
You can reach Synchrony Bank at 1-866-226-5638.
If you have questions on your Synchrony Bank credit card, you should call the number on the back of your card.
How it Compares
Ally: If you need a checking account with your other savings vehicles, Ally offers free interest checking. It also has no minimum deposits for CDs, so it's a better choice for smaller investors. It has several CD options to choose from, including a No Penalty and Raise Your Rate CD. Ally is a good choice for beginner savers with checking needs.
Synchrony Bank | Ally Bank | |
---|---|---|
High Yield Savings - 4.30% APY - | Online Savings Account - 3.85% APY - | |
Benefits and Features | ||
Savings | 4.30% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle | |
CD | 0.25% to 4.20% APY. Terms of 3 months to 5 years. No minimum deposit to open. | 2.90% to 4.20% APY. Terms of 3 months to 5 years. 12-month CD APY of 4.00% |
Checking | 0.10% APY for daily balances less than $15,000. 0.25% APY for daily balances over $15,000 | |
Money Market | 2.25% APY. No monthly service fee and no minimum deposit. | |
Mobile App | ||
ATMs | Any ATMs with Plus or Accel logos | |
Customer Service | Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET) | |
Locations | ||
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Synchrony Bank: Pricing information from published website as of 10/06/2024. Ally Bank: Pricing information from published website as of 11/21/2024. |
Capital One 360: None of Capital One 360's deposit accounts have minimum balance requirements. However, the interest rate on the savings and money market accounts are below the competition (unless you maintain a very high balance). A unique thing about 360 is that it also offers a solid teen checking and kids savings account.
Synchrony Bank | Capital One | |
---|---|---|
High Yield Savings - 4.30% APY - | Personal Savings Account - $1,500 Bonus - | |
Benefits and Features | ||
Savings | 4.30% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle | |
CD | 0.25% to 4.20% APY. Terms of 3 months to 5 years. No minimum deposit to open. | 3.50% to 4.00% APY. Terms of 6 months to 5 years. 12-month CD APY of 4.00% |
Checking | ||
Money Market | 2.25% APY. No monthly service fee and no minimum deposit. | |
ATMs | Any ATMs with Plus or Accel logos | over 70,000 no-fee Capital One, MoneyPass, and Allpoint ATMs |
Customer Service | Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET) | |
Locations | ||
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Synchrony Bank: Pricing information from published website as of 10/06/2024. Capital One: Pricing information from published website as of 11/19/2024. |
PNC Bank: While PNC Bank is a physical bank, you don't need to live near a branch to open an online account. Since PNC is not an online bank, don't expect high interest rates. It does, however, offer some sweet cash bonuses. PNC's signature product is the Virtual Wallet account that comes with financial tools to help you budget, track spending, and set up goals.
Synchrony Bank | PNC Bank | |
---|---|---|
High Yield Savings - 4.30% APY - | Virtual Wallet with Performance Select Checking - $400 Bonus - | |
Benefits and Features | ||
Savings | 4.30% APY. No monthly service fee and no minimum deposit. An ATM card is provided for easy withdrawal. Synchrony will refund ATM fees for other banks up to $5 per statement cycle | Up to 4.15% APY. Only available in eligible markets. |
CD | 0.25% to 4.20% APY. Terms of 3 months to 5 years. No minimum deposit to open. | 0.01% to 4.30% APY. Terms of 7 days to 10 years. |
Checking |
| |
Money Market | 2.25% APY. No monthly service fee and no minimum deposit. | Up to 0.05% APY. Only available in eligible markets. |
Mobile App | ||
ATMs | Any ATMs with Plus or Accel logos | approximately 60,000 PNC and partner ATMs |
Customer Service | Mon-Fri 8:00 am - 10:00 pm (ET); Sat-Sun 8:00 am - 5:00 pm (ET) |
|
Locations | ||
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Synchrony Bank: Pricing information from published website as of 10/06/2024. PNC Bank: Pricing information from published website as of 11/27/2024 based on 91107 zip code. |
Marcus by Goldman Sachs: Marcus by Goldman Sachs also offers excellent rates. They only offer two products: savings and CDs. Their CD rates are competitive with Synchrony's and only requires $500 minimum to open.
You might also consider:
High Yield Savings Account - 4.35% APY
- No fees
- $1 minimum deposit
- 24/7 online access
- FDIC insured
Discover® Online Savings - $150 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Online Savings Account - Earn 3.90% APY
- No fees
- No minimum opening deposit
- No minimum balance required
Best Synchrony Bank Promo
High Yield Savings - 4.30% APY
$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.
Money Market - 2.25% APY
- 2.25% APY
- $0 minimum opening deposit
- No minimum balance requirement
- No fees to open or maintain account
- ATM card
- Daily Compounding Interest
- FDIC Insured
Certificate of Deposit
- Up to 4.10% APY
- Up to 5 years
- $0 minimum opening deposit
- Daily Compounding Interest
- FDIC Insured
IRA CD - Up to 4.10% APY
- Up to 4.10% APY
- Up to 5 years
- $0 minimum opening deposit
- Ability to open Roth or Traditional IRA
- Ability to add funds during 10-day grace period after CD maturity
- FDIC Insured
IRA Certificate of Deposit - Up to 4.10% APY
CD Term | APY |
---|---|
3 Months | 0.25% |
6 Months | 3.60% |
9 Months | 3.95% |
12 Months | 4.00% |
13 Months | 3.60% |
14 Months | 3.60% |
15 Months | 3.60% |
16 Months | 3.60% |
18 Months | 3.90% |
19 Months | 3.75% |
24 Months | 3.75% |
36 Months | 3.75% |
48 Months | 3.75% |
60 Months | 4.00% |
24-Month Bump Up CD - 3.00% APY
11-Month No-Penalty CD - 0.25% APY
- No minimum balance required
- Withdraw all of your funds any time after the first 6 days following funding of the account
IRA Money Market Account
- 2.25% APY
- $250 minimum deposit to open account
- Ability to open Roth or traditional IRA account
- Make deposits at any time rather than waiting for a maturity date
- FDIC Insured
Certificate of Deposit
CD Term | APY |
---|---|
3 Months | 0.25% |
6 Months | 3.90% |
9 Months | 4.05% |
12 Months | 4.20% |
13 Months | 3.90% |
14 Months | 3.90% |
15 Months | 3.90% |
16 Months | 3.90% |
18 Months | 4.10% |
19 Months | 3.90% |
24 Months | 3.90% |
36 Months | 3.90% |
48 Months | 3.90% |
60 Months | 4.00% |
12-Month CD - 4.20% APY
Bottom Line
High Yield Savings - 4.30% APY
$0 minimum opening deposit. No minimum balance requirement. No fees to open or maintain account.
Synchrony Bank offers several savings options with the ability to access your cash. Their APYs are among the higher rates in the industry. But their customer service is more limited.
If you can handle your own finances online without needing in-person or off-hours help, you may find that Synchrony meets your needs. If not, there are many other online banks that may suit your requirements.
Chase Total Checking® - $300 Bonus
- New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
- With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs.
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Discover® Online Savings - $200 Cash Bonus
To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY924 at application, deposit into your Account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is subject to tax reporting. Offer ends 03/13/2025, 11:59 PM ET. Offer may be modified or withdrawn without notice. Due to new customer funding limits, you may wish to initiate fund transfers at your other institution. For information on funding your Account, see FAQs on Discover.com/Bank. See advertiser website for full details.
Bank of America Advantage Banking - $300 Bonus Offer
- The $300 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 01/31/2025.
- To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive Qualifying Direct Deposits* totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *A Qualifying Direct Deposit is a direct deposit of regular monthly income – such as your salary, pension or Social Security benefits, which are made by your employer or other payer – using account and routing numbers that you provide to them.
- Bank of America, N.A. Member FDIC.
CIT Bank Platinum Savings - 4.55% APY
- 4.55% APY with a balance of $5,000 or more
- 0.25% APY with a balance of less than $5,000
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Free Business Checking - Earn $300 Bonus
To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code CD300.
After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding:
- Deposit at least $5,000 from eligible merchant services to your Bluevine account OR
- Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers OR
- Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
Banking services provided by Coastal Community Bank, Member FDIC
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