Synchrony Bank Reviews

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Updated Nov. 10, 2025

By: Cassidy Horton

+1 more

Edited by: Ashley Eneriz

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.

Pros

Competitive APYs
No fees for monthly maintenance and non-network ATMs
Reimburses ATM fees charged by third-party providers

Cons

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	1.2 55 reviews 55 reviews	4.75%	$0	$0	ATM card	High-yield money market, CDs, credit cards
Ally Bank	Learn More	1.0 1,706 reviews 1,706 reviews	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	1.4 187 reviews 187 reviews	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.

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.

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