Synchrony Bank
Synchrony Bank Review: Savings and CDs
Synchrony is a top online bank with high rates on savings and CDs.
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The bottom line:
Synchrony offers top-of-the-line rates on its online savings account and certificates of deposit — and no monthly fees. The online-only bank focuses on accounts designed for savings; there’s no checking account or budgeting features. There is a money market account, which provides more withdrawal options, including check writing, but in exchange for a lower rate than a regular savings account.
Best for: Digital banking customers focused on top savings rates without the need for personalized savings tools or a checking account at the same bank.
- Competitive rates on savings and CDs.
- No monthly fees.
- No minimum opening deposits.
- ATM fee rebates.
- No cash deposit.
- No checking account offered.
- No branch access.
Full review
Synchrony Bank
Savings
Synchrony Bank High Yield Savings
APY
4.00%
With $0 min. balance for APY
Bonus
N/A
Upsides:
Strong rate and no monthly fee. Synchrony’s high-yield savings account comes without fees and with one of the highest rates on the market, at 4.00% annual percentage yield. No minimum balance is required to open an account or qualify for the interest rate.
Free ATM access. Synchrony doesn’t charge fees for using ATMs that accept its optional ATM card — those with Plus or Accel logos. But ATM owners might charge a fee. For those charges from domestic ATMs, Synchrony Bank offers a monthly $5 refund.
Downside:
No personalized savings tools. Synchrony offers savings goal calculators on its website but doesn’t provide more customized abilities, such as creating subaccounts for savings goals or tracking progress toward goals.
Money Market
Synchrony Bank Money Market Account
APY
2.25%
With $0 min. balance for APY
Bonus
N/A
Synchrony Bank’s Money Market Account offers a 2.25% APY with no minimum balance and no monthly fees. An MMA is a type of savings account, and this one is worth considering, but it is not factored into our overall savings rating.
Certificates of deposit
Synchrony Bank CD
1-year APY
4.00%
3-year APY
4.00%
5-year APY
4.15%
Minimum deposit
$0
Top rates. Synchrony offers some of the best CD rates around, with an annual percentage yield of 4.00% for a CD with a one-year term.
Variety of CD types and terms. Synchrony offers a standard range of CD terms: three months to five years. In addition to high-yield CDs, the bank has an 11-month no-penalty CD and a 2-year bump-rate (or “bump-up”) CD. These two specialty CDs provide one bonus feature each: a penalty-free early withdrawal or the possibility of a rate increase within the CD term, respectively.
- 3-month CD: 0.25% APY.
- 6-month CD: 3.70% APY.
- 9-month CD: 4.00% APY.
- 11-month no-penalty CD: 0.25% APY.
- 1-year CD: 4.00% APY.
- 13-month CD: 4.35% APY.
- 14-month CD: 4.25% APY.
- 15-month CD: 3.50% APY.
- 16-month CD: 4.15% APY.
- 18-month CD: 3.80% APY.
- 19-month CD: 3.50% APY.
- 2-year bump-up CD: 3.00% APY.
- 2-year CD: 3.50% APY.
- 3-year CD: 4.00% APY.
- 4-year CD: 3.50% APY.
- 5-year CD: 4.15% APY.
6-month CD: 4.00% APY.
9-month CD: 3.90% APY.
1-year CD: 3.90% APY.
18-month CD: 3.70% APY.
2-year CD: 3.75% APY.
2.5-year CD: 3.50% APY.
3-year CD: 3.50% APY.
4-year CD: 3.50% APY.
5-year CD: 3.50% APY.
3-month CD: 3.95% APY.
Customer experience
Many support channels. Synchrony offers straightforward products and services online. It doesn’t have any branches, but customer service is available through live chat, X (Twitter) and phone support with good availability.
High app ratings. Synchrony’s mobile app gets ratings above 4 stars in Apple’s App Store and the Google Play Store, and allows mobile check deposit and other general banking tasks, plus the option to ask questions and get answers over live chat.
Overdraft fees
EverBank doesn’t charge an overdraft or nonsufficient funds fee if you overdraw your account. It generally declines transactions that would lead to a negative account balance. Another option is its overdraft protection program, which offers free overdraft transfers from a linked savings account.
How does Synchrony Bank compare?
APY
3.80%
With $0 min. balance for APY
Bonus
$300
Earn up to $300 with direct deposit. Terms apply.
Spencer Tierney
Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured by USA Today and the Los Angeles Times.