Synchrony bank review — if you are searching for a reliable online bank with competitive rates and zero monthly fees, Synchrony Bank deserves a close look. Founded in 1932 as GE Contracts Corporation and later known as GE Capital Retail Bank, the institution officially became Synchrony Bank in June 2014. It is headquartered in Stamford, Connecticut. The bank operates as a subsidiary of Synchrony Financial, a publicly traded company on the NYSE under the ticker SYF.
With approximately $117 billion in total assets, it ranks among the largest consumer financial services companies in the United States. Synchrony Bank is also the largest provider of private-label store credit cards in the country. However, its deposit products are what make this synchrony bank review worth reading. The bank is fully FDIC insured under certificate number 27314. Your deposits are protected up to $250,000 per depositor, per account ownership category.
Synchrony Bank: Account Types and Features
This synchrony bank review starts with what matters most — the accounts. Synchrony Bank offers a High-Yield Savings Account, Money Market Account, and a range of CDs. It does not offer a checking account. That is a key limitation for anyone wanting an all-in-one banking solution. However, for savers focused on earning competitive yields, the lineup is strong.
The High-Yield Savings Account currently pays 3.80% APY. There is no minimum balance to open or earn interest. Interest compounds daily, which helps your money grow faster. The Money Market Account pays 2.00% APY and comes with ATM card access. Daily ATM withdrawals are capped at $1,000. You can also make point-of-sale purchases up to $500 per day. For example, this makes the Money Market Account more flexible than a standard savings account.
Synchrony Bank offers standard CDs, Bump-Up CDs, and No-Penalty CDs. The Bump-Up CD lets you request one rate increase during the term if the bank raises rates. The No-Penalty CD allows full withdrawal after six days with zero penalty. IRA CDs and IRA Money Market Accounts are also available for retirement savers.
| Account Type | APY | Monthly Fee | Minimum Balance |
|---|---|---|---|
| High-Yield Savings | 3.80% | $0 | $0 |
| Money Market Account | 2.00% | $0 | $0 |
| 6-Month CD | 3.50% | $0 | $0 |
| 9-Month CD | 3.75% | $0 | $0 |
| 12-Month CD | 3.80% | $0 | $0 |
| 14-Month CD | 4.10% | $0 | $0 |
| 18-Month CD | 3.70% | $0 | $0 |
| 24-Month CD | 3.50% | $0 | $0 |
| 36-Month CD | 3.60% | $0 | $0 |
| 48-Month CD | 3.50% | $0 | $0 |
| 60-Month CD | 3.75% | $0 | $0 |
Synchrony Bank Review: Fees and Costs
One of the strongest points in any synchrony bank review is the fee structure. Synchrony Bank charges no monthly maintenance fees on any account. There is no minimum balance requirement to open or maintain an account. However, accounts with a zero balance for 60 or more days may be closed automatically.
ATM access comes through the Money Market Account. Synchrony does not charge its own ATM fees. However, third-party ATM operators may charge their own fees. At the Basic membership tier, Synchrony reimburses up to $5 per statement cycle in ATM fees. Diamond tier members receive unlimited ATM fee reimbursement. Outgoing domestic wire transfers cost $25 each. In most cases, Diamond tier members get three free wire transfers per month.
Early withdrawal penalties apply to standard CDs. The No-Penalty CD is the exception — you can withdraw your full balance after six days without any penalty. Typically, early withdrawal penalties on standard CDs range from 90 to 365 days of interest depending on the term length. There are no excess transaction fees on savings accounts since federal Regulation D limits were relaxed.
Synchrony Bank Sign-Up Bonuses and Promotions
Unlike many competitors, Synchrony Bank does not typically offer traditional cash sign-up bonuses. As a result, bonus churners may find better opportunities elsewhere. This is a notable drawback in our synchrony bank review. Banks like Citi, Chase, and SoFi regularly offer $200 to $500 bonuses for new customers.
Instead of cash bonuses, Synchrony focuses on competitive APY rates as its primary promotion. For example, the 14-month CD at 4.10% APY is designed to attract depositors without a traditional bonus. Specialty CD products like the Bump-Up CD and No-Penalty CD also serve as promotional tools. These give savers flexibility that many competing banks do not offer.
Synchrony Bank does run a loyalty Perks program with tiered rewards. New members start at the Basic tier. Depositing $10,000 or maintaining an account for one year moves you to Silver. The tiers continue through Gold, Platinum, and Diamond. Diamond status requires $250,000 in deposits or five years of membership. Benefits include travel discounts, enhanced ATM reimbursement, and a dedicated customer service phone line.
Synchrony Bank Mobile App and Online Banking
The Synchrony Bank mobile app receives strong ratings across both platforms. It holds a 4.8 out of 5 rating on the Apple App Store with over 70,400 ratings. On Google Play, it earns a 4.5 out of 5 with more than 61,800 reviews. Typically, online-only banks invest heavily in their apps, and Synchrony is no exception.
The app supports mobile check deposit, account transfers, and interest tracking. You can open new accounts directly from the app. However, Zelle is not natively built into the Synchrony app. You can still use Zelle by linking your Synchrony account through the standalone Zelle app. This adds an extra step compared to banks with built-in Zelle integration.
Customer service is available by phone at 1-866-226-5638. Phone support hours are Monday through Friday from 8:00 AM to 10:00 PM ET. Weekend hours run from 8:00 AM to 5:00 PM ET. Live chat is available during weekday hours. A virtual assistant chatbot is available around the clock. In most cases, customers report reasonable wait times and helpful support. This synchrony bank review finds the overall digital experience to be above average for an online bank.
Pros and Cons of Synchrony Bank
Every honest synchrony bank review must weigh the positives against the negatives. Here is what stands out after a thorough evaluation.
Pros:
- High-Yield Savings at 3.80% APY with no minimum balance and no monthly fees
- Wide range of CD terms from 3 months to 60 months, including Bump-Up and No-Penalty options
- FDIC insured under certificate number 27314 with $117 billion in total assets
- Highly rated mobile app with 4.8 stars on iOS and 4.5 stars on Android
- Perks loyalty program with tiered benefits including ATM reimbursement and travel discounts
Cons:
- No checking account available, making it impossible to use as a primary bank
- Money Market Account APY of 2.00% is well below competitors offering 4% or more
- No traditional cash sign-up bonuses for new customers
- No physical branch locations for in-person banking
- No native Zelle integration in the mobile app
Who Is Synchrony Bank Best For?
This synchrony bank review concludes that Synchrony Bank is best for savers who want competitive yields without fees or minimums. The 3.80% APY on the High-Yield Savings Account is consistently among the top rates nationally. If your primary goal is growing your emergency fund or short-term savings, Synchrony delivers.
CD investors will also appreciate the variety. The 14-month CD at 4.10% APY is particularly attractive. Bump-Up and No-Penalty CDs offer flexibility that risk-averse savers value. However, this synchrony bank review cannot recommend the bank as a primary checking solution. You will need a separate checking account at another institution for daily transactions.
As a result, the ideal Synchrony Bank customer already has a checking account elsewhere. They want a dedicated high-yield savings or CD account to park their money. For that specific purpose, this synchrony bank review gives Synchrony Bank a strong recommendation. The combination of zero fees, competitive rates, excellent app experience, and FDIC insurance makes it a top-tier choice for online savings in 2026.
Frequently Asked Questions
Is Synchrony Bank safe and FDIC insured?
Yes, Synchrony Bank is FDIC insured under certificate number 27314. Your deposits are protected up to $250,000 per depositor. As a result, your money is just as safe as it would be at any major national bank.
Does Synchrony Bank have a checking account?
No, Synchrony Bank does not currently offer a checking account. However, the Money Market Account provides ATM card access and limited point-of-sale functionality. In most cases, you will still need a checking account at another bank for daily spending.
Can you use Zelle with Synchrony Bank?
Synchrony Bank does not have Zelle built into its mobile app. However, you can link your Synchrony account through the standalone Zelle app. Typically, this process takes a few minutes and works for sending and receiving payments.
What is the current Synchrony Bank savings rate?
The Synchrony Bank High-Yield Savings Account currently offers 3.80% APY. There is no minimum balance to earn this rate. For example, even a $1 deposit earns the full advertised yield with daily compounding.
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Official Sources & Resources
For verified information on banking regulations and consumer protection:
- FDIC (Federal Deposit Insurance Corporation): fdic.gov
- CFPB (Consumer Financial Protection Bureau): consumerfinance.gov
- Federal Reserve: federalreserve.gov
- NCUA (National Credit Union Administration): ncua.gov
- SEC (Securities and Exchange Commission): sec.gov
Content last reviewed April 2026. If you notice any outdated information, please contact us.