Synchrony Bank Reviews
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About Synchrony Bank
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.
- 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 term | APY |
|---|---|
| 11-month no-penalty CD | 3.65% |
| 24-month bump-up CD | 3.90% |
| 3-month CD | 2.05% |
| 6-month CD | 4.80% |
| 9-month CD | 5.15% |
| 12-month CD | 4.90% |
| 13-month CD | 4.50% |
| 14-month CD | 4.90% |
| 15-month CD | 5.00% |
| 16-month CD | 4.50% |
| 18-month CD | 4.50% |
| 19-month CD | 4.50% |
| 24-month CD | 4.20% |
| 36-month CD | 4.15% |
| 48-month CD | 4.00% |
| 60-month CD | 4.00% |
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:
| Company | Customer rating | APY | Minimum opening deposit | Monthly fee | Features | Other products | |
|---|---|---|---|---|---|---|---|
Synchrony Bank | Learn More | 1.1 | 4.75% | $0 | $0 | ATM card | High-yield money market, CDs, credit cards |
 Ally Bank | Learn More | 1.0 | 0.10% - 0.25% on checking balance; 4.2% on savings balance | $0 | $0 | Set up savings buckets, recurring transfers, round ups from debit card purchases | High-yield checking, high-yield money market, high-yield CDs, no-penalty CDs, raise your rate CDs, credit cards, loans, investing |
 SoFi | Compare Offers | 1.3 | Up to 4.20% | $0 | $0 | Comes with a high-yield checking account; get up to a $300 sign-up bonus with direct deposits, round up debit card purchases | High-yield checking, student loans, personal loans, mortgages, insurance, investing, credit cards |
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.
Still have questions?
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
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Reviewed May 20, 2026
A most horrific experience. Emergency travel occurred to death of a family member. Sam's Club mastercard denied with out-of-state use. Fraud department notified that charge was authorized. I received an acknowledgement that the issue was resolved. However, the issue got worse. The use of the card was denied for all users, even those not traveled from the home location. I went through the verification process with facial recognition and ID verification, only to receive a notice that a letter would be sent in 7-10 days.
As a member of Sam's club since 1988 and payment of balances on the Mastercard each month in full, access remained denied. I called three times, repeated the verification process, but not Code number issued. The agents response in the follow up calls became more dismissive. For me, this was a horrible, insensitive, devaluating process where I and my family members on the card were victims of process rather than recipients of assistance in time of need.
Reviewed May 16, 2026
Credit is extended by Synchrony Bank, which is located at 170 Election Road, Suite 125, Draper, UT
To whom it may concern, please reconsider before opening a new PayPal Credit account with #synchrony @synchronybank if you value time, sanity & fico. The experience with Synchrony Bank PayPal Credit has easily been the worst from a objective point of view. This bank arbitrarily lowered the line of credit multiple times, although the credit account was in good standing to that point. This didn't end the world, just a bit of wasted time after multiple occurrences.
The credit line was dropped while PayPal subsequently chose to charge the incorrect account, at the wrong bank. This is when PayPal was not set to use that bank account by default, and was never selected to be used. In fact, the PayPal Credit account was previously paid with a 20+ year old bank account which was predominately used for the PayPal Credit account in question.
Due to this glitch that appears to have been on the side of Synchrony and/or PayPal, the bank then applied a "return charge fee" for this systematic error. To be clear, I never chose the account that was selected when attempting to pay the PayPal Credit account. This whole process then repeated again only one week later, and that secondary "return charge fee" was also refunded in "the name of good customer service". Now this is more of an insult, or a joke.
Synchrony subsequently closed the PayPal Credit account entirely, after the line of credit was lowered, and stated this was due to the "return charge fee", which both had been refunded. Synchrony advised contacting PayPal to get them to furnish some form of proof, in which PayPal refused to provide. Mind you, this is because I had no say in which account was charged in these two occasions and the customer support was less than helpful.
Further, I've had multiple accounts with Synchrony, among many other groups and none of which have ever had such an issue before. This includes a PayPal Mastercard, also provided by the same Synchrony Bank which is still in good standing today. Synchrony & PayPal both point the finger at the other while neither offer any real assistance. Well I'm now offering you the **. Thanks.
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Reviewed May 15, 2026
They are owned by Synchrony Bank, and this has been the worst credit card experience I have ever had. First, I have always paid off all my credit cards before any interest accrues. Before dealing with them, my FICO score was above 800. Second, they are claiming I have a $500.00 balance, which is false. There has never been a $500 charge at any establishment. Further, they opened multiple accounts and cards in my name with different account numbers, apparently in an attempt to generate a false balance/charge and cause confusion. Last, their phone reps cannot answer any questions or give a straight answer. Each rep gives a different answer to the same question. Clueless!!!!
Reviewed May 14, 2026
Run Away!!!! Do not rely on this company for credit services. I have a card for EMERGENCIES ONLY. And when I have an emergency vet bill and discover theses greedy bozos have lowered my credit line to $1024.00 (what a random number) without informing me. And the little girl on the service line says "I'm sorry you feel that way" when I expressed disappointment that they were not there for me when I need help. Once my current balance of $1024.00 is paid off it's AMF to Care Credit/Synchrony Bank.
Reviewed May 7, 2026
Synchrony took over managing Lowe's Pros credit accounts. I have been a Lowes customer in good standing longer than Synchrony exists. A while back I received a suspicious request form supposedly from Synchrony, requesting my SSN. But the form had NO official Synchrony letterhead, NO official name for contact or verification, NO return envelope and an anonymous phone number to call for "service". Seemed like scammers phishing, to me. Especially since I've been a Lowes credit holder for many DECADES, who I am sure, has had my SSN on record. So I ignored this creepy request. Two weeks ago they locked my account, insisting they need my SSN. I capitulated, sent the requested information PRIORITY mail. It was delivered 5/1. A week later the account is still locked and I am unable to even log in to PAY MY BILL, due the 13th.
This seems conveniently designed to trap me into getting a late fee and service charges being applied to my account. I called Customer service - transferred to 3 different human operators, after finally getting past the bots (which took over 15 minutes), each representative apologized for the long wait, explaining they were really "slammed" (Gee, I wonder why) and was put on hold again waiting for the "next available", and then after 20 more minutes of music, my call was dropped. So much for customer service: extremely time consuming, issue still unresolved. I don't hold Lowes responsible for this mess, Synchrony operations seem predatory, unprofessional and not at all customer oriented. If they need more account holder personal information, maybe they should include the request in with the Lowes statement. Where's a Menards when you need one?
Reviewed April 30, 2026
I wish we could apply zero stars to this. Unbelievable hidden fees that I did not sign up for when applying for credit for an emergency vet hospital visit. They make it very confusing as to what you’re signing up for but I know that I did not sign up for extra fees for care credit card protection, this would be useless to me but somehow after 13 months of diligently paying off my loan for the vet bill (extremely high for what they didn’t do at this vet hospital) each month and making it almost impossible to access the billing statements and charges, I had to call three times a customer service agent to help me with these. What’s more, this bank does not credit your payment on the day or even the next day of payment, so this bank cleverly does this in order to incur incredibly high late fees. This practice is extremely deceptive and wrong, along with adding extra services that I did not sign up for.
I will never understand the level of greed these banks have and especially on vulnerable people that are having financial problems in the first place, which is why we sign up for these payment plans! Shame on this bank for doing this to folks when they’re obviously having a hard time making financial emergencies payments and just making ends meet. Taking money and cleverly deceptive practices of adding more fees for useless means, such as “credit card security fee” each and every month, adds up to thousands of extra dollars on a $1,300 payment plan for over 13 months, is robbing from the lower income consumers at desperate times in their lives. Shame on Synchrony Bank!
Reviewed April 28, 2026
Horrible bank. I had used Care Credit to pay for dental work and vet bills. Was on automatic payment for 12 months. Suddenly I had not only my monthly payment, but also the balance of my entire dental procedure taken out of my account which caused a negative bank balance. Attempted to use the chat service but that was useless. Spent 30 minutes on hold waiting for a representative who merely apologized for the mistake after putting me on hold for another 20 minutes. Best she could offer was a refund check which wouldn't arrive for 7 days. The payment was still pending but she couldn't be bothered. I know from past experience the transaction could have been halted, but obviously this bank doesn't care enough about their customers. Once I have paid my debt off with them I will close my account. Horrible company.
Reviewed April 25, 2026
If I could leave zero stars, I would. This bank uses predatory tactics—stay away! When I bought a mattress, the store told me I had 3 years to pay it off. You would think the "Minimum Payment" on your statement would be enough to pay it off in time, but it’s not. Synchrony sets the minimum payment much lower than what you actually need to pay to clear the balance. They don't remind you when the 3 years are up, and then "Voilà"—they hit you with 34.99% interest on the original full amount. I ended up with thousands of dollars in interest added to my balance overnight. They are feeding off people who think they are on a fair payment plan. Stay far away from them!
Reviewed March 24, 2026
An employee of Synchrony bank who had access to sign in info. An employee of Synchrony Bank who had access to my log in information got their feeling hurt by me and call Synchronic Bank pretending to be me and closed two of my credit cards. Upper management would not confirm this, told me they would listen to the call of the person (I say employee) pretending to be me conversation. Amazon and Carecredit cards were reinstated and force them to send retraction to the three credit bureaus. Thanks ceo's using out of the country agent.
Reviewed March 21, 2026
Worst ever scam bank. High interest rate of 66 percent on a 3 grand credit card. More I pay on this card interest rate goes up. Do not ever ever apply for their Care credit card! You will be In debt over it! This bank need to be shut down and closed.
Synchrony Bank Company Information
- Company Name:
- Synchrony Bank
- Address:
- P.O. Box 669802
- City:
- Dallas
- State/Province:
- TX
- Postal Code:
- 75266
- Country:
- United States
- Website:
- www.synchronybank.com