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High-yield deposit products plus hundreds of retail credit cards
By
Lee Huffman
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Full Bio
Lee Huffman is an expert on bank reviews with 18 years of experience as a financial planner and corporate finance manager. Lee has been writing about personal finance, credit cards, and travel rewards since 2012, with his work having appeared in outlets like Forbes, NerdWallet, and The Points Guy. He received his Bachelors in Business Management from Pepperdine University.
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Updated May 01, 2024
Reviewed by
Khadija Khartit
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Reviewed byKhadija Khartit
Full Bio
Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance in top universities. She has been an investor, entrepreneur, and advisor for more than 25 years. She is a FINRA Series 7, 63, and 66 license holder.
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Fact checked byFernando Flores
Synchrony Bank is an online bank that offers competitive deposit products and credit cards for retailers and healthcare providers. It began as a division within General Electric (GE), which was founded in 1932, and launched an IPO in 2014 on the New York Stock Exchange. In 2015 Synchrony Bank fully separated from GE and became an independent company. Later that year it was added to the S&P 500. Pros & Cons Pros High-yield deposit products with no monthly fees Minimum required deposits to open account as low as $0 Hundreds of credit cards from popular retailers Cons Limited branch presence Does not have its own ATM network No checking account options Company Overview Table of Contents Synchrony Bank Review Pros Explained Cons Explained Best For Bank Offerings Customer Service How to Bank Methodology Synchrony Bank is best for consumers who: As an online bank, Synchrony Bank offers competitive interest rates on its savings, money market, and CD accounts. The bank also partners with hundreds of retailers to provide co-branded credit cards specific to each retailer. Synchrony Bank has financing for healthcare procedures and purchases available through its CareCredit product. It does not offer checking accounts, mortgages, investments, or other products that you may find at other financial institutions. Synchrony Bank offers the following banking products: Through its Synchrony Bank Perks Rewards program, customers earn elite status based on their deposit levels or length of the relationship. Customers reach top-level Diamond status when deposits exceed $250,000 or by banking with Synchrony Bank for five years. Such members enjoy unlimited domestic ATM reimbursem*nts and three free wire transfers per statement cycle. The high-yield savings account offers a competitive rate of interest with no minimum deposit and no monthly maintenance fees. Customers earn an interest rate of 4.75% APY on all balances. They can access this account online, by phone, or via an ATM. Synchrony Bank partners with Accel to offer ATMs across all 50 states. The bank does not charge to use another bank’s ATM and reimburses up to $5 per statement cycle for those fees. Customers can open a money market account with check-writing capabilities. The account has no minimum balance and no monthly maintenance fees. You can access your money through wire transfers, checks, online transfers, and ATMs. These accounts are also available within a traditional or Roth IRA. You can contribute anytime (up to the annual limit) to your IRA account. Additionally, you may transfer an IRA from another institution or roll over an employer-sponsored retirement plan to Synchrony Bank. Synchrony Bank offers CDs with terms ranging from three months to five years. The minimum deposit to open a CD is $0. Interest rates vary depending on the term of the CD you want to open. Higher rates are not available if you deposit larger amounts. You may open a traditional CD or one inside of a traditional or Roth IRA. When your CD matures, it will automatically renew for the same term at the prevailing interest rate. There is a 10-day grace period when you can add funds, withdraw money, and change terms. You can provide instructions during this grace period, or you can submit renewal instructions within 30 days prior to the maturity date through their website. If you need to withdraw funds from a CD before maturity, there is a penalty. The penalty differs depending on the length of the CD. Terms of one year or less face a penalty of 90 days simple interest. CDs ranging from more than one year to less than four years have a penalty of 180 days of simple interest. Terms of four years or more incur a penalty of 365 days of simple interest. Synchrony Bank offers dozens of credit card options from retailers around the country. Additionally, it offers healthcare financing through its CareCredit product. You can use this financing for dental, LASIK and vision, veterinary, and other specialties. Here are some of the retailers that Synchrony Bank partners with to offer credit cards: To contact customer service, you can connect by phone (1-866-226-5638), online chat, or secure message online. Bank customer service is available by phone or chat Monday through Friday from 8 a.m. to 10 p.m. EST and Saturday and Sunday from 8 a.m. to 5 p.m. EST. Automated phone service is available 24 hours a day. If you have questions about your credit card or CareCredit, you’ll need to select your card type on this page to obtain the right phone number. Most customers bank with Synchrony Bank by opening a deposit account online or a credit card online or in the store. Synchrony Bank has five branches—one each in Georgia, Kansas, New Jersey, North Carolina, and Utah. Opening a bank account online is simple to do and can be completed in a few minutes. Once opened, you can deposit money into it electronically or by mail, or you can make a mobile deposit through Synchrony Bank’s mobile app, which is available for both iOS and Android devices. You can use your debit card at ATMs and for debit card transactions. Additionally, you can withdraw money at Accel Network ATM locations with no fees. To apply for a credit card, you can browse the options online before applying online or in the store. Some credit cards have promotions offering a welcome bonus when you apply and complete specific activities. You can find these promotions on the Special Offers page. Verdict Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of banks. We collected over 20 data points across more than 80 banks—including products available, interest rates, fees, and accessibility—to ensure that our content helps users make the right decision for their savings and banking needs. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Synchrony Bank. "All Non-IRA Products Rates and Terms." Synchrony Bank. "Synchrony Bank." Synchrony. "Frequently Asked Questions," Click "Which ATMs Can I Use and Are There Any Fees?" Synchrony Bank. "Perks* Rewards Program Terms (“Terms”)," Page 1. Synchrony Bank. "Frequently Asked Questions," Click "Are There Any Fees for Wire Transfers?" Synchrony Bank. "High Yield Savings." Synchrony Bank. "Frequently Asked Questions," Click "Are There Minimum Balance Requirements or Fees?" Synchrony Bank. "Money Market Accounts," Click "How Can I Access My Money?" Synchrony Bank. "IRA Money Market Accounts." Synchrony Bank. "Certificate of Deposit (CD)." Synchrony Bank. "Frequently Asked Questions," Click "What Happens When My CD Matures?" Synchrony Bank. "Frequently Asked Questions," Click "Is There an Early Withdrawal Penalty for CDs?" Synchrony Bank. "Frequently Asked Questions," Click "How Do I Make Deposits Into My Bank Account?" Investopedia is part of the Dotdash Meredithpublishingfamily.:fill(white):max_bytes(150000):strip_icc()/synchrony-bankcopy-5adaa7d5bbdd41e980422c74d683c8ae.jpg "Synchrony Bank Review (3)")
Pros Explained
Cons Explained
Who Is Synchrony Bank Best For?
What Does Synchrony Bank Offer?
High-Yield Savings Account
SAVINGS ACCOUNT PRODUCTS ACCOUNT NAME MIN OPENING DEPOSIT MONTHLY FEE APY High-Yield Savings $0 $0 4.75% Money Market Account
MONEY MARKET ACCOUNTS ACCOUNT NAME MIN OPENING DEPOSIT MONTHLY FEE APY Money Market Account $0 $0 2.25% IRA Money Market Account $0 $0 2.25% CDs
CERTIFICATES OF DEPOSIT (CDs) TERM APY 3 Months 0.25% 6 Months 4.80% 9 Months 4.90% 11 Months No Penalty 0.25% 12 Months 4.80% 13 Months 4.90% 14 Months 5.00% 15 Months 4.50% 16 Months 4.00% 18 Months 4.50% 19 Months 4.00% 24 Months 4.20% 24 Months Bump Rate 3.60% 36 Months 4.15% 48 Months 4.00% 60 Months 4.00% Credit Cards
Synchrony Bank Customer Service
How to Bank With Synchrony Bank
Synchrony Bank is a solid online bank with competitive interest rates on savings, money market, and CD accounts. It is a good option for consumers who are happy with their current checking account but want to earn a higher rate of interest on their savings. It partners with hundreds of retailers and healthcare companies to offer co-branded credit cards. Each credit card can only be used at a specific retailer; they are not all-purpose cards with which you can make all of your regular purchases. The deposit and lending products available from Synchrony Bank are limited. Products offered by Synchrony Bank are competitive while serving a specific purpose. If you are looking for a full-service bank to have all of your accounts under one roof, this is not the bank for you. Methodology
