Synchrony Bank is an online bank offering FDIC-insured savings products, including high-yield savings accounts, money market accounts and CDs. Savings and money market accounts have no minimum deposit and no monthly fees. None of the accounts, including CDs, require a minimum balance.
The bank has a limited selection of products — for example, you won’t find checking accounts — though rates are competitive. Synchrony Bank promoted annual percentage yields (APYs) of 4.75% for high-yield savings accounts; 2.25% for money market accounts; and 4.80% for 12-month CDs as of May 19, 2024.
CD terms range from three months to 60 months and APYs from 0.25% to 5.00%. Options include a 24-month bump-up CD that allows you to request an increase if the rate on the product rises and an 11-month CD with no early withdrawal penalty.
An ATM card is optional for savings and money market accounts and can be used at any ATM displaying the Plus or Accel logos. Synchrony Bank will also refund up to $5 in domestic ATM fees charged by other financial institutions each statement cycle.
For customer service, you’ll have 24/7 access to an automated phone line at 866-226-5638. Live service is available from 8 a.m. to 10 p.m. Eastern time Monday through Friday and 8 a.m. to 5 p.m. ET Saturday and Sunday. Note that IRA and Trust teams are unavailable on weekends. The bank also provides a virtual chat for answers to quick questions.
Synchrony Bank pros and cons
Pros:
• Competitive interest rates
• No monthly fees
• Optional ATM card for savings or money market accounts
Cons:
• No physical locations
• No checking accounts
• No ATM network of its own
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8/28 - Synchrony Bank Rates as of 8-28-2024
8/6 - Synchrony Bank Rates as of 8-6-2024
7/23 - Synchrony Bank Rates as of 7-23-2024
6/25 - Synchrony Bank Rates as of 6-25-2024
5/30 - Synchrony Bank Rates as of 5-30-2024
5/1 - Synchrony Bank CD Rates as of 5-1-2024
4/23 - Synchrony Bank CD Rates as of 4-23-2024
3/27 - Synchrony Bank CD Rates as of 3-27-2024
2/13 - Synchrony Bank CD Rates as of 2-13-2024
1/30 - Synchrony Bank CD Rates as of 1-30-2024
1/23 - Synchrony Bank CD Rates as of 1-23-2024
11/29 - Synchrony Bank 14-Month CD Is A Rate Leader for Major Online Banks
11/25 - Synchrony Bank CD Rates As Of 11-25-2023
10/26 - Synchrony Bank CD Rates As Of 10-26-2023
9/18 - Synchrony Bank - 10 Year Call-Protected Brokered CD @ 4.45%
9/15 - Synchrony High Yield Savings Increases To 4.75% / 4.80% Yield
9/13 - Synchrony CD Rate Changes For 9-12-2023
9/12 - HYS Rates Increased- 4.75 Apy New Members, 4.80 Apy Existing
8/22 - Synchrony CD Rate Changes For 8-22-2023
8/2 - Synchrony CD Rate Changes For 8-1-2023
7/11 - Synchrony High Yield Savings Yield Now 4.51% / 4.56%
6/30 - Synchrony CD Rate Changes For 6-29-2023
6/16 - Synchrony CD Rate Changes For 6-16-2023
6/7 - Synchrony High Yield Savings Up To 4.36%
5/4 - Synchrony CD Rate Changes For 5-3-2023
4/15 - Synchrony Bank Ups Rates of 14-Month CD and Savings Account
4/12 - Synchrony 5 Year Rate Drops To 4%
4/12 - Savings Up To 4.15%…14 Month CD 5.15%
3/14 - SYNCHRONY BANK Brokered CD 5% 60 Month Non-Callable On Fidelity
3/7 - Synchrony Savings Raised To 3.99% APY
2/25 - Synchrony Is Latest Major Online Bank To Offer A 5% CD
2/23 - Synchrony Bank 5% CD
2/23 - Synchrony CD Rate Changes For 2-22-2023
12/21 - Synchrony High Yield Savings Up To 3.74% APY
12/14 - Synchrony Rate Changes For 12-13-2022
11/28 - Synchrony Bank Offers Top Rate On Limited-Time 19-Month CD Special
11/19 - 4.40 Percent For 15 Months
11/16 - Synchrony CD Rate Changes For 11-16-2022
11/16 - Synchrony Bank Hi-Yield Savings 3.25%
11/3 - Synchrony Savings 3% And CD’S Up To 4.26%
10/26 - High Yield Savings 2.75%
10/21 - Synchrony Hits 4% On CD's
10/8 - Synchrony Bank Raised Cds And HYS Rates
9/27 - Synchrony CD Rate Changes For 9-27-2022
9/13 - Synchrony Bank Rate Hike
9/1 - Synchrony Bank High Yield Savings Up To 2.05%
8/30 - Synchrony CD Rate Changes For 8-30-2022
8/17 - Synchrony CD Rate Changes For 8-17-2022
7/23 - Synchrony CD & HYS Rate Changes For 7-22-2022
7/18 - Synchrony Bank Offers Competitive 19-Month CD Special
6/22 - Rate Increases At Synchrony... Savings To 1.10% APY
5/19 - Synchrony Bank Hikes Rates on Savings Account and CDs
5/19 - Synchrony Bank Raises Rates, Savings To 0.85%
4/28 - Synchrony Bank Hikes Rate of 16-Month CD Special To Rate-Leader Status
4/19 - Synchrony Bank Hikes CD Rates And Offers New 16-Month CD Special
4/5 - 2.00% APY On 60-Month CD
3/17 - Synchrony Bank Increases Rates On Savings Account and CDs
3/17 - Synchrony Ups 13 Month CD To 1.15% From 1.00%
2/1 - Synchrony Bank Increases Rates On Six CDs
5/27/21 - Increased Savings Rate
4/6/21 - Synchrony Bank Again Cuts Savings Rates.
2/23/21 - Synchrony High Yield Savings Rate Drops To 0.50%
10/21/20 - Synchrony Financial Disclosed Radical Work-From-Home Plan, Layoffs, And “Office Footprint” Reduction
9/25/20 - Synchrony Bank waiving "certain fees and charges"
7/31/20 - Savings Cut To 0.75% From 1.05%
6/2/20 - Savings Rate Plunges At Synchrony Bank
5/5/20 - Synchrony Bank Lowers Deposit Rates
3/18/20 - Synchrony Bank Makes Another Round Of Rate Cuts
1/14/20 - Synchrony Bank Drops Hi-Yield Savings To 1.7%
11/26/19 - Synchrony Bank Cuts Rate On High Yield Savings
10/12/19 - Synchrony Bank Lowers Savings Rate To 1.90%
9/4/19 - Synchrony Bank Slashes High Yield Savings Rate.
8/13/19 - Synchrony Bank Reduces 3, 4, And 5 Year CD Rates
7/11/19 - Synchrony Bank Cuts Savings Rate
7/2/19 - Synchrony .05 To .10 Reduction In CD Rates
6/11/19 - Synchrony Bank Continues To Slash Their CD Rates
4/30/19 - Synchrony Banks Cuts CD Rates
2/17/19 - 2.85% 15-Month CD Is No More.
2/5/19 - Synchrony Bank Bumps Savings And 12-Month CD Rates
12/26/18 - Synchrony Bank Raises High Yield Savings and CD Rates
12/25/18 - Synchrony Bank Raises Rates On Savings And Select CD Terms.
11/26/18 - Synchrony Bank Brings Back 14-Month CD Special
11/26/18 - 14 Month CD, 2.80% APY, $2K Min
11/12/18 - 15-MONTH CD 2.75 % APY
11/6/18 - Synchrony Bank Raises High Yield Savings Account Rate
11/6/18 - Synchrony Bank Bumps High Yield Savings To 2.05%
10/2/18 - Synchrony Bank Ups Rates and Introduces 15-Month CD Special
10/2/18 - Small Increase On Savings And Money Market And New CD Promo.
8/14/18 - Synchrony Bank Debuts 13-Month CD with Very Competitive Rate
8/14/18 - 2.65% 13-Month CD Special At Synchrony Bank
7/24/18 - Synchrony Bank Ups High Yield Savings Account APY
7/24/18 - Synchrony Bank Ups High Yield Savings & Money Market
7/12/18 - Synchrony 12-Month CD To 2.40% APY From 2.25%
6/19/18 - Synchrony Bank Boosts Rate of 14-Month CD Special
6/19/18 - Synchrony Bank Raises 14-Month Promotional CD Rate
6/5/18 - Synchrony Bank Raises High Yield Savings Account Rate
6/5/18 - High Yield Savings Rate Increase
5/23/18 - Synchrony Bank Hikes Rates on CDs and IRA CDs
5/17/18 - 3% 3-Year Non-Callable Brokered Cds
5/1/18 - Synchrony Bank Ups Savings Account Rate and Debuts Top 14-month CD
5/1/18 - HYS Increased To 1.65% APY (Up .1 Basis Pts). CD Increases Also
4/10/18 - Synchrony Bank Ups CD Rates
3/27/18 - Synchrony Bank Increases Rates on Five CDs
2/21/18 - Another Savings Account Rate Hike at Synchrony Bank
2/21/18 - Small Rate Increase For Savings & 12 Month CD
2/21/18 - High Yield Savings At 1.55%
2/6/18 - Savings Account and CD Rate Increases at Synchrony Bank
2/6/18 - Small Rate Increases At Synchrony Bank
2/1/18 - Synchrony Bank Lowers Rate On 12 Month CD
1/4/18 - Synchrony Bank Hikes Rate
1/4/18 - Big Rate Increases At Synchrony Bank
11/27/17 - Synchrony Bank Adds Cyber Week 13-Month CD
11/27/17 - 1.75% 13 Month Certificate
9/21/17 - Savings Account and CD Rate Hikes at Synchrony Bank
7/24/17 - Synchrony Bank Savings Account Rate Increase
7/18/17 - Synchrony Bank Increases Savings Account Rate Again
7/18/17 - Small Increase For High Yield Savings Account
6/5/17 - Competitive 15-Month CD Special at Synchrony Bank
6/5/17 - Synchrony 15-Month Special
6/1/17 - Synchrony Bank Raises Its Savings Rate
6/1/17 - Synchrony Bank Increases High Yield Savings Account Rate
5/10/17 - More CD Rate Hikes at Synchrony Bank
5/9/17 - CD Rate Increases
3/21/17 - Synchrony Bank Increases CD Rates to Very Competitive Levels
2/2/17 - Synchrony Bank Ups Long-Term CD Rates
1/16/17 - Synchrony Bumps Some CD Rates--A Little
8/10/16 - Synchrony 5-Year CD Rates Drop
5/22/16 - Synchrony Raises EWP For New 4-And 5-Year Cds
2/22/16 - Synchrony Bank CD Rate Reduction
11/30/15 - Synchrony Bank Offers One-Day Cyber Monday 16-month CD
6/3/15 - Top 1-Year and 2-Year CD Rates at Synchrony Bank
4/13/15 - Synchrony Bank Raises High Yield Savings Account Rate
1/27/15 - Higher CD and IRA CD Rates at Synchrony Bank
12/18/14 - New 19-Month CD Rate Special at Synchrony Bank
11/17/14 - Synchrony Bank’s High Yield Savings Account Joins the 1% Club
11/5/14 - IRA CD Partial Withdrawal
7/14/14 - Higher Special 15-Month CD Rate at Synchrony Bank
5/19/14 - GE Capital Retail Bank Changing Name to Synchrony Bank
5/17/14 - Name Change
4/29/14 - Best Deal for CDs Is Now at GE Capital Retail Bank
3/17/14 - Another Top Short-Term CD Special at GE Capital Retail Bank
3/5/14 - Top CD and Savings Account Rates at GE Capital Retail Bank
2/11/14 - Higher 5- and 4-Year CD Rates at GE Capital Retail Bank
11/17/13 - 5-Year Jumbo CD Rate Change
10/15/13 - Higher 5-Year CD Rate at GE Capital Retail Bank
8/12/13 - Special 15-Month CD Rate at GE Capital Retail Bank
5/14/13 - Higher CD Rates at GE Capital Retail Bank
1/15/13 - MetLife Bank is Now GE Capital Retail Bank
9/9/05 - MetLife Bank Raises Money Market Rates
Very Happy With Synchrony
I have been with Synchrony for several years now. I have zero complaints. I am quite surprised at the low ratings here. Maybe I've been lucky, but I love Synchrony.
I have a HYSA, MM and a couple of CDs with Synchrony. They have great rates and great customer service. I like the website. I really like that they give you an ATM card, which they reimburse you for any fees occurred at the ATM. Just awesome!
Slow Time On Closing CD
Be aware of slow time to close a CD and get your money,. Called Synchrony today to close out a no-penalty CD and have proceeds deposited to existing High Yield Savings Account. CSR stated it would take 4 business days to close the CD and an additional 2 business days to credit it to my savings account. This is absolutely too long to accomplish a simple task.
BE CAREFUL
Here is the deal with this bank.
Their interest rate calculation is not transparent.
Don't Trust Them With Your Valuable Savings
I invested a total of $100K across various CD's and a high interest savings account. Be warned, what they say they'll do and what they actually do are NOT the same. They claim they'll notify you before your CD matures so that you can issue instructions on how to handle the account, or it will automatically roll into a new CD at whatever the prevailing interest is on that day. The reality is that you 'may' get a notification. For my 6 CD's....I was only notified in advance for 2 of them. When you do issue instructions, such as to terminate the account and withdraw the funds, they claim they will confirm in writing your instructions. For my 6 CD's....I received ZERO confirmations and had no way to verify my wishes. Twice I had to call to get secondary confirmation of my wishes - twice it would only be confirmed verbally. Never in writing. Instructions for the closure of your CD's can only be done by calling a customer service rep. There is no way to do this online. When all 6 CD's were closed, all took a week to transfer funds to my primary bank account - transfer times are impossibly slow. I get the impression this bank is not well run and a well presented website hides a multitude of dysfunctionality in the background. Please consider carefully if the benefit of the slightly higher interest rates compared to the competition is worth the limitations of access to your money. I hope that most people would agree, it's not.
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27314 |
| Year Established | 1988 |
| Employees | 10505 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.85% |
| Return on Equity - YTD | 16.43% |
| Annual Interest Income | $9.13B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $112.9B$100.7B |
| Loans | Q2 2024vs Q2 2023 | $87.36B$80.52B |
| Deposits | Q2 2024vs Q2 2023 | $85.53B$77.96B |
| Equity Capital | Q2 2024vs Q2 2023 | $13.1B$11.8B |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $10.54B$9.34B |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $2.19B$1.63B |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |