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 | |
|---|---|---|---|---|---|---|---|
 | 1.1 | 4.75% | $0 | $0 | ATM card | High-yield money market, CDs, credit cards | Learn more |
 | 1.1 | 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 | Learn more |
 | 1.4 | 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 | Compare Offers |
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
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- 4,572,091 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Reviewed Nov. 1, 2024
Since Synchrony finances the Amazon store card, I really have no choice. It has been the worst experience. It seems that customer service reps don't all get the same training. I've had chats with several reps and each will tell me that the information I was previously given was not correct. However, they can not remedy the situation even though it was of no fault of my own. Yes, that's right, their mistake is now my mistake.
Today was the worst yet. It appears that Synchrony can charge you a RECURRING late fee with interest. That's right, I have been paying interest on a LATE CHARGE fee for 6 months now. At first, the rep said it was a Non Promotional charge, then changed it, it is interest on a nonpromotional charge. After I disputed that, she admitted it was interest charged on a late fee from 6-months back (March). Apparently, Synchrony can charge a late fee with interest and you will continue to pay the interest on that fee because it never goes away or gets paid off. Does that sound like normal business practice? Not where I come from.
Reviewed Sept. 13, 2024
Synchrony is a monopoly in the credit business. They have a reputation of unfair practice toward potential consumers of retail businesses. With AI becoming more relevant, the probability of further monopoly exists.
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Reviewed Aug. 17, 2024
This is the “Worse” bank to ever. They closed out my account “without me knowing” even though I was making payments “on time” every month. They have no sympathy for individuals if you end up having a high balance and then “paying” it off and then get it back high again and then pay it. People do it all the time especially if they need to buy stuff for their business. This company is heartless. A bunch of evil jerks. I hope you go out of business for doing people like that.
Reviewed Aug. 16, 2024
Be careful, I opened an Amazon Store Card through Synchrony Bank, but they never sent me the physical card or statements. I never received any notifications before my payment was due; the only time I heard from them was after the payment was past due, at which point they promptly charged me a late fee. This happened repeatedly, making it seem as though Synchrony Bank is more focused on charging late fees than providing honest service. It feels like they are more interested in taking money from customers through unfair practices rather than helping them manage their accounts properly.
This experience has been extremely frustrating, and I feel deceived by their lack of transparency and support. I strongly advise others to be cautious if considering this card, as their practices seem predatory and untrustworthy. Sorry you would not worth it even a star but there is no option to choose else. I would give minus 20 star to this kinda scammer people.
Prem **
Reviewed Aug. 15, 2024
After years of being a customer, I have decided to stop using their credit cards because they have been declining many of my purchases despite having plenty of balance. It is humiliating to go to store and being declined even after calling and verifying myself, now they have included me sending a video of myself and taking pictures of my ID and that's where I draw a line. I have plenty of other cards I can use and refuse to be humiliated and videotaped to prove who I am.
Reviewed Aug. 4, 2024
I am one more victim of Synchrony Bank. I have had a Lowe's/Synchrony card for almost a year and today 8/4/24 they decided to close my account with no notice. Upon reading a lot of other reviews this is a very known issue with this bank. I do not understand how Synchrony Bank is still in operation, and no one has taken action against this bank. I have never been late and always pay more than the minimum. I was planning to pay my account in full this month and now I will definitely do so just in case they try to charge full interest on my promotional balances.
I want to leave this review here to warn other potential victims. I have been working hard to establish a good credit score and now because of Synchrony Bank I am risking a credit drop. This is not acceptable, and these banks just keep getting away with bad practices that impact us the consumer in a negative way. Beware of Synchrony Bank!!!! They will offer you a credit line and pull it from under your feet with no warning causing a negative hit on your credit score!!!!
Reviewed July 31, 2024
I am extremely dissatisfied with this situation. This charge has caused significant inconvenience and frustration. I believe that Synchrony should support its loyal customers by providing fair and transparent communication, especially regarding important deadlines and paperless statement. I was charged interest around 2400.00 without a warning that the promotion was ending because I had a paperless statement. Customer Be Aware.
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!
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.
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.
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