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
Sychrony Bank
I’ve had savings accounts with Sychrony for years and never had a problem ever. I received great interest on my money currently 4.75 High Yield No complaints from me.
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.
Frustrated
I have held accounts (HYSA + multiple CDs) over the last 10 years at Synchrony, but I am frustrated with slow transfers of my funds. When my Cds matured it took them several business days to transfer the funds to my savings account. I recently asked them to transfer interest earned on my CD to my savings account and it took 3 business days. Too long for my liking. I plan to take my money to a bank with faster fund transfers.
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 Q1 2025
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 27314 |
| Year Established | 1988 |
| Employees | 10323 |
| Primary Regulator | OCC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.17% |
| Return on Equity - YTD | 17.39% |
| Annual Interest Income | $4.47B |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2025vs Q1 2024 | $114.8B$113.6B |
| Loans | Q1 2025vs Q1 2024 | $85.17B$86.74B |
| Deposits | Q1 2025vs Q1 2024 | $86.09B$86.62B |
| Equity Capital | Q1 2025vs Q1 2024 | $14.31B$12.61B |
| Loan Loss Allowance | Q1 2025vs Q1 2024 | $10.52B$10.46B |
| Unbacked Noncurrent Loans | Q1 2025vs Q1 2024 | $2.24B$2.4B |
| Real Estate Owned | Q1 2025vs Q1 2024 | $0$0 |