Synchrony Bank: 2022 Banking Review

Synchrony Bank is an FDIC-insured online bank that offers very competitive rates on deposit accounts. And because we don’t operate a physical store, we pass the savings on to our over 72 million customers.

Synchrony Bank is perfect for customers looking for a high-yield savings account option not available at their current bank.In addition to high yield savings Synchrony Bank does not offer money market accounts and several types of certificates of deposit. checking account.

what we like

• Competitive APY for deposit accounts
• Extended customer service hours via phone and live chat
• Wide variety of CD accounts

dislike

• We do not accept cash deposits
• No checking account
• No physical branch

Review of savings account

Synchrony Bank offers competitive yields on high-yield savings accounts with no monthly maintenance fees, minimum balances, or minimum deposit requirements to open an account. Your savings account comes with an optional ATM card so you can access your funds at your convenience. Plus, get reimbursement for out-of-network ATM fees up to $5 per month. Synchrony Bank supports deposits via mobile checks, ACH transfers, direct deposits, and wire transfers from external banks.

Note: Annual Yield (APY) shown is as of October 26, 2022. Bankrate’s editorial team updates this information regularly, usually bi-weekly. APY may have changed since the last update and may vary by region for some products. Bankrate listings include only FDIC banks or NCUA credit unions.

what we like

• The highest APY offered applies to all balance tiers.
• No minimum deposit required to open an account
• No monthly maintenance fee

dislike

• We do not accept cash deposits
• Low monthly out-of-network ATM rebate caps

CD account review

Synchrony Bank offers 13 types of deposit account certificates, including traditional CDs with terms ranging from 6 months to 5 years, 11 months no penalty CDs, and 24 months bump-up CDs. There is no minimum balance required to open either type of CD. Synchrony is IRA CDs This allows investors with qualifying income to save pre-tax dollars intended for retirement after age 59½.

what we like

• Competitive rates on all CD account terms
• Wide variety of CD account types
• No minimum deposit required to open an account

dislike

• Early withdrawal fees can be higher than other banks for long term CD accounts

banking experience

Synchrony Bank does not have physical branches, but customers can manage their accounts online or via a mobile app. It is highly rated on the App Store and Google Play Store. We don’t offer a wide variety of products, but our savings account rates are always market leading. Synchrony is a no-frills bank with solid banking products. Customer service offers extended hours with live chat and toll-free phone support. Our automated support line is available 24/7.

Overdraft fee

Synchrony Bank does not charge overdraft fees.

customer service

Customer service is available through live chat. twitter Toll free number: 866-226-5638. Customer Service is open daily at 8:00 AM ET and offers extended hours to 10:00 PM ET on weekdays and 5:00 PM ET on weekends.