Synchrony Bank Savings Review: Interest Rates and Features

Synchrony Bank is one of the potential online banks to keep and grow your funds. It has limited banking products including a high-yield Synchrony Bank savings account with which you can save cash in the short term for any financial goal like house funds or leisure funds.

Most online banks offer competitive interest rates and Synchrony Bank is no exception. It promises generous APY to boost your deposit in a relatively short time. Take a closer look at this review and find more information about Synchrony Bank.

Synchrony Bank Savings in a Brief

Synchrony Bank is an online division of Synchrony Financial based in Stamford, Connecticut. Designed for online purposes, it provides low-cost banking products with impressive interest rates. It does not have to pay overhead costs so it is able to provide higher rates of interest.

The high-yield savings account is one of the financial products of Synchrony Bank. The low-cost savings account is accessible to all US citizens without a minimum deposit requirement. Once you create a savings account, you will be eligible for the highest interest rate.

The Synchrony Bank high-yield savings account offers convenient online banking for customers. It allows you to access money in various ways, such as electronic transfers, wire transfers, phone transfers, and ATMs. Choose a method of your preference for easier access to your funds.

Similar to most online banks, Synchrony Bank savings account limits your activity to six withdrawals or transfers per month. Withdrawals using an ATM card do not count to this limit but it will count for cash-back transactions.

In case you exceed transaction limits, you may be charged fees. You will also need to pay fees for outgoing wire transfer, stop payment, and overnight check.

Synchrony Bank Savings Interest Rate

Synchrony Bank savings interest rate is currently 4.75% APY, which is equal to 10.5 times the national average. This is not the highest rate on the market but it is considered competitive to help you improve your deposits without any activity.

In addition to the impressive savings rate, Synchrony high-yield savings account is friendly for all budgets. It has no minimum initial deposit so you can open a new account even with just a $1 deposit. It also has no minimum balance requirements, which means all account holders can get the best interest.

Another good thing about Synchrony Bank savings is that it doesn’t deduct your deposit for monthly fees. It lets you keep all your earnings and use a variety of services without charge. But you will need to pay fees in several circumstances, such as excessive transactions and point-of-sale purchases.

Synchrony Bank Savings Pros and Cons

With a competitive savings rate, Synchrony Bank seems an ideal place to keep your cash and improve your balance without requirements. However, this online bank still comes with some drawbacks. The following pros and cons help you decide.


No ATM fees

ATM cards are optional on Synchrony Bank savings accounts. Customers who need a direct withdrawal at an ATM will not be charged fees. But if you withdraw cash from out-of-network ATMs, you will be charged fees.

No minimum deposit requirement

Every account holder can earn a high interest rate without a minimum deposit requirement. Customers with $1 or $1000 deposits are eligible for balance improvement.

High APY

Compared to traditional savings accounts, Synchrony Bank savings offer a significantly higher interest rate. Interest compounds daily to grow your balance faster. The improvement is credited to your account every month.

Mobile accessibility

Built as an online bank, Synchrony offers a variety of convenient ways to manage your funds. Mobile accessibility is one of the best features to improve your savings experience. This savings account has MySynchrony that lets you manage your account at any time anywhere.

Excellent Customer Support

To get help from a customer service officer, Synchrony is available via phone or live chat. Either chat online or speak with a CS representative to get your issues solved.


Account will be closed with $0 balance

Synchrony Bank has no minimum deposit requirement to earn the highest interest rate. But if your balance is $0 for more than 60 days, your account will be closed. In case your account is closed and you want to take it back, contact the customer service representative.

No physical branch

Synchrony Bank is an online-only bank. It does not provide a physical branch so it is not possible to head to a nearby branch for transactions. If you are not a big fan of mobile banking, this online bank may not be a good option.

No checking accounts

Synchrony Bank savings currently does not have checking accounts. It may be a big deal if you like the convenient integration between savings and checking. But if you like a less accessible savings account, this is not a significant drawback.

Limited ATM Network

More and more people prefer online transactions to conventional cash withdrawals. This may be the reason why Synchrony has a limited ATM network. This may be a major drawback for those who need a direct withdrawal at an ATM.

Limited work-hour customer support

An unfortunate thing can happen any time. If something is wrong with your Synchrony savings account, your only option is to reach out to a customer service representative. Unluckily, they are only available from Monday to Friday from 8 am to 10 pm.

Synchrony Banking Products

In addition to high-yield savings accounts, Synchrony offers a few banking products including money market accounts, certificate of deposits, credit cards, and educational resources.

Money market accounts offer minimum opening deposit with competitive interest rates. It also provides you with check-writing privileges and optional ATM cards. A certificate of deposit can be a good option if you want to save your money in a specific term.

Synchrony also comes with a credit card feature with no annual fees and limitless cashback potential. And if you want to make smarter choices to manage your money, educational resources have you covered.

Synchrony Bank savings offer competitive interest rates. Although it is not the highest on the market, it has tons of features to boost your online banking convenience like mobile accessibility and ATM support.