Synchrony Bank Review: Savings, Money Market, and CD Accounts

Synchrony Bank offers savings accounts, money market accounts and CD accounts. Read this Synchrony Bank review to learn more about its banking products.
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Written by Rebecca Lake
Financial Expert
Managing Editor
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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 Pros and Cons

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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 deposits. With mobile check deposits, you can add money to your savings account right from your smartphone.

Keep in mind that, depending on 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 a.m. to 10 p.m. ET, and Saturday to Sunday, 8 a.m. to 5 p.m. 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.

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.

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 CD 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 America’s Best Rates Survey.

Between the Synchrony High Yield Savings Account, the Synchrony Money Market Account, and the 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.

Synchrony Checking Accounts

If you want to bank all in one place, you might be interested in opening 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, which functions much like a checking account.

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.

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.

Frequently Asked Questions

What types of accounts does Synchrony Bank offer?

Synchrony Bank offers high-yield savings accounts, money market accounts, and certificate of deposit (CD) accounts. These accounts provide opportunities for saving and earning competitive interest rates.

Does Synchrony Bank charge monthly fees for its deposit accounts?

No, Synchrony Bank does not charge monthly maintenance or service fees for its deposit accounts. This makes it a cost-effective option for savers looking to grow their money without incurring extra charges.

How can I access my funds with Synchrony Bank?

You can access your funds with Synchrony Bank through ATM withdrawals using an ATM card, ACH transactions to other banks, and mobile check deposits via the Synchrony Bank mobile app. Synchrony Bank does not offer debit cards with its high-yield savings accounts but provides ATM cards for easy withdrawals and deposits.

About Author
Rebecca Lake
Rebecca Lake, a valued contributor at MoneyRates, unravels the intricacies of personal finance with her expertise in areas spanning from banking to homebuying and investing to small business strategies. Rebecca seamlessly bridges the gap between complex financial concepts and readers, demystifying them with her clear and insightful narratives. She has contributed to U.S. News and World Report, among numerous other publications. With Rebecca’s guidance, financial clarity is just an article away.
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