Synchrony Bank Review: An Online Bank With Great CD and Money Market Account Options

GOBankingRates Score

Synchrony Bank
4.8
SCORE
GOBankingRates Best Banks 2023 scores and rankings are objectively determined by our research/editorial team. Our scoring formula weighs several factors that differ from category to category depending on what consumers want from varying products and banks.
Quick Take: Synchrony Bank is an online-only bank focused on offering flexible savings and financial products. The offering is limited but it's hard to top its no-minimum-balance requirement and high APY offerings. Though there are no checking options, those two features alone make Synchrony a good choice for beginning savers who might not have a large sum to store away.
  • Savings Accounts
    4.7
  • Money Market Accounts
    4.9
  • CD Accounts
    4.9
  • Banking Experience
    4.8
How did we calculate this?

Pros

  • High rates on savings and CDs
  • No monthly fees
  • No required minimum deposit

Cons

  • Limited product lineup
  • No checking accounts
  • No physical branches

Synchrony Bank Overview

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.

With everything it has to offer, GOBankingRates has ranked Synchrony Bank among the Best Banks in several categories including Best CD Accounts, Best Money Market Accounts and Best Online Banks for 2024. 

Synchrony Bank Review: Key Features

Whether you are looking for the right CD account, great money market account options or just an online bank where you feel comfortable depositing money, make sure to do your research. Here is a closer look at some of the best features of Synchrony Bank.

Savings Account

Synchrony Bank’s Online High Yield Savings Account has no minimums or service fees. Plus, 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.

CD Accounts

Synchrony Bank’s CDs have no minimum balance requirement and offer 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 their variety of accounts and features, Synchrony Bank was ranked among the Best CD Accounts for 2024 by GOBankingRates.

Money Market Accounts

Synchrony offers one money market account as a potential alternative to a checking account. It’s 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 across all balance tiers along with ATM access.

This account has an APY of and Synchrony Bank was ranked among the Best Money Market Accounts for 2024 by GOBankingRates.

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.

Customer Service

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.

Mobile App

The Synchrony Bank mobile app is highly rated. It has a rating of 4.8 stars on the App Store and a rating of 4.5 stars on Google Play.

How Synchrony Bank Compares

Here’s how Synchrony Bank 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. 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. 

Final Take To GO

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 and GOBankingRates has ranked it among the Best CD Accounts, Best Money Market Accounts and Best Online Banks of 2024. If you’re saving for a specific event or big purchase, consider opening an account with Synchrony Bank and start making progress toward your savings goals. 

Synchrony Bank FAQ

Here are answers to some of Synchrony Bank’s more commonly asked questions.
  • Is Synchrony Bank a reputable bank?
    • What exists today as Synchrony Bank began in 1932 as General Electric Contracts Corporation to help customers finance appliances. Synchrony Bank broke off from GE in 2015 to become its own financial institution and is listed on the S&P 500. GOBankingRates has ranked Synchrony Bank as one of the Best CD Accounts, Best Money Market Accounts and Best Online Banks of 2024.
  • Is Synchrony Bank owned by Walmart?
    • Walmart does not own Synchrony Bank as it is owned by Synchrony Financial. However, Walmart did partner with Synchrony starting in 1999 but filed a lawsuit again them in 2018 which was dismissed in 2019. The partnership officially parted ways in 2022.
  • What kind of bank is Synchrony Bank?
    • Synchrony Bank is an online-only bank so there are no physical branches for in-person banking.

Caitlyn Moorhead 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 Jan. 4, 2024. 

To determine rankings for the Best CD Accounts, GOBankingRates looked at 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) 12-month CD APY; (5) 60-month CD APY; and (6) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, factor (3) was weighted 2 times, and factors (4) and (5) were weighted 4 times.

To determine rankings for the Best Money Market Accounts, GOBankingRates looked at 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 based on the minimum to avoid the fee compared to the monthly fee itself); and (7) the average mobile app rating between the Google Play (Android) and Apple app stores. All factors were then scored and combined, with the lowest score being the best. Factors (1) and (2) were weighted 0.5 times, and factor (4) was weighted 4 times.

To determine rankings for the Best Online Banks, GOBankingRates looked at the following factors across exclusively online banks: (1) total assets as sourced from the FDIC; (2) monthly checking fee ratio (percentage based on the minimum to avoid the fee compared to the monthly fee itself); (3) savings APY; (4) 1-year CD APY; (5) Bauer rating (out of 5 stars); (6) products/services offered (auto loans, mortgage loans, credit cards, investment services and insurance); and (7) the average mobile app rating between the Google Play (Android) and Apple app stores. Factors (1) and (2) were weighted 0.5 times, and factors (3) and (7) were weighted 2 times. For all savings and checking account data, only the basic accounts/products offered at each institution were analyzed. 

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