Synchrony Bank

Overview / Commentary
170 Election Road, Suite 125
Draper, UT 84020

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

• Competitive interest rates
• No monthly fees
• Optional ATM card for savings or money market accounts

• No physical locations
• No checking accounts
• No ATM network of its own

Related Posts

Synchrony Bank Rates as of 5-30-2024 - 5/30/2024

Synchrony Bank rates (APY) as of 5-30-2024 include: HYSA @ 4.75% (no change) 6-month @ 4.80% (no change) 9-month @ 5.10% (was 4.90%) 11-month NP @ 0.25% (no change) 12-month @ 4.80% (no change) 13-month @ 4.90% (no change) 14-month @ 5.00% (no change) 15-month @ 4.50% (no change) 16-month @ 4.00% (no change) 18-month @ 4.50% (no change) 19-month @ 4.00% (no change) 24-month @ 4.20% (no change) 36-month @ 4.15% (no change) 48-month @ 4.00% (no change) 60-month @ 4.00% (no change) For more information regarding all Synchrony Bank non-IRA product rates see:

Synchrony Bank CD Rates as of 5-1-2024 - 5/1/2024

Synchrony Bank Non-IRA CD rates (APY) as of 5-1-2024 include: 6-month @ 4.80% (no change) 9-month @ 4.90% (was 5.25%) 11-month NP @ 0.25% (no change) 12-month @ 4.80% (no change) 13-month @ 5.10% (was 4.90%) 14-month @ 5.00% (no change) 15-month @ 4.50% (no change) 16-month @ 4.00% (no change) 18-month @ 4.50% (no change) 19-month @ 4.00% (no change) 24-month @ 4.20% (no change) 36-month @ 4.15% (no change) 48-month @ 4.00% (no change) 60-month @ 4.00% (no change) For more information regarding all Synchrony Bank CDs see:

Synchrony Bank CD Rates as of 4-23-2024 - 4/23/2024

Synchrony Bank Non-IRA CD rates (APY) as of 4-23-2024 include: 6-month @ 4.80% (was 5.15%) 9-month @ 5.25% (was 4.90%) 11-month NP @ 0.25% (no change) 12-month @ 4.80% (no change) 13-month @ 4.90% (was 4.50%) 14-month @ 5.00% (no change) 15-month @ 4.50% (no change) 16-month @ 4.00% (no change) 18-month @ 4.50% (no change) 19-month @ 4.00% (no change) 24-month @ 4.20% (no change) 36-month @ 4.15% (no change) 48-month @ 4.00% (no change) 60-month @ 4.00% (no change) For more information regarding all Synchrony Bank CDs see:

View all posts from:

7/1/21 - Synchrony Raises 9 Month And 15 Month Cds To 0.55%
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
12/25/18 - Synchrony Bank Raises Rates On Savings And Select CD Terms.
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 Bumps High Yield Savings To 2.05%
10/2/18 - Small Increase On Savings And Money Market And New CD Promo.
8/14/18 - 2.65% 13-Month CD Special At Synchrony Bank
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 Raises 14-Month Promotional CD Rate
6/5/18 - High Yield Savings Rate Increase
5/17/18 - 3% 3-Year Non-Callable Brokered Cds
5/1/18 - HYS Increased To 1.65% APY (Up .1 Basis Pts). CD Increases Also
2/21/18 - Small Rate Increase For Savings & 12 Month CD
2/21/18 - High Yield Savings At 1.55%
2/6/18 - Small Rate Increases At Synchrony Bank
2/1/18 - Synchrony Bank Lowers Rate On 12 Month CD
1/4/18 - Big Rate Increases At Synchrony Bank
11/27/17 - 1.75% 13 Month Certificate
7/24/17 - Synchrony Bank Savings Account Rate Increase
7/18/17 - Small Increase For High Yield Savings Account
6/5/17 - Synchrony 15-Month Special
6/1/17 - Synchrony Bank Raises Its Savings Rate
5/9/17 - CD Rate Increases
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
11/5/14 - IRA CD Partial Withdrawal
5/17/14 - Name Change
11/17/13 - 5-Year Jumbo CD Rate Change

Reviews (453)

Sychrony Bank

Posted by: |

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.

Mind The Slow ACH Transfer Times

Posted by: |

1. If you need a savings account to generate a good interest rate, this bank might be an adequate choice.

2. However, they have one of the slowest ACH transfer times. Additionally, they limit transfers to $25,000 per ACH, which takes at least 3 business days after the request is submitted.

3. I decided to close my account with Synchrony since I only had a high-yield savings account (HYSA) and no other products. The multiple complaints I read online made me hesitant about needing to transfer money and wait a week, especially since many other banks are more efficient.

4. When I requested to close my account on a Thursday after the month's interest had been posted, the representative indicated it would take 2 to 3 business days to process the closing and an additional 3 to 4 business days after the closing to receive the funds via ACH transfer to my external account.

5. I confirmed the timing with her three times in different ways and she consistently gave the same answer. The funds were deposited on a Tuesday, meaning it took 3 business days. I'm very pleased to be out of a bank with such long ACH wait times.


Posted by: |

Here is the deal with this bank.

Their interest rate calculation is not transparent.

BEWARE! Don't Bank With Synchrony!

I had a Roth IRA #XXXXX37411 which matured on 09/18/2023. I always take care of my Roth IRA at least a month ahead before maturity because Roth IRA always takes longer time to process. I called them couples times (to make sure they understood) that I wouldn't extend my account . I also instructed my new financial institution(NASA) to fax transfer forms to Synchrony and it was mailed on 09/25/2023 not faxed due to the fact Synchrony wouldn't accept forms by fax without Notary signature. Still in September after that, I received email from Synchrony that my Roth IRA was already rolled over/renewed to another 15 month, Immediately, I called them that I never intended to rollover my account, the bank Rep said "to just disregard that email because it was an automatic thing".
But then about a week later, I received letter by mail from Synchrony showing that this was my "NEW" rollover account! I was shocked and called them again that I never intended to rollover and they acknowledged that, the Rep said (again) " to disregard the mail" because "it's out of their control".
I didn't check the amount they send, but found out on 01/18/2024 from Synchrony letter, that they assessed a PENALTY of $325.48 against me! Called them today, James said Synchrony received transfer forms from NASA in October, which was over the 10 days grace period. I also found out that the penalty was for "early withdrawal " which was a joke! First, they admitted themselves that I called them couples times way before maturity date not to rollover. Second, when I received their email and also letter by mail that my Roth IRA was rolled over, they told me to "disregard ", but in reality they DID rolled over while awaiting transfer forms from NASA so that they could charge me with "early withdrawal "!
There was no communication from Synchrony telling me that if Synchrony didn't receive transfer forms from NASA within the 10 days grace period, that I needed to open some kind of Roth Saving account for placing the fund while waiting for transfer forms, there is no communication whatsoever from Synchrony about this.
I want my $325.48 back! It's my Roth IRA contribution! It's a crime Synchrony stealing money from their customers!
Hallo Readers, please visit CFPB(Consumer Financial Protection Bureau) website:, click consumer complaints, then type Synchrony Bank, you will find (as of today) 8,200 complaints against Synchrony Bank, which I calculated is 18% from total complaints CFPB received. That is a huge number against one bank considering we have more than 100,000 financial institution in the US. If you keep reading customers complaints at CFPB, you'll be easily conclude that Synchrony Bank is an UNFAIR, DECEPTIVE BANK THAT LIVE OFF CUSTOMERS HARD EARNED MONEY BY SCAMMING CUSTOMERS WITH FEES, CHARGES, PENALTIES THAT THEY PRACTICE UNFAIRLY AND DECEPTIVELY.
BEWARE CUSTOMERS! Don't deal with Synchrony Bank in ANY FORMS of financial products! We have so many other good financial institutions that we can do business with, don't pick Synchrony Bank. Trust me, I'm doing this because I don't want more victims falling to their scams.
I have spoken with 2 of their managers- Shelly and Kim, they had no shame telling me that they won't refund my money! Synchrony, you can celebrate the money you scam from the elderly and poor like me, I will live long enough to witness the bankruptcy and closing of your scamming bank!



Health Grade Components

FDIC Certificate #27314
Year Established1988
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.59%
Return on Equity - YTD14.34%
Annual Interest Income$4.58B
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$113.6B$99.37B
LoansQ1 2024vs Q1 2023$86.74B$77.05B
DepositsQ1 2024vs Q1 2023$86.62B$77.64B
Equity CapitalQ1 2024vs Q1 2023$12.61B$11.66B
Loan Loss AllowanceQ1 2024vs Q1 2023$10.46B$9.08B
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$2.4B$1.66B
Real Estate OwnedQ1 2024vs Q1 2023$0$0
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Synchrony Bank Savings Account Rates

4.75%$0-High Yield Savings

Synchrony Bank Money Market Rates

2.25%$0-Money Market Account
2.25%$0-IRA Money Market Account

Synchrony Bank CD Rates

5.10%$0-9 Month CD
5.00%$0-14 Month CD
4.90%$0-13 Month CD
4.80%$0-6 Month CD
4.80%$0-12 Month CD
4.50%$0-18 Month CD
4.50%$0-15 Month CD
4.20%$0-24 Month CD
4.15%$0-36 Month CD
4.00%$0-48 Month CD
4.00%$0-60 Month CD
4.00%$0-16 Month CD
4.00%$0-19 Month CD
3.60%$0-24 Month Bump Up CD
0.25%$0-3 Month CD
0.25%$0-11 Month No Penalty CD

Synchrony Bank IRA Rates

5.10%$0-9 Month IRA CD
5.00%$0-14 Month IRA CD
4.90%$0-13 Month IRA CD
4.80%$0-6 Month IRA CD
4.80%$0-12 Month IRA CD
4.50%$0-18 Month IRA CD
4.50%$0-15 Month IRA CD
4.20%$0-24 Month IRA CD
4.15%$0-36 Month IRA CD
4.00%$0-48 Month IRA CD
4.00%$0-60 Month IRA CD
4.00%$0-16 Month IRA CD
4.00%$0-19 Month IRA CD
3.60%$0-24 Month Bump Up IRA
0.25%$0-3 Month IRA CD
0.25%$0-11 Month No Penalty IRA

Synchrony Bank is an Internet only bank and does not have branch locations. Its headquarters is located at 170 Election Road, Suite 125 - Draper, UT 84020

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