Synchrony Bank Review: Competitive Rates With No Minimums

GOBankingRates Score

Quick Take: 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.
  • Monthly Fees
  • Minimum Opening Deposits
  • Rates
  • Mobile Experience
How did we calculate this?


  • Higher than average annual percentage yield for all accounts
  • No monthly service fees
  • No minimum deposit requirement for the savings account


  • Limited product lineup
  • No physical branches for in-person banking

Overview of Synchrony Bank

What exists today as Synchrony Bank began in 1932 as General Electric Contracts Corporation to help customers finance appliances. Over the years, the company launched a variety of programs and products, such as store-branded cards for companies like Lowe’s and Chevron.

In 2015, Synchrony Financial completely broke off from GE to become an independent financial institution. It has since been added to the S&P 500.

In its annual rankings, GOBankingRates has named Synchrony Bank one of the Best Online Banks and Top 100 Banks of 2022. The bank also ranked for one of the Best CD Accounts and Money Market Accounts of 2022.

Synchrony Bank Product Details

Here’s more on the different products Synchrony Bank offers.

Synchrony Bank Savings Account

Synchrony Bank’s Online High Yield Savings Account is worth considering. The account has no minimums or service fees. Plus, it’s a high-yield account, which pays a 0.85% APY across all balance tiers, which means 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.

Synchrony Bank Money Market Accounts

Synchrony Bank offers one money market account. This money market account is useful if you want the ability to write checks directly from your savings account. This account has no minimums or fees and features a competitive APY of 0.55% across all balance tiers and ATM access. GOBankingRates has ranked it as one of the Best Money Market Accounts of 2022.

Synchrony Bank CD Accounts

Here’s more about why GOBankingRates has ranked Synchrony Bank as having one of the Best CD Accounts of 2022.

Synchrony Bank’s CDs have no minimum balance requirement and offer a variety of terms from three months to 60 months. All CDs come with a 15-day rate guarantee that ensures you get a rate bump if the APY increases during the first 15 days after opening the account. Here’s a look at the terms and rates offered across all balance tiers: 

Term Length APY
3-month CD 0.50%
6-month CD 0.75%
9-month CD 1.00%
12-month CD 1.35%
13-month CD 1.50%
14-month CD 1.50%
15-month CD 1.10%
18-month CD 1.75%
24-month CD 1.90%
36-month CD 2.30%
48-month CD 2.30%
60-month CD 2.60%

Best Features of Synchrony Bank

Synchrony Bank is an online bank, so all transactions take place on its website or mobile app. You should be comfortable with digital banking before opening an account at Synchrony. GOBankingRates gave Synchrony an overall rating of 4.8 on the following standout features that help make up its banking experience. 

Monthly Service Fees

It’s always an advantage when you can find a financial institution that doesn’t charge any service fees. And because Synchrony is an online bank, it doesn’t have the overhead brick-and-mortar banks do. None of Synchrony Bank’s deposit accounts — savings, money market or CDs — charge monthly service fees, which means that the interest your accounts earn will stay in your accounts.

Minimum Opening Deposits

Minimum opening deposits can range from $0 to thousands of dollars, depending on the bank and the type of account. However, at Synchrony Bank, there are no minimum opening deposits required, including for CDs. Not having a threshold to meet when it comes to opening deposits can make it easier to open more than one account at a time and start making progress toward your savings goals. 


Synchrony Bank offers competitive rates on all of its deposit accounts, which can help you build your savings balances more quickly than if you bank at a competing financial institution with lower rates.Its Online High Yield Savings account pays 0.85% APY on all balance tiers, and its Money Market account pays 0.55% APY. You can also find solid rates on the bank’s CDs, up to 2.60%.

Mobile Experience

Synchrony Bank’s mobile app is available in the App Store and Google Play, where it’s rated 4.8 and 4.5 out of stars, respectively. You can use it to check balances, deposit checks, open new accounts and transfer funds.  Even better, you have the option to see your balances without logging in. Set up a widget on your phone to display balances on your home or lock screen, or give Siri or Google Assistant permission to share your balances when asked.

Fingerprint and facial recognition access keep account access secure during the login process. And you can chat live with a banker on the app to get answers to your questions in real time.

Editor’s Favorite

It’s hard to top Synchrony Bank’s no minimum balance requirement and high APY offerings. Those two features alone make Synchrony a good choice for beginning savers who might not have a large sum to store away.

Synchrony Bank vs. Competitors

A Synchrony Bank review should include a comparison to other banks and their products. Here’s how it stacks up against certain rivals.

Synchrony Bank vs. Ally Bank

CDs and savings accounts at both banks 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.

Synchrony Bank vs. Citibank

Citibank offers a wider range of CDs, including a Step Up CD and No Penalty CD. However, Synchrony’s CD APYs are as high as 2.60%, which gives it the edge. Citibank’s highest CD APY is only 0.30% APY.

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 of up to 2.60%, which can lead to greater returns over Chase’s highest rate of 0.05% APY.

Final Take

Synchrony Bank is a decent option for customers who don’t mind keeping their savings accounts separate from their checking accounts. The bank doesn’t offer a whole lot of choices, but the accounts it does offer come with interest rates above the national average. 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.
  • Is Synchrony Bank owned by Walmart?
    • No. Synchrony Bank is an independent financial institution.
  • Is Amazon part of Synchrony Bank?
    • No. However, Amazon Store cards and secured credit cards are issued by Synchrony Bank.
  • How can I call Synchrony Bank?
    • You can reach the bank 24 hours per day, seven days per week, by calling 866-226-5638.

This article has been updated with additional reporting since its original publication. Cynthia Measom also contributed to the reporting for this article.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of Apr. 21, 2022.

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.

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About the Author

Jared Nigro is a writer based in Los Angeles. His experience includes covering a range of personal finance topics for GOBankingRates, specializing in offering actionable advice for banking customers. In addition to writing about personal finance, he has written for environmental and socioeconomic organizations like The Daniel & Susan Gottlieb Foundation and InsideOUT Writers.

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