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Synchrony Bank review 2023: An online bank with several accounts for savers, but no checking account options

April 26, 2023, 2:17 PM UTC
Illustration of the Synchrony bank logo surrounded by a yellow and pink frame.
Synchrony Bank offers a high-yield savings account, CDs, credit cards, and more.
Illustration by Fortune; Original logo by Synchrony Bank

Synchrony Bank is a Connecticut-based, online-only bank that looks to provide low-cost products to consumers by skipping the traditional brick-and-mortar model. Its product offerings include CDs, savings accounts, money market accounts, credit cards, and more. 

All rates and fees are current as of April 26, 2023, and are subject to change. 

Synchrony Bank offerings 

Synchrony does not currently offer a checking account, but it does have one high-yield savings account option, as well as several types of certificates of deposit (CDs)

High-yield savings account 

  • High-Yield Savings 
    • Minimum opening deposit: $0 
    • APY: 4.15%
    • Fees: $0 
    • Compounding frequency: Interest is compounded daily and credited monthly on the statement date.

Money market accounts 

  • Synchrony Bank Money Market 
    • Minimum opening deposit: $0
    • APY: 2.25%
    • Fees: $0
    • Compounding frequency: Interest is compounded daily and credited monthly on the statement date.
    • Access to funds: Synchrony money market accounts offer check-writing privileges and an optional ATM card. 
  • IRA Money Market 
    • Minimum opening deposit: $0
    • APY: 2.25%
    • Fees: $0
    • Compounding frequency: Interest is compounded daily and credited monthly on the statement date.
    • Access to funds: Synchrony money market accounts offer check-writing privileges and an optional ATM card. 

Certificates of deposit

  • Synchrony Bank CD 
    • Minimum opening deposit: $0
    • Minimum balance: $0
    • APY:
      • 3-month CD: 2.25% 
      • 6-month CD: 4.25%
      • 9-month CD: 4.30%
      • 12-month CD: 4.75%
      • 13-month CD: 4.50%
      • 14-month CD: 5.15%
      • 15-month CD: 4.50%
      • 16-month CD: 4.50%
      • 18-month CD: 5.00%
      • 19-month CD: 4.50%
      • 24-month CD: 4.30%
      • 36-month CD: 4.30%
      • 48-month CD: 4.00%
      • 60-month CD: 4.00%
    • Early withdrawal penalty: 90–365 days of simple interest
  • Bump-Up CD 
    • Minimum opening deposit: $0
    • Minimum balance: $0
    • APY:
      • 24-month CD: 3.70%
    • Early withdrawal penalty: 180 days of simple interest 
  • No-Penalty CD 
    • Minimum opening deposit: $0
    • Minimum balance: $0
    • APY:
      • 11-month CD: 4.10%
    • Early withdrawal penalty: 90 days of simple interest 
  • IRA CD
    • Minimum opening deposit: $0
    • Minimum balance: $0
    • APY:
      • 12-month CD: 4.75%
    • Early withdrawal penalty: 90 days of simple interest 

Other services Synchrony Bank offers 

Synchrony Bank’s other products and services include: 

  • Credit cards: Apart from its savings account and CD options, Synchrony Bank also offers a suite of credit card products that include rewards credit cards with no annual fees and unlimited cash-back potential
  • Educational resources: Synchrony’s website offers a host of educational articles to help customers make smarter money choices

The Synchrony Bank platform and customer support 

Synchrony offers both online and mobile banking for customers. Its app is available for download on the Apple App Store and Google Play with a four-star rating on both digital storefronts. 

For customers who need assistance, Synchrony offers 24/7 automated telephone service. If you need human assistance, you can speak to a customer service representative Monday through Friday from 8:00 a.m. to 10:00 p.m. ET, as well as Saturday and Sunday from 8:00 a.m. to 5:00 p.m. ET. Note: IRA and Trust teams are not available on weekends. 

You can also reach Synchrony via secure email and live chat. 

Pros and cons of Synchrony Bank

If you’re considering banking with Synchrony, here are a few of the major pros and cons to note:

Pros

  • Various CD terms: Not only does Synchrony offer a handful of CD types, but customers can choose a term as short as three months or as long as five years
  • 24/7 customer service and extended weekend hours: Synchrony offers customer service via phone, email, and chat with extended customer service hours for customers who need assistance in the evening or on weekends.

Cons

  • No branch locations: Synchrony does not have any physical branches as a way to reduce costs for the bank and its customers. However, this could be a drawback for customers who prefer to have a physical branch they can visit. 
  • No checking account option: Synchrony does not currently offer one. Customers will need to look to a different financial institution for an everyday checking account

Frequently asked questions

Is Synchrony Bank an online-only bank? 

Yes. Synchrony Bank is an online-only bank and does not have any physical branches for customers to visit. 

Is Synchrony Bank FDIC-insured? 

Yes. Synchrony Bank is a member of the FDIC and deposits made into your Synchrony Bank account are insured up to $250,000 per ownership category. 

Does Synchrony Bank use Zelle? 

Yes. Synchrony Bank customers can send and receive money via Zelle within the bank’s mobile app. 

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