Synchrony Bank

Synchrony Bank Reviews

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About Synchrony Bank

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Synchrony Financial is an FDIC-insured online bank with a string of high-yield savings accounts (HYSAs), money market and certificate of deposit accounts. Its products have no monthly fees or minimum balance requirements, but you won’t find any checking accounts at Synchrony. Also, as an online bank, it doesn’t support cash deposits. Another important thing to note is that you cannot mobile deposit checks over $2,000.

Pros & Cons

  • Competitive APYs
  • No fees for monthly maintenance and non-network ATMs
  • Reimburses ATM fees charged by third-party providers
  • No checking accounts
  • No physical locations
  • No cash deposits allowed

Our editor’s take

Synchrony is a great fit if you value savings products with high annual percentage yields (APYs) and low fees. Synchrony’s APYs are consistently among the best in the nation, and you don’t need to keep a minimum balance to earn interest or waive monthly fees, which makes it even better.

The biggest drawback is that Synchrony doesn’t offer checking accounts, so you won’t be able to keep all your banking with one institution. If you want a checking and savings account from the same place, consider other top online banks like Ally Bank and SoFi.

How does Synchrony Bank work?

You can open any Synchrony bank account online through its website. You’ll need your full name, address, Social Security number, date of birth and government photo ID. Once you open an account, you can manage it online or through the Synchrony mobile banking app.

Synchrony customers get free access to ATMs with a Plus or Accel logo, both domestically and internationally. The bank doesn’t charge ATM fees and will reimburse you for any fees charged by third-party ATMs —up to $5 per month for regular customers or unlimited if you have Diamond Status in Synchrony’s rewards program.

Because it’s an online bank without physical branches, you can’t deposit cash into your account as you would with a traditional bank. These are the ways you can deposit money into your Synchrony bank account:

  • Electronic transfer from a Synchrony bank account or external account
  • Mobile check deposit
  • Direct deposits
  • Wire transfer
  • Mailing in a personal or cashier’s check

Synchrony Bank products and services

Synchrony has a refined lineup of savings products, retirement accounts and credit cards for customers to enjoy.

High-yield savings account

Synchrony’s high-yield savings account earns a competitive 4.75% APY with no minimum deposit requirements and no monthly fees.

Another major perk is that it comes with an ATM card. With most high-yield savings accounts, the only way to withdraw cash is to transfer it to another account first. But with Synchrony, you can get an optional ATM card to withdraw cash and make purchases when you need it.

Money market account

The Synchrony Money Market Account doesn’t have as strong of a yield as its savings account—you earn 2.25% instead of 4.75%. But in exchange for a lower APY, you can write checks from this account and use your ATM card for transactions and cash withdrawals. There’s no minimum deposit or monthly fees. If you don’t need the check-writing component, Synchrony’s high-yield savings account may be the way to go.

Certificates of deposit

With Synchrony, you’ll find high-yield CDs with competitive interest rates, no-penalty CDs that don’t ding you for early withdrawals, and bump-up CDs that let you request a one-time rate increase during your term. All terms have higher-than-average yields and no minimum deposit to open, so you can get started with as much money as you’d like.

Unless you choose a no-penalty CD, you’ll pay an early withdrawal penalty if you need your money before maturity. This penalty ranges from 90 days’ to 365 days’ interest depending on the term. However, you can transfer your CD interest into a Synchrony high-yield savings or money market account at any time without paying a penalty.

These are Sychrony’s CD rates as of publishing:

CD termAPY
11-month no-penalty CD3.65%
24-month bump-up CD3.90%
3-month CD2.05%
6-month CD4.80%
9-month CD5.15%
12-month CD4.90%
13-month CD4.50%
14-month CD4.90%
15-month CD5.00%
16-month CD4.50%
18-month CD4.50%
19-month CD4.50%
24-month CD4.20%
36-month CD4.15%
48-month CD4.00%
60-month CD4.00%
Retirement accounts

Synchrony offers two types of retirement accounts:

  • Synchrony IRA money market accounts earn a 2.25% APY and have no minimum balance requirements. You can add additional money at any time, up to IRS limits.
  • Synchrony IRA CDs have three to 60-month terms and earn anywhere from 2.05% to 5.15% at publishing.

For both products, you must call customer service at 866-226-5638 to open an account. You can choose between traditional or Roth accounts, depending on your retirement goals.

Credit cards

Synchrony credit cards are offered in partnership with hundreds of retailers. Its lineup of Mastercards includes CareCredit for medical financing, PayPal, Lowe’s, Rooms To Go, and more. It also has a few cashback credit cards branded under the Synchrony name.

Synchrony Bank rates

Synchrony’s rates are much higher than the FDIC national average. For instance, the bank’s high-yield savings account earns 4.75% APY; meanwhile, the national average for savings accounts is just 0.46%. Similarly, Synchrony’s money market account earns 2.25% while the national average rate is 0.66%. Synchrony’s CDs tell a similar story, beating out the national average in every category.

Synchrony Bank fees

Synchrony has far fewer fees than the industry average. Its high-yield savings and money market accounts have no monthly fees or service charges, except a $25 fee for sending a wire transfer. However, Synchrony waives the wire transfer fee for Diamond Status members.

Synchrony also doesn’t charge inactivity fees, but it may close your account if you have a $0 balance for more than 60 days.

How does Synchrony Bank compare?

Compared to online banks like Ally and SoFi, Synchrony has fewer account options. Both of its competitors have high-yield checking accounts, so if you want to keep all your banking under one roof, Ally or SoFi could be worth exploring.

When it comes to high-yield savings accounts, Synchrony’s earns the highest rate, but you also get different features. Synchrony’s HYSA is good if you want an ATM card for purchases and cash withdrawals. But you’ll find more perks with Ally’s and SoFi’s accounts, like the ability to round up debit card purchases and have the spare change automatically deposited into savings. SoFi also has a sign-up bonus for new customers.

Here’s a closer look at how the high-yield savings account compares at each:

Synchrony Bank FAQ

What is the phone number for Synchrony Bank?

You can call Synchrony customer service at 866-226-5638. Its hours are weekdays from 8 a.m. to 10 p.m. Eastern and weekends from 8 a.m. to 5 p.m. Eastern.

Is there a class action lawsuit against Synchrony Bank?

A class action lawsuit regarding privacy invasion was filed against Synchrony Bank in November 2023. Allegedly, a consumer privacy advocate found that Synchrony used “pen register” software to install tracking software on his device, which violates California law.

Is Synchrony Bank in Canada?

Synchrony partners with a large number of companies to provide private-label and retail credit cards; many of these companies are in Canada. While Synchrony itself isn’t based in Canada, you may find some of its partner-branded credit cards there.

What is Sychrony’s routing number?

The routing number for Synchrony Financial is 021213591.

Is Synchrony Bank legit?

Synchrony Bank is an FDIC-insured financial institution that manages over $71.7 billion in CDs, IRAs, money market accounts and savings accounts. The bank has over 70 million active customers and over $3 billion in net earnings. Synchrony Bank was originally called GE Capital Retail Bank but changed its name on June 2, 2014. It’s a publicly traded company on the New York Stock Exchange (ticker symbol: SYF).

Synchrony Financial has faced a few lawsuits and court orders recently. Synchrony faced allegations of making unreasonably frequent or harassing phone calls to borrowers in California. A settlement of $3.5 million was made in 2021.

Synchrony Bank Reviews

Stars Rating

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    How do I know I can trust these reviews about Synchrony Bank?
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    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10

    Reviewed July 9, 2024

    I have had a FleetFarm credit card through Synchrony Bank for 7 years. In June, I paid my bill on the Due Date, paying MORE than was due. But I was charged a LATE fee of $30!! Then they raised my interest rate to 34.99%!! When I paid my bill, I printed out the "receipt" they issued me. Even on THAT, it says I paid on the 8th - the Due Date! But they claim I paid LATE. Nothing but crooks!

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    Punctuality & Speed

    Reviewed June 25, 2024

    Synchrony is bad for the consumer credit business. They appear to be very discriminatory in credit line approvals and very active in fostering negative consumer credit ratings after dealing with the bank for a short period of time by decreasing tradelines or eliminating them altogether by closing accounts in "good standing". However, the punishment and offenses dealt by Synchrony appear to be equal regarding consumers that pay their accounts on time and in full. I don't know if this has always been their business model but it is surely a destructive credit mechanism that creates an environment of distrust and disbelief.

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      Sales & MarketingPrice

      Reviewed June 21, 2024

      Terrible scam bank. Send me no notifications on a promo ending so they can charge interest and keeps my pay on auto pay without notifying me of anything so every month their system will auto charge me interest fees. Sin Crony bank is a better name. A must avoid bank at all costs. Not to mention their bank statements online only go back 1 yr so they hide all the fees and incorrectly charged amounts/scam activity. Disaster of a bank. Will close my account soon.

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      Reviewed June 17, 2024

      When clients report problems made by their own managers and staff, Synchrony Bank does not offer assistance. To make clients "feel" as though something is being done, they routinely deviate from the actual issue and provide them a generic "legal" response; nevertheless, even when they do make themselves available, they never seek into a verbal discussion of the real matter in question. Note that more than enough information was provided and still they keep deviating from the real issue.

      Regretfully, the aforementioned comprises "executives," who genuinely don't give any consideration as long as they are paid (or at least that is what we customers feel). Not even the person tasked with handling these kinds of issues really knows how to handle them. This experience only confirms what everyone else appears to experience. I'll update this review once a discussion with Synchrony Bank executives is granted.

      PS: A quick google search can provide you directly with the "bad" customer service this institution has.

      Reviewed June 12, 2024

      Synchronicity Bank has the Amazon store credit card and their portfolio. I hope they don't have it anymore after this review. I've had this card for well over two years. Never missed a payment. Always paid more than I was supposed to. But somehow they determined I had too much credit so they lowered my credit limit. So I paid it off and canceled the account.


      Reviewed June 10, 2024

      They're now charging me 1.99/mo for a paper bill. So just to be clear, that's them charging me extra to save them money! Huh, no thanks. Also the only way to pay your bill if you go paperless is to add your bank info. to their site and they can't guarantee it's secure. My data has already been leaked several times by employers, medical clinics etc. The only reason I got the card was because Verizon makes you to do their autopay. I guess I'll be dumping Verizon and their bad card at the same time!

      Customer ServicePunctuality & Speed

      Reviewed June 4, 2024

      Consumer statement: I am writing to dispute errors on my credit report related to my Synchrony PayPal Credit account. My credit was unfairly closed due to alleged failure to pay, but this was not my fault. Despite numerous attempts to make payments and link my bank accounts to the Synchrony PayPal Credit system, the process was unsuccessful each time due to errors on their part.

      Additionally, Synchrony closed my PayPal account even though I paid the balance in full well after several fail attempts by their system. They also decreased the credit limit on my Amazon store card account, which I am still actively paying. These actions have negatively affected my credit health and do not reflect my efforts or financial responsibility.

      I contacted Synchrony multiple times to resolve these issues, but they did not address my concerns and continued to report missed payments. I have always been diligent in managing my credit and ensuring timely payments. These negative marks are unjust and detrimental to my credit profile. I request that this statement be included in my credit file to provide context for the reported decrease in my credit line and closure of my accounts. Thank you for your attention to this matter.

      Denying payment for this account without a reasonable basis;
      Failing to conduct proper, prompt, and thorough investigations into payments denied.
      Ignoring telephone calls, letters, and emails about linking bank account.

      Retaliation after verbalizing and digitally asking for support regarding a failed attempts.

      Customer ServicePrice

      Reviewed June 1, 2024

      I have had a Chevron card for over 26 years and out of nowhere they closed the account without notice! I called customer service and asked why I was not notified. The response was, "We don't notify our customers and the account is not reopenable." Followed by, "You can re apply for a new card!" Not only does it affect my credit for them closing a long standing account but now they want me to double down and affect my credit to re-apply! Not to mention the INSANE interest rate. I will NEVER do business with the company again and if you were smart neither should you!

      Reviewed May 28, 2024

      Sadly this credit card company is not interested in having loyal customers over 50 (TJM, Marshalls and Home Goods). They now charge you if you want to receive a bill in the mail. CHARGE ME to BILL ME!!!! Blows my customer marketing mind and obviously it cancels out any benefit of using their card (a $10 credit if you spend a certain amount over time). Now I have literally no reason to have or use their card. So much for building loyalty....poor business practice. Adios Synchrony!

      Customer ServiceStaff

      Reviewed May 24, 2024

      I am beneficiary on an IRA and it is payable on death. Simple. Not through a will or estate, just payable to beneficiary upon death. They required that I personally set up an account with them to transfer the funds. I did this ridiculous step and opened an account in my name with them for them to simply move the funds over and then from that account I should be able to move the funds elsewhere. Synchrony has untrained people on the phones, put you on hold, no one calls back, no one answers the emails. Supervisors blame the legal department but won't let you speak to legal. They are requiring grieving people to complete and mail certified form that is unnecessary and incorrect because their own people are not trained.

      It is either gross incompetence or done intentionally to keep the money as long as possible. I still have no funds in my account and all they have to do is a transfer internally. The form required was sent in twice, certified mail and they will not process this transfer. Stay far away from Synchrony Bank. They will abuse your grieving beneficiaries should you die with an account there.

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      Synchrony Bank Company Information

      Company Name:
      Synchrony Bank
      P.O. Box 669802
      Postal Code:
      United States