Synchrony Bank Review

Synchrony Bank may not be quite as well known as some of the Wall Street banks, but it actually ranks as the fifth largest savings bank in the nation by deposits, with close to $38 billion in assets.Synchrony Bank

Online banking portal

Online banking consumers are savvy, comparing banks' offers with a mouse click or two — and the Synchrony Bank website seems to acknowledge this fact. It is definitely one of the easiest to use: All of their main products are shown prominently on the home page, along with the most important rate information.

Their four main products are:

  • High-Yield Savings Accounts
    Certificates of Deposit (CDs)
    Money Market Accounts
    IRA Investments

The website also highlights their Perks loyalty program, which offers discounts to theme parks, hotel and car rentals.

Navigating to the various pages is easy, and you never feel lost. Account holders also have a single portal from which they can manage all their accounts. If you prefer to go old-school, you can still call them and do all your business by phone.

Click here to open an online Synchrony Bank high-yield savings account

High-yield savings accounts

Synchrony Bank's high-yield savings account offers one of the best online savings account rates. Plus, it's quick and easy to open an account. Like most banks, whether online or brick and mortar, Synchrony Bank must limit withdrawals to six electronic or telephonic withdrawals per monthly statement cycle according to federal regulation. But according to the account agreement, their high-yield savings accounts offer unlimited withdrawals if made at their only branch in Bridgewater, New Jersey, or at an ATM.

Fees: As long as you maintain a minimum balance of $30 or more, there are no fees.

Certificates of deposit

Certificates of deposit (CDs) are attractive because they offer better interest rates than even a high-interest savings account. Synchrony Bank CDs offer competitive rates with a wide range of maturities, from three months to five years, so you get the flexibility to pick a period that exactly matches your needs. As with all CDs, the higher interest rates are reserved for larger investments and longer maturities. And at Synchrony, the minimum deposit is $2,000.

Click here to open an online Synchrony Bank CD account

Money market accounts

Want to set aside a certain amount of money from your regular savings but don't want to tie it up in a CD? An online money market account from Synchrony Bank could be the perfect solution. Interest rates are tiered, variable and subject to change without notice.

Synchrony Bank allows you to write checks on your money market account, which allows it to function essentially as an interest-bearing checking account. So if you were using a money market account to, for example, save for that car you were planning to get, and a terrific bargain comes along, you could simply whip out your checkbook. Life can't get much simpler than that. Still, this type of account is subject to the maximum six withdrawals per statement cycle too.

The minimum balance requirement on the Synchrony MMA is $30 to avoid a $5 monthly service charge.

IRA investments

What's the number one consideration when investing for your retirement? Security, of course. There is no safer investment than an FDIC-insured CD and/or money market fund for your regular or Roth IRA.

Unlike many IRA accounts, however, Synchrony offers options with no annual fees, so you keep everything you make. And all the interest you earn is tax-free (Roth) or tax-deferred (regular IRA).

The minimum balance to open an IRA CD account is $2,000 and $250 for an IRA money market account.


If you are looking for a safe, convenient and competitive online bank, Synchrony Bank is worth a look.

It's a good idea to check their website regularly to see if they have any special offers for new accounts. Their customer loyalty program called “Perks by Synchrony Bank” is another reason to give Synchrony Bank your business. The longer you remain a customer, or the more you invest, the more perks you receive, starting with ATM reimbursements.

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