Advertising Disclosure
  1. Banks
  2. Synchrony Bank

Synchrony Bank


Overview / Commentary
www.synchronybank.com
866-226-5638
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

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

Related Posts

Synchrony Raises the Rate of their 9-Month CD to 4.30%. - 11/30/2024

Synchrony raises the rate of their 9-month CD to 4.30%. The rates of their other products remain the same. Synchrony Bank rates (APY) as of 11-30-2024 include: HYSA @ 4.10% (no change) 6-month @ 3.70% (no change) 9-month @ 4.30% (was 4.05%) 11-month NP @ 0.25% (no change) 12-month @ 4.00% (no change) 13-month @ 4.00% (no change) 14-month @ 3.50% (no change) 15-month @ 3.50% (no change) 16-month @ 3.50% (no change) 18-month @ 3.80% (no change) 19-month @ 3.50% (no change) 24-month @ 3.50% (no change) 36-month @ 3.75% (no change) 48-month @ 3.50% (no change) 60-month @ 4.00% (no change) For more information regarding all Synchrony Bank non-IRA product rates see: https://www.synchronybank.com/banking/ratesandterms/

Synchrony Rate Changes as of 11-26-2024 - 11/26/2024

Synchrony lowers the rates of their HYSA and 9 CDs. Synchrony Bank rates (APY) as of 11-26-2024 include: HYSA @ 4.10% (was 4.30%) 6-month @ 3.70% (was 3.90%) 9-month @ 4.05% (no change) 11-month NP @ 0.25% (no change) 12-month @ 4.00% (was 4.10%) 13-month @ 4.00% (no change) 14-month @ 3.50% (was 3.80%) 15-month @ 3.50% (was 3.80%) 16-month @ 3.50% (was 3.80%) 18-month @ 3.80% (was 3.90%) 19-month @ 3.50% (was 3.75%) 24-month @ 3.50% (was 3.75%) 36-month @ 3.75% (no change) 48-month @ 3.50% (was 3.75%) 60-month @ 4.00% (no change) For more information regarding all Synchrony Bank non-IRA product rates see: https://www.synchronybank.com/banking/ratesandterms/

Synchrony CD Rate Changes as of 11-19-2024 - 11/20/2024

Synchrony lowers the rates of 9 CDs and raises the rate of 1 CD. Synchrony Bank rates (APY) as of 11-19-2024 include: HYSA @ 4.30% (no change) 6-month @ 3.90% (no change) 9-month @ 4.05% (no change) 11-month NP @ 0.25% (no change) 12-month @ 4.10% (was 4.20%) 13-month @ 4.00% (was 3.90%) 14-month @ 3.80% (was 3.90%) 15-month @ 3.80% (was 3.90%) 16-month @ 3.80% (was 3.90%) 18-month @ 3.90% (was 4.10%) 19-month @ 3.75% (was 3.90%) 24-month @ 3.75% (was 3.90%) 36-month @ 3.75% (was 3.90%) 48-month @ 3.75% (was 3.90%) 60-month @ 4.00% (no change) For more information regarding all Synchrony Bank non-IRA product rates see: https://www.synchronybank.com/banking/ratesandterms/

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
12/26/18 - 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

Reviews (135)

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.

22

Slow To Post Transfers Of Money

Posted by: |

Typically have decent interest and CD rates but very slow to post transfers of money in or out compared to other banks.

1

Slow Time On Closing CD

Posted by: |

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.

21

Bad Customer Service Coupled With A No-Mercy Policy And Bad Customer Options

Posted by: |

I had a 19-month CD with Synchrony that recently matured. Unfortunately, the maturity date coincided with the birth of my son, causing me to overlook canceling the auto-renewal. I was aware of their 10-day grace period and attempted to make changes within this timeframe. However, upon calling, I was informed it was already day 11, and Synchrony refused to allow any modifications.
When I explained my circumstances and requested an exception, the customer service representative was unsympathetic and inflexible. Most disappointingly, the early withdrawal fee to cancel the CD exceeded the total interest accumulated over the previous 19 months.

Laughably, I couldn't even get out of the auto renewal that's coming up in 19 months either, since they only allow you to make changes within the 10 day grace period. Clearly, a system designed to lock people in.

Due to this experience, I would not recommend Synchrony's CD services. Potential customers should be aware of the strict enforcement of grace periods and the potentially high cost of early withdrawals. I'll be looking for more customer-friendly options for future investments.

9
VIEW MORE REVIEWS

Health
A

Data as of Q2 2024

Learn why bank health matters

Health Grade Components

Overall
FDIC Certificate #27314
Year Established1988
Employees10505
Primary RegulatorOCC
Profit Margin
Return on Assets - YTD1.85%
Return on Equity - YTD16.43%
Annual Interest Income$9.13B
Assets and Liabilities
AssetsQ2 2024vs Q2 2023$112.9B$100.7B
LoansQ2 2024vs Q2 2023$87.36B$80.52B
DepositsQ2 2024vs Q2 2023$85.53B$77.96B
Equity CapitalQ2 2024vs Q2 2023$13.1B$11.8B
Loan Loss AllowanceQ2 2024vs Q2 2023$10.54B$9.34B
Unbacked Noncurrent LoansQ2 2024vs Q2 2023$2.19B$1.63B
Real Estate OwnedQ2 2024vs Q2 2023$0$0
Rates
Skip to rates for:
Report an Issue

Always verify rates and promotions with the bank or credit union. We are not Synchrony Bank; we are a rate comparison website and cannot provide official rates or promotions.

Synchrony Bank Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.10%$0-High Yield Savings

Synchrony Bank Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.25%$0-Money Market Account
2.25%$0-IRA Money Market Account

Synchrony Bank CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.30%$0-9 Month CD
4.00%$0-12 Month CD
4.00%$0-60 Month CD
4.00%$0-13 Month CD
3.80%$0-18 Month CD
3.75%$0-36 Month CD
3.70%$0-6 Month CD
3.50%$0-24 Month CD
3.50%$0-48 Month CD
3.50%$0-15 Month CD
3.50%$0-16 Month CD
3.50%$0-19 Month CD
3.50%$0-14 Month CD
3.00%$0-24 Month Bump Up CD
0.25%$0-3 Month CD
0.25%$0-11 Month No Penalty CD

Synchrony Bank IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.00%$0-12 Month IRA CD
4.00%$0-60 Month IRA CD
3.80%$0-18 Month IRA CD
3.75%$0-9 Month IRA CD
3.75%$0-36 Month IRA CD
3.60%$0-13 Month IRA CD
3.50%$0-6 Month IRA CD
3.50%$0-24 Month IRA CD
3.50%$0-48 Month IRA CD
3.50%$0-19 Month IRA CD
3.30%$0-15 Month IRA CD
3.30%$0-16 Month IRA CD
3.30%$0-14 Month IRA CD
3.00%$0-24 Month Bump Up IRA
0.25%$0-3 Month IRA CD
0.25%$0-11 Month No Penalty IRA
Locations

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

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.