Synchrony Bank Review [2025]: High-Yield Savings and CDs

What is Synchrony Bank?

Synchrony Bank is a digital, online-only bank headquartered in Draper, Utah. It's owned by Synchrony Financial, which has been in business since 1932. Synchrony Financial is the largest issuer of private-label (think store names like Lowe's, Amazon, and Sam's Club) credit cards in the U.S. and offers a variety of other lending services.

Although it doesn't have physical branches and offers limited account options, Synchrony Bank provides a high-yield savings account, CDs with multiple term options, and a money market account that all earn an APY. It also has traditional or Roth individual retirement account (IRA) options for both CDs and money market accounts, and it can help you roll over your money from a previous account.

Synchrony Bank is FDIC insured, meaning your money is protected up to $250,000 per depositor, per ownership category.

Synchrony Bank accounts

Synchrony Bank Savings account

• APY: 3.80%
• Minimum balance for APY: $0
• Monthly service fee: $0

I think Synchony's High-Yield Savings account is helpful for people saving for a long-term goal like a down payment on a car or house.

It offers 3.80% annual percentage yield (APY), which is significantly higher than the national average of 0.38% (as of 7/21/25) and consistent with APYs provided on some of the best savings accounts. However, the APY rates are variable, meaning the rate you receive today could go up or down tomorrow.

Synchrony doesn't have a minimum deposit or require a certain balance to earn the highest APY. We recommend this account because it's a good option for people looking to build their savings slowly over time. It also has no fees or minimum balance requirements.

Synchrony doesn't offer a checking account, so you'll have to transfer money from a linked third-party bank into your Synchrony Savings account. You can also deposit checks through the mobile app, but the daily limit is $2,000. Customers can also mail checks directly to Synchrony for deposit. Synchrony does not accept cash deposits.

The Synchrony High-Yield Savings account comes with an ATM card that allows you to withdraw cash and complete basic transactions from a Plus or Accel-branded ATM. Synchrony does not charge ATM fees and will refund up to $5 per statement cycle for domestic ATM fees charged by another financial institution. The daily cash withdrawal limit is $1,000, and the daily point-of-sale limit is $500. Synchrony limits users to only six transfers or point-of-sale purchases using their ATM card per statement cycle.

Synchrony Bank High Yield Savings

Visit Synchrony Bank High Yield Savings

4.8

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

• Earn 3.80% APY on your savings¹ <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 6/3/2025. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.</p>
• Let your money work for you with great rates: count on it. Open a High Yield Savings account with Synchrony today. Member FDIC.
• Savings products with competitive rates, no required minimum balances, and no monthly fees.
• Save easy with Synchrony Bank. Our app makes it a snap to bank anywhere; manage accounts from your smartphone or tablet.

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on Synchrony's secure website

Synchrony Bank CDs

• APY: 0.25%-4.35% (as of 04/18/25)
• Minimum balance for APY: $0
• Monthly service fee: $0

If you're looking for a higher return and won't need to access your money for a few months (or years), CDs can be a good savings strategy. Synchrony offers multiple terms on its CD accounts, ranging from three months to five years, and doesn't have minimum balance requirements or fees.

The APY you earn on the Synchrony CD varies based on the term you select. They range from 0.25%-4.35% (as of 04/18/25). If you'll need your money within six months, you're better off using the Synchrony High-Yield Savings account.

If you select the Bump-Up CD with a 24-month term, you can "bump up" your APY once during the CD's term, provided CD rates increase.

If you need to access your money before the term is up, you'll pay a penalty. Synchrony's early withdrawal penalty starts at forfeiting three months' worth of simple interest (meaning the interest paid on your initial deposit) for a CD term of up to 12 months, based on the current rate when you make the withdrawal. If your term length is longer, you'll forfeit more interest, up to one year's worth for a 48-month or longer CD term.

We recommend the CDs at Synchrony if you already have a savings account there because of the mid- and long-term APYs offered. However, you may find similar CD APYs at another bank with more flexibility and account options.

Synchrony Bank Money Market account

• APY: 2.00% (as of 04/25/25)
• Minimum balance for APY: $0
• Monthly service fee: $0

Although Synchrony Bank doesn't offer a checking account, it has a Money Market account. All balances in the Money Market Account earn 2.00% (as of 04/25/25) APY, whether you have $100 or $10,000 in the account.

The account also has no fees and no minimum balance requirements and comes with an ATM card and checks. However, like the High-Yield Savings account, you are limited to only six transfers or withdrawals during each statement cycle, including checks, automatic transfers, and point-of-sale purchases with your ATM card. ATM withdrawals don't count. Synchrony may charge a fee if you make more than six transactions in a statement cycle.

Synchrony's Money Market account will not replace a checking account. We recommend it if you keep the majority of your balance in the High-Yield Savings account and if you know you'll only need to write a check or two each month. Otherwise, finding another money market account offering a higher APY will help you earn more.

Synchrony Bank fees

Customer service

Since you don't need a minimum balance, Synchrony Bank offers some of the easiest bank accounts to open. However, Synchrony's customer service is a mixed bag. It has a highly rated mobile banking app, but many customers report frustration with app crashes or problems with deposits.

Mobile app

Synchrony Bank's mobile app is available for both Apple and Android devices. It has a 4.8 out of 5-star rating on the Apple App Store with around 30,000 reviews. On the Google Play Store, it has a 4.6 out of 5-star rating and more than 6,000 reviews.

Despite the app being highly rated, customers report slow responses and trouble loading.

Customer support

Synchrony Bank offers customer support by phone at 1-866-226-5638. It has a 24/7 automated telephone service, and bankers are available Monday through Friday, 8 a.m. to 10 p.m. Eastern, and Saturday and Sunday, 8 a.m. to 5 p.m. Eastern.

You can also chat through the Synchrony website, send a secure message after logging into your account, and even send them a letter through the mail.

An alternative to Synchrony

Reach Your Savings Goals Faster

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

2025 award winner Best Checking and Savings Combo

SoFi Checking and Savings Benefits

• Limited-Time Offer: Earn up to a $300 bonus and up to 4.50% APY on Savings (3.80% APY² <p>New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at <a href="https://www.sofi.com/banking/">sofi.com/banking</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.</p><p>SoFi members with Eligible Direct Deposit can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.80% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement.&nbsp;Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet" >http://www.sofi.com/legal/banking-rate-sheet</a>.</p> with +0.70% APY Boost) for 6 Months on new accounts with eligible direct deposit. Terms Apply.³ <p>Earn up to 4.50% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.80% APY as of 8/5/25) for up to 6 months. Open a new SoFi Checking &amp; Savings account and enroll in SoFi Plus by 9/3/25. Rates variable, subject to change. Terms apply at <a href="https://www.sofi.com/banking/#2">sofi.com/banking#2</a>. SoFi Bank, N.A. Member&nbsp;FDIC.</p>
• No account, overdraft, or monthly fees⁴ <p>We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a></p>
• Get your paycheck up to two days early⁵ <p>Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.</p>
• Access additional FDIC insurance up to $3 million⁶ <p><b style="font-family: Rubik, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, &quot;Helvetica Neue&quot;, Arial, sans-serif;">SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations.&nbsp;Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at&nbsp;<a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.</b></p>

5.0

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Open an account with SoFi® here

FAQs

Bottom line

Synchrony Bank may be a good option for people interested in earning a high APY on their savings accounts or CDs and who don't plan to have many transactions in or out of the account. However, the limited accounts and customer reviews of Synchrony Bank and its parent company, Synchrony Financial, suggest that you may find more account options and better service with another bank.

Before you sign up for a new bank account, check out our list of best banks and be sure to read the account disclosures and fee schedules carefully. Look for an account with no minimum balance requirements, no monthly fees, and with tools that help you make the most of your money.

Learn More

4.8

FinanceBuzz writers and editors score products and companies on a number of objective features as well as our expert editorial assessment. Our partners do not influence our ratings.

Let your money work for you with great rates: count on it. Open a High Yield Savings account with Synchrony today. Member FDIC.¹ <p>Annual Percentage Yield (APY) is subject to change at any time without notice. Rate accurate as of 6/3/2025. Offer applies to personal accounts only. Fees may reduce earnings. For High Yield Savings accounts, the rate may change after the account is opened. Visit synchrony.com/banking for current rates, terms and account requirements. Member FDIC.</p>

Savings products with competitive rates, no required minimum balances, and no monthly fees.

Save easy with Synchrony Bank. Our app makes it a snap to bank anywhere; manage accounts from your smartphone or tablet.