Synchrony Bank Review: Online Bank With High-Yield Savings and CDs
Written by
Rudri Patel
Edited by
Elizabeth Constantineau
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High-yield savings accounts at Synchrony Bank come with no minimum balance requirements or monthly fees.
Synchrony Bank offers competitive interest rates on its CDs and savings accounts along with no monthly fees or minimum deposit requirements, and cost-effective tools for customers. With everything it offers, GOBankingRates has ranked Synchrony Bank among the Best Banks in several categories, including Best CD Accounts and Best Money Market Accounts for 2025.
Synchrony Bank offers savings options in the form of CDs, money market and high-yield savings accounts. There is no need to worry about finding a bank branch to create these accounts — all the savings tools can be opened online.Â
Synchrony Bank Savings AccountÂ
The Synchrony Bank High Yield Savings account doesn’t require a minimum opening deposit or a monthly maintenance fee. It’s a high-yield account, which pays a APY across all balance tiers, meaning your savings balance will add up more quickly. Additionally, the bank will reimburse account holders up to $5 per statement cycle for out-of-network ATM fees.
- The account offers a competitive APY.Â
- No monthly maintenance fees.
- No minimum deposit requirement.
- The account comes with an ATM card.
- All tiers have the same APY, so no extra reward for depositing additional money.
Best For
CD Accounts
Money Market Accounts
Online Banking
Great APYs
Low Monthly Fees
ATM Card Access With No Minimum Balance Required
Synchrony Bank’s High Yield Savings account offers a competitive APY with no monthly fees or minimum balance requirements. Plus, enjoy optional ATM access and fee reimbursements.
Fees
$25 per wire transfer; free for Diamond status — 3 per cycle
APY
Min Opening
$0
Pros
- Competitive APY of
- Reimbursement of up to $5 on out-of-network U.S. ATM fees per month
- No monthly minimum balance requirement
Cons
- No physical branches
- Limited banking products – no checking account
- Some banks offer higher APYs on high-yield savings account
Quick Take
Synchrony Bank’s High Yield Savings account offers a competitive APY with no monthly fees or minimum balance requirements, making it an excellent choice for maximizing savings. The added convenience of optional ATM access and FDIC insurance provides a secure and flexible online banking solution.
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Synchrony Bank CD Accounts
Synchrony Bank’s CDs have no minimum balance requirement and come in a variety of terms from three months to 60 months. In addition to standard CD accounts, they offer Bump-Up CDs, where you can request an increase to your rate and No-Penalty CDs. Because of its variety of accounts and features, Synchrony Bank was ranked among the Best CD Accounts for 2025 by GOBankingRates.
- Variety of terms lengths – three months to 60 months.
- Competitive interest rates that range from to .
- No minimum deposit requirement.
- Can increase your APY rate one time during Bump-Up CD term.
SILVER WINNER
Best For
CD Accounts
Money Market Accounts
Online Banking
Great APYs
Low Monthly Fees
Flexible CD Options With No Minimum Deposit
Synchrony Bank CDs offer competitive rates, flexible term lengths and no minimum deposit requirement. With options like Bump-Up and No-Penalty CDs, they cater to a variety of saving needs.
Fees
Early withdrawal penalty may apply
APY
Up to
Min Opening
$0
Pros
- Range of CD lengths
- Competitive APYs
- FDIC insured
- No minimum deposit requirementÂ
Cons
- Limited in-person services
- Automatic renewal of CD unless you opt-out
- Early withdrawal penalty
Why We Like Synchrony Bank
Synchrony Bank offers high rate CDs with varying terms and no minimum balance or monthly fee requirement. Because of their range of options, Synchrony CDs are appealing to a variety of savers.
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Synchrony Money Market Accounts
Synchrony offers one money market account as a potential alternative to a checking account. This account is useful if you want to write checks directly from your savings account. It has no minimums or fees and features a competitive APY across all balance tiers, along with ATM access.
This account has an APY of , and GOBankingRates ranked Synchrony Bank among the Best Money Market Accounts for 2025.
- No minimum balance.
- No required monthly deposits.
- No monthly fees.
- Can write checks against account balance.
- Can withdraw money via ATMs.
Best For
CD Accounts
Money Market Accounts
Online Banking
Great APYs
Low Monthly Fees
Flexible Savings With ATM Access
Synchrony Bank’s Money Market Account offers a competitive APY, no fees and no minimum balance requirements. With check-writing and ATM access, it combines flexibility and savings.
Fees
$25 per wire transfer; free for Diamond status — 3 per cycle
APY
Min Opening
$0
Pros
- FDIC insured
- Competitive interest rates
- Flexible access to funds
Cons
- No physical branches
- Variable interest ratesÂ
- Transaction limitsÂ
Why We Like Synchrony Bank
The Synchrony Bank Money Market Account offers a competitive APY of with the ability to write checks and withdraw money. However, Synchrony Bank is online only; if you prefer to do banking in person, this option may not be the best fit.
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Banking Experience
One of the top selling points for banking with Synchrony is the high-yield rates. However, there are no physical branches. Luckily, there are plenty of ways to access accounts or get in touch with a bank representative. The mobile app and website are available 24 hours a day to provide account information and process transactions. Customer service is available through phone or live chat.
Synchrony Bank is an online-only bank that’s best for customers who want a high annual percentage rate to help beef up emergency funds or further specific savings goals. All transactions take place on its website or mobile app. You should be comfortable with digital banking before opening an account at Synchrony.
Synchrony Bank customer service representatives are available Monday through Friday from 8 a.m. to 5 p.m. CST. Customers can contact the bank by telephone, mail or live chat on the bank’s website.
Comparable Online Banking OptionsÂ
Here’s how Synchrony Bank stacks up against certain rivals.
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
$25 per wire transfer; free for Diamond status — 3 per cycle
$0
$5 monthly, waivable
APY
APY
APY
Min Opening
Min Opening
Min Opening
$0
$0
$0
SELECTED BANK
MOST COMPARABLE
MOST COMPARABLE
Fees
Fees
Fees
Early withdrawal penalty may apply
No monthly service fee
No monthly service fee
APY
APY
APY
Up to
Up to
Up to
Min Opening
Min Opening
Min Opening
$0
$0
$1,000
Synchrony Bank vs. Ally Bank
CDs and savings accounts at both Synchrony and Ally Bank have above-average interest rates. Synchrony might be a better choice if you’re solely interested in a savings product separate from your regular checking account, which could limit the temptation to transfer funds. Consider Ally if you want to do all your banking in one place and take advantage of its greater variety of products.Â
Synchrony Bank vs. Chase Bank
Chase offers a dizzying array of CDs, with terms ranging from one month to 10 years. Customers who want a short- or long-term CD should check out Chase. But Synchrony Bank’s CDs come with a higher APY, which can lead to greater returns over Chase’s highest rate.
Synchrony Bank vs. EverBank
Synchrony Bank and EverBank are both online financial institutions offering comparable products. EverBank offers a checking account, while Synchrony Bank does not. Everbank offers a high-yield savings account that offers a APY which is higher than Synchrony Bank’s . Both banks offer CDs, but EverBank’s rates are higher than Synchrony Bank.
Final TakeÂ
Synchrony Bank is a decent option for customers who don’t mind keeping their savings accounts separate from their checking accounts. The bank has fewer account options, but the accounts it does offer come with interest rates above the national average without any service fees. GOBankingRates has ranked it among the Best CD Accounts and Money Market Accounts of 2025. If you’re saving for a specific event or big purchase, consider opening an account with Synchrony Bank.
Synchrony Bank FAQ
Here are answers to some of Synchrony Bank’s more commonly asked questions.- Does Synchrony Bank have fees?
- Synchrony Bank is known for its minimal fee structure. Most services don’t require fees. However, Synchrony Bank charges $25 for outgoing wires, stop payments and overnight check deliveries.
- Does Synchrony Bank have a checking account?
- No. Synchrony Bank currently doesn’t carry a checking account. It offers savings products – high-yield savings, money market and CDs.
- Does Synchrony have a physical bank?
- No. Synchrony Bank doesn’t have physical branches. The bank is entirely online.
- What is the transaction limit for Synchrony Bank?
- Synchrony Bank has several limits on transactions. They include the following:
- ATM withdrawals: Daily limit is $1,000
- Point-of-sale transactions: Daily limit is $500
- Mobile check deposits: Daily limit is $2,000
- External account transfers: Two to seven transfers a day
- Combined total balance: Your account cannot exceed $3,000,000.
- Synchrony Bank has several limits on transactions. They include the following:
- Is Synchrony Bank FDIC insured?
- Yes, Synchrony Bank is a Federal Deposit Insurance Corporation (FDIC) member, ensuring that deposits are insured up to $250,000 per depositor, per insured bank, for each ownership category.
Caitlyn Moorhead and Cynthia Bowman contributed to the reporting for this article.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 25, 2024.Â
The information related to Chase CD accounts was collected by GOBankingRates and has not been reviewed or provided by the issuer of this product/card. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for this product.
To determine rankings for the Best CD Accounts of 2025, GOBankingRates considered the following factors (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) 12-month CD APY rate; (5) 60-month CD APY rate, and (6) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, factor (3) was weighed 2 times, and factors (4) and (5) were weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 25, 2024.
To determine the Best Money Market Accounts of 2025, GOBankingRates analyzed the following factors from all banks (excluding neobanks): (1) total assets as sourced from the FDIC; (2) number of branch locations as sourced from the FDIC; (3) minimum deposit to open an account; (4) APY on the money market account; (5) the minimum balance needed to earn the APY; (6) monthly money market fee ratio (percentage of the minimum to avoid fees compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighed 0.5 times, and factor (4) was weighed 4 times. All products and offerings had to be available as of Nov. 1, 2024, to be considered. Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Nov. 25, 2024.
