Synchrony Bank Review: Savings, Money Markets and CD

Synchrony Bank offers savings accounts, money market accounts and CD accounts. Read this Synchrony Bank review to learn more about its banking products.
By Rebecca Lake

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Online banks can offer a safe and secure place to keep your savings while also giving you the opportunity to earn a higher interest rate.

Synchrony Bank is one option you may have considered for opening a new savings account. This helpful guide to Synchrony Bank reviews some of the most important things to know about its savings products.

What is Synchrony?

Synchrony Bank is an FDIC-insured online bank offering savings accounts, money market accounts and certificate of deposit accounts.

Established in 2014, Synchrony Bank is owned by its parent company Synchrony Financial. With just one physical branch located in Bridgewater, New Jersey, this FDIC-insured bank is primarily aimed at people who want to manage their money online.

Dive into this Synchrony Bank review to learn more about how this online bank compares to other banks or credit unions. Then decide if it’s the right financial institution to help you reach short- and long-term financial goals.

Synchrony Bank Popular Accounts Account Features & Fees Pros & Cons Locations

Popular Synchrony Bank Accounts

How Synchrony Works

Synchrony Bank is an online bank that offers high-yield savings accounts, CDs and money market accounts.

You can earn interest at competitive rates with these Synchrony accounts, and it’s easy to open an account online in minutes. There is no minimum balance requirement to open a high yield savings or money market account. Synchrony Bank CDs, however, may require higher minimum deposits of $2,000 or more.

Synchrony savings, money market and CD accounts are federally insured up to the per-depositor/per-account-ownership-type limits. You’ll pay no monthly service fees for Synchrony high-yield savings or money market accounts. Check-writing is available with money market accounts as is the option to access your money via ATM withdrawal.


Synchrony Bank is like many online banks in that there are no monthly maintenance or service fees associated with its deposit accounts. You’ll also pay no excess withdrawal fees for savings accounts and there are no overdraft fees either.

Making withdrawals

Some online banks offer ATM cards with savings accounts, but it’s more the exception than the rule. While Synchrony doesn’t offer debit cards with its high-yield savings accounts, you can get an ATM card to make withdrawals or deposits.

Synchrony doesn’t charge ATM fees. And you can even get up to $5 in ATM surcharges from other banks refunded each statement cycle.

You can also make withdrawals via ACH transaction to another bank.

Making deposits

You can open an account online and manage your accounts online or through the Synchrony Bank mobile app.

One appealing feature of the mobile banking app that you won’t always find with other online banks or credit unions is mobile check deposit. With mobile check deposit, you can add money to your savings account right from your smartphone.

Keep in mind that, depending how new your account is, funds deposited via mobile check deposit can be held for two to five business days before they’re made available to you.

Other options for depositing funds include ACH deposits and direct deposit, which you can set up with your employer.

Customer service

Synchrony Bank’s customer support is available by phone Monday through Friday 8 am to 10 pm ET and Saturday to Sunday 8 am to 5 pm ET. You can also get in touch with customer support through live chat if you need real-time help managing your account online.

Synchrony Savings Account

The Synchrony Bank High Yield Savings account has some great features that could make it a good savings account option.

There’s no minimum amount required to open an account with Synchrony if you’re choosing a high-yield savings account. That’s helpful if you’re just getting started on saving.

And if you have more money to deposit in savings, you can do so. The APY you can earn on savings accounts applies to all balances, so you can get a great rate if you save a little or a lot.

Learn more by reading our full Synchrony High Yield Savings Account review below.

Synchrony High-Yield Savings Account Review

Synchrony Money Market Account

Money market accounts can offer solid rates with the option to add check-writing. This isn’t the same as a money market mutual fund, however. Those are a way to invest money rather than to save money.

There’s no minimum balance needed to open a regular money market account with Synchrony. But you can also open an IRA money market account for retirement savings. The minimum deposit needed for that is $250.

Both the regular money market and IRA money market accounts earn the same APY across all balances.

Compare money market account offers

Synchrony CD Rates

One hallmark of many online banks is that they can pay higher rates to savers because they have lower overhead costs. And even when interest rates are down across the board because of Federal Reserve rate cuts, online banks can still pay better rates than brick-and-mortar banks or credit unions.

Synchrony Bank is one of the better options if you’re hoping to earn interest at a higher rate. It ranked in the top 10 for best savings account rates, best money market rates and best CD rates in the America’s Best Rates Survey.

Between the Synchrony High Yield Savings Account, the Synchrony Money Market Account and Synchrony CD accounts, you’ll get the best rates with a CD account. Both Synchrony Bank CD rates and Synchrony Bank IRA CD rates are tiered – so the longer the term, the higher the rate.

Synchrony CD terms range from three to 60 months, and you’ll get the best rates if you choose a longer term. Synchrony doesn’t offer step-up or bump-up CDs, so the rate you get when you open an account is the rate you’ll keep until the CD matures.

If you’re looking for a safe way to grow retirement savings, an IRA CD is one option. These are CD accounts that enjoy the same tax benefits as a traditional or Roth IRA.

IRA CDs also have terms ranging from three to 60 months, and the $2,000 minimum balance deposit applies. Synchrony Bank IRA CD rates are the same as regular CD rates.

You should also note that an early withdrawal penalty may apply if you withdraw money from a CD account before the CD matures.

Compare current CD rates

Synchrony Checking Accounts

If you want to bank all in one place, you might be interested to open a checking account and a savings account. At this time, however, Synchrony doesn’t have a checking account option, though you can write checks from your money market account.

Compare checking account offers

Personal Loans

While some online banks or credit unions offer personal loans, Synchrony Bank isn’t one of them. But Synchrony does issue credit cards. Synchrony credit partners include retailers like Amazon, Lowe’s, Old Navy and PayPal.

See current personal loan offers

Synchrony Pros & Cons

When comparing online banks to other banks or credit unions, it is helpful to look at what’s good (or not so good) about it.

Here are some of the main pros and cons to consider about opening a Synchrony Bank online savings account, money market account or CD account.


  • No minimum balance requirement for high-yield savings and money market accounts makes them accessible to brand-new savers.
  • You can earn interest at above-average rates compared to traditional banks and credit unions.
  • Easily access your money via ATM, check, electronic transfer or wire transfer, depending on which account you choose to open.
  • Pay no monthly maintenance fees to save or to write checks from your Synchrony Money Market Account.
  • You can easily build a CD ladder using multiple Synchrony CDs to capitalize on varying interest rates and maturity terms.
  • Get some of your foreign ATM surcharges refunded back to you each month.


  • While Synchrony Bank is one of the best online banks for earning higher interest rates on savings, there are other online banks that can offer even better rates on deposit accounts.

Locations – Branches & ATMs

Synchrony Bank is headquartered in Draper, Utah and has two full-service cyber offices. But if you have a Synchrony Bank savings account or money market account with an optional ATM card, you can access your account at any ATM bearing the Plus or Accel logos.

About Author
Rebecca Lake joins MoneyRates as a contributor writing about banking, credit and debt, home-buying, investing, small business, and other personal finance topics. Rebecca brings her expertise as a personal-finance journalist to, having written about money for over five years. Her work has appeared online at U.S. News and World Report and many other publications.