Synchrony Bank review (2025): Earn more on your savings with this top-rated online bank
Summary: Based in Connecticut, Synchrony Bank is an online bank that offers consumer savings and credit products, including savings accounts, money market accounts (MMAs), certificates of deposit (CDs), credit cards, and more. Synchrony also provides business banking products and services.
Synchrony's high-yield savings account ranks as one of our top 10 high-yield savings accounts available today. It's a free online savings account with no minimum balance requirements or monthly fees. This account currently boasts an annual percentage yield (APY) of 4.00% and offers an optional ATM card for easy access to your funds. Synchrony Bank will refund domestic ATM fees charged by other financial institutions, up to $5.00 per statement cycle.
Synchrony's money market account, which ranks among our 10 best high-yield money market accounts, is also free to open with no minimum deposit or minimum balance required. This account currently offers 2.00% APY and no monthly fees. An IRA money market account is also available for your retirement savings.
Synchrony Bank's CDs come in several term lengths, ranging from three months to five years. CDs do not have a minimum balance requirement and offer rates as high as 4.25% APY. Synchrony also offers IRA CD accounts for customers who are focused on saving for retirement.
Synchrony currently offers a range of cash back and retail credit cards, as well as financing through popular merchants such as Rooms To Go, Sam's Club, JCPenney, Belk, QVC, Lowes, and more. It also offers Synchrony Pay, a buy now, pay later (BNPL) service.This embedded content is not available in your region.
If you're considering banking with Synchrony, here are some of the fees you should be aware of:
Here's a closer look at some of the major pros and cons of banking with Synchrony:
Pros:
Competitive interest rates on deposit products: Synchrony's bank accounts come with rates as high as 4.25% — well above national averages.
No minimum opening deposit: Synchrony does not require a minimum deposit amount to open an account. It also doesn't require customers to maintain a minimum balance.
Cons:
Does not offer a checking account: Synchrony does not currently offer a checking account, only savings products and credit cards.
Does not have any physical branches: Synchrony is an online-only bank with no physical branches for customers to visit.
Synchrony Bank representatives are available via live chat and telephone Monday through Friday from 8 a.m. to 10 p.m. ET and weekends between 8 a.m. and 5 p.m. ET. There is also a 24/7 automated telephone service. You can also contact the bank via secure message and mail.
Synchrony customers can bank directly from their mobile phones by downloading the Synchrony mobile app, which is available on the App Store and Google Play and has an average rating of 4.8 and 4.6 stars, respectively.
On the app, customers can transfer money between accounts, check balances, deposit checks, chat with customer support, and more.
Synchrony focuses on a few key areas to make the greatest impact in the communities it serves. This includes volunteering time and skills to serve communities in need, supporting nonprofit organizations that benefit small businesses, donating to charitable organizations, and closing the financial knowledge gap through its 'Education as an Equalizer' initiative.
Through this initiative, Synchrony has committed to investing $50 million into the program to fund grants to academic institutions, nonprofits, and skills credentialing organizations.
Synchrony has also worked to reduce its consumption, lower emissions, and waste, and improve efficiency through the implementation of more energy-efficient buildings, reducing waste from paper, food, electronics, and more.
Yes, Synchrony is a Fortune 500 company with a history that spans more than 80 years.
While Synchrony Bank operates primarily online, it does have one branch location in each of the following states: Georgia, Kansas, New Jersey, North Carolina, and Utah.
Formerly known as GE Capital Retail Bank, Synchrony Bank is owned by Synchrony Financial, based in Stamford, Connecticut.
Yes, Synchrony Bank is an FDIC-insured bank. All of the accounts offered by Synchrony are insured up to $250,000 per depositor, per insured bank, for each ownership category.
Synchrony Bank's routing number is 021213591.
No. Synchrony Bank currently offers savings and credit card products. It does not offer a checking account.
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