Synchrony Bank Review

Who Is Synchrony Bank Best For?

Synchrony Bank's offerings are less extensive than some other banks and focus primarily on savings, but most standard options are available. The absence of a traditional checking account is most notable, but customers can open a money market account. Consider Synchrony if you want:

• No monthly charges and few additional fees
• Access to ATMs in the Plus and ACCEL networks
• A mobile app with mobile check deposit
• Up to 10 external bank account links
• Competitive rates on certificates of deposit and savings accounts

What Does Synchrony Bank Offer?

Synchrony Bank provides several ways to earn interest on deposits:

• High-yield savings account
• Money market account
• CDs
• Individual retirement accounts (IRAs)

High-Yield Savings

Synchrony's high-yield savings account pays a competitive rate on your deposits—0.60% annual percentage yield regardless of balance, as of September 30, 2020. As a bonus, you receive an ATM card for cash withdrawals. Electronic and telephone transfers and withdrawals are limited to six per statement cycle, but such transactions at ATMs are unlimited.

Other advantages include:

• No monthly fees
• No minimum deposit or ongoing balance required
• Ability to deposit cash or checks at ATMs
• Mobile check deposits

Money Market Account

The money market account at Synchrony also pays interest on your deposits, but the rate is lower than the savings account rate. The main tradeoff is that you can write checks on your money market account like you would with a checking account. However, checks, electronic transfers or withdrawals, and telephone transfers or withdrawals are limited to six per statement cycle. Such transactions at ATMs are unlimited.

Other advantages include:

• Earning 0.50% APY regardless of the account balance
• No monthly fees
• No minimum initial deposit required

Certificates of Deposit (CDs)

Synchrony offers a range of CDs with competitive rates. Terms range from three months to five years and all require a minimum $2,000 deposit to start.

Synchrony’s CDs may incur an early-withdrawal penalty if you remove your money before the CD fully matures. The penalty depends on the original term of your CD:

• 12 months or less: 90 days of interest
• More than 12 months but less than 48 months: 180 days of interest
• 48 months or more: 365 days of interest

Individual Retirement Accounts (IRAs)

Synchrony offers retirement account versions of their CDs and money market account. The IRA money market, with a minimum $250 initial deposit, may be appropriate for risk-averse savers who want to make monthly contributions. The IRA CDs have the same terms as Synchrony’s other CDs with the exception of the 13-, 14-, and 15-month options. They also require a $2,000 minimum initial deposit.

Standard IRA withdrawal penalties apply to both types of accounts. For example, withdrawals before turning 59½ could result in tax penalties.

Other retirement accounts are not available.

Synchrony Bank Customer Service

Customer service representatives are available from 8 a.m.–8 p.m. Eastern Standard Time, Mondays through Fridays, and 8 a.m.—5 p.m. EST on weekends. You can speak to a representative by phone at 1-866-226-5638. The option to chat with a customer service representative online also is available.

How to Bank With Synchrony Bank

To open an account with Synchrony Bank, visit SynchronyBank.com or call 1-866-226-5638. As with most financial institutions in the U.S., you’ll need to provide personal information to open a bank account.

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