Newest Synchrony Promotions: Best Offers, Coupons and Bonuses August 2020

Synchrony bank promotions

Synchrony Financial is best known as the largest provider of private label credit cards in the U.S., but it also provides banking services under the Synchrony Bank brand. This online-only bank offers high annual percentage yields and other deals to entice customers to its lineup of savings accounts, money market accounts and certificates of deposit.

Many Americans aren’t even aware of the promotions banks offer, which means they miss out on the chance to earn free bonus money or take advantage of high interest rates that can help them grow their savings. In a GOBankingRates survey, nearly 38% of the respondents said that they don’t have an interest-bearing account. If you belong to that group, take a look at Synchrony Bank’s August 2020 promotions that showcase its savings products:

Synchrony Bank Promotions at a Glance

Synchrony Bank offers competitive terms and rates for its various savings accounts. Here’s a quick rundown:

Best Synchrony Bank Promotions: August 2020
Account APY Expiration Date
High Yield Savings 2.20% None
Money Market Account 0.50% None
Certificate of Deposit 0.60% None

Current Synchrony Bank Promotions

Synchrony’s current promotions don’t feature cash bonuses. Instead, the bank is offering very high rates for savings products such as certificates of deposit and high-yield savings accounts. Keep reading to learn more.

High Yield Savings: 2.20% APY

Synchrony’s High Yield Savings account lets you earn a much higher APY on your balance than you would at most other banks.  There’s no minimum balance or deposit requirement for the account, and you get access to the Synchrony Bank app that lets you manage your money whenever and wherever you want. You can deposit and withdraw money through electronic or wire transfers or at an ATM. Here’s more:

More From Your Money
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  • Minimum deposit to qualify: None
  • Expiration date: N/A
  • How to get it: Complete an application online and deposit money in your account.
  • When you’ll get it: Interest is compounded daily. Accounts start earning interest as soon as they are funded, but accrued interest is credited each month.
  • Terms and conditions: Interest rates are variable and can change at any time. Federal regulations limit the number of withdrawals account holders can make from their savings account to six per month. ATM transactions don’t count toward your limit, so you can make unlimited ATM withdrawals.
  • Monthly fee: There are no fees with this account, and Synchrony will refund up to $5 in ATM withdrawal fees per month.
  • Promotion Page: Synchrony Bank High Yield Savings Account

Money Market Account: 0.50% APY

A money market account is like a hybrid between a checking and savings account. With a Synchrony Bank money market account you can earn interest while also enjoying the ability to write checks and withdraw money. There’s no minimum balance requirement to earn this APY, and a Synchrony coupon code is not required. Here are the details:

  • Minimum deposit to qualify: None
  • Expiration date: N/A
  • How to get it: Open an account online and fund it.
  • When you’ll get it: Accounts start earning interest as soon as they’re funded. The interest compounds daily and is deposited in the account monthly.
  • Terms and conditions: Although you can order and write checks from the money market account, federal regulations limit in-person and check withdrawals to six per month.
  • Monthly fee: There are no fees with this account, and Synchrony will refund up to $5 in ATM withdrawal fees per month.
  • Promotion page: Synchrony Bank Money Market Account

Certificate of Deposit: Up To 0.60% APY

If you don’t need immediate access to your cash, a Synchrony Bank CD lets you earn an even higher APY, though you will have to make a minimum deposit. The bank offers CDs in term lengths from three months to 60 months with varying interest rates. The longer the term, the more interest you’ll earn. Here are more details about the CD products:

  • Minimum deposit to qualify: $2,000
  • Expiration date: N/A
  • How to get it: Open an account online and make the initial deposit through a transfer or check deposit.
  • When you’ll get it: Accounts start earning interest as soon as they are funded.
  • Terms and conditions: Synchrony will charge you penalties if you withdraw your initial deposit before the term is up unless you withdraw during the 10-day grace period. You also can withdraw money for a minimum distribution required by the IRS or in the event of a death.
  • Monthly fee: None
  • Promotion page: Synchrony Bank Certificate of Deposit Account

How To Open a Synchrony Account

You can open an account online on the Synchrony Bank website or by printing an application to send by mail. When applying for an account, you’ll have to provide personal information such as your name, physical address and Social Security number or Individual Taxpayer Identification Number. You’ll also have to provide a funding source. Once your application is approved, you’ll get an approval email or account confirmation notification with additional instructions.

Are Synchrony Bank Promotions Right for You?

If you currently keep your money in a non-interest bearing checking account or want to maximize your savings, Synchrony Bank might be right for you. You can earn interest at higher-than-average rates and select from a variety of savings accounts. However, because Synchrony Bank is an online-only bank, you’ll probably want to skip it if you prefer banking at a physical branch.

Check back each month for updates and new promotions as they are available. If none of the above promotions seem like a good fit for you, there are also a number of other banks offering promotions this month.

This content is not provided by Synchrony Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Synchrony Bank.
This article has been updated with additional reporting since its original publication.

About the Author

Cynthia Paez Bowman is a personal finance writer with degrees from American University in international business and journalism. Besides writing about personal finance, she writes about real estate, interior design and architecture. Her work has been featured in MSN, Brex, Freshome, MyMove, Emirates’ Open Skies magazine and more.