Synchrony Bank review: Earn competitive interest rates, and receive an ATM card with your savings account

Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Overall bank rating

Pros and cons

Synchrony High-Yield Savings Account

The Synchrony High-Yield Savings Account pays a competitive rate. Synchrony doesn’t require an opening deposit or minimum account balance, and it doesn’t charge monthly fees.

The Synchrony High-Yield Savings Account is unique because unlike most savings accounts, it comes with an ATM card, giving you easy access to your savings.

Synchrony CD

Synchrony Bank CD terms range from three months to five years. The bank pays higher interest rates on CDs than many brick-and-mortar and online banks.

Synchrony Money Market Account

This money market account pays a competitive rate. It doesn’t require an initial deposit or minimum account balance, and it doesn’t charge a monthly fee.

The account also comes with both paper checks and an ATM card, making it easy to access your money. Use the ATM network for free, and Synchrony reimburses up to $5 per month for out-of-network ATM fees.

How Synchrony Bank works

Synchrony Bank is an online-only institution, so there are no physical branch locations. Its website is easy to navigate. Its mobile app has received 4.8 out of 5 stars in the Apple store, and 4.6 out of 5 stars in the Google Play store.

If you have questions, you can chat online with customer support 24/7. You’ll initially be connected to a virtual assistant, and if the virtual assistant can’t answer your query, you’ll be transferred to a live assistant. Or you can call an agent from 8 a.m. to midnight ET.

Synchrony doesn’t offer a checking account. It does provide an ATM card with its savings and money market accounts, though, and you can use your card for free at any Plus, STAR, or NYCE ATM. Synchrony also reimburses up to $5 per month in out-of-network ATM fees.

Synchrony accounts are FDIC insured for up to $250,000, or $500,000 if you have a joint account.

Synchrony trustworthiness and BBB rating

The Better Business Bureau gives Synchrony an A+ rating. A strong BBB rating indicates the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising. However, BBB ratings won’t necessarily guarantee a smooth relationship with a bank. You’ll want to consider online customer reviews or talk to current customers to see if the bank might be a good fit for you.

Banks such as Wells Fargo and Bank of America have faced scandals regarding their treatment of racial minorities and people with disabilities. Synchrony doesn’t have any public scandals, though, so you may feel comfortable parking your money at this bank.

Synchrony review vs. Ally review

Both Synchrony and Ally offer savings accounts, money market accounts, and CDs. Synchrony offers higher rates on CDs and savings accounts, while Ally offers a higher interest rate on a money market account. But you’ll prefer Ally if you want to open a checking account, because Synchrony doesn’t offer one. 

Synchrony provides an ATM card with its savings account, while Ally does not. But Ally provides a debit card with the money market account, not just an ATM card — this means you can use your debit card to make regular purchases.

Synchrony review vs. Discover review

You’ll prefer Discover to Synchrony if you’re looking for a checking account, because Synchrony doesn’t have one. The Discover Cashback Debit Account could be a good option if you want a checking account that pays cash back. You’ll earn 1% cash back with your Discover debit card for up to $3,000 per month in purchases.

If you don’t have $2,500 to open a money market account with Discover, then you may prefer Synchrony, which has no minimum deposit for a money market account.