Synchrony Bank Review 2024 (2024)

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Synchrony Bank Review: Overall Rating

Synchrony Bank Pros and Cons

About Synchrony Bank

Synchrony Bank is an online-only institution, so there are no physical branch locations. Its website is easy to navigate. The mobile banking app has received 4.8 out of 5 stars in the Apple store, and 4.5 out of 5 stars in the Google Play store.

If you have questions, you can chat online with customer support. You'll initially be connected to a virtual assistant, and if the virtual assistant can't answer your query, you'll be transferred to a live assistant. You can call an agent from 8 a.m. to 10 p.m. ET Monday through Friday, or 8 a.m. to 5 p.m. ET Saturday and Sunday.

Synchrony doesn't offer a checking account. It does provide an ATM card with its savings and money market accounts, though, and you can use your card for free at any Plus or Accel ATM. Synchrony reimburses up to $5 per month in out-of-network ATM fees.

You can also use your ATM card to make purchases at stores by entering your ATM PIN.

Synchrony accounts are insured by the FDIC for up to $250,000, or $500,000 if you have a joint account. This means that even if Synchrony shut down, your deposited money would be safe.

Is Synchrony Trustworthy?

The Better Business Bureau gives Synchrony an A+ rating. A strong BBB rating indicates the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.

Synchrony does have some recent controversies. In 2023, the bank was ordered to pay a settlement of $2.6 million; the lawsuit claimed that Synchrony called people about bank accounts they did not own. In 2021, Synchrony paid $3.5 million in a settlement when California residents said the bank was making an unreasonable number of phone calls to people who owed debt.

Synchrony Bank FAQs

Synchrony Bank Account Reviews

Synchrony High Yield Savings Account

The Synchrony high-yield savings account is a great option for savers. It pays a competitive interest rate, has a $0 minimum opening deposit, and has no monthly service fee.

This account is unique because unlike most savings accounts, it comes with an ATM card, which gives you easy access to your savings. You can use it at an ATM or to make a purchase when you enter your PIN. This is especially important because Synchrony doesn't have a checking account, so the ATM card is a crucial way to withdraw savings if you need money quickly.

Synchrony Bank CDs

Synchrony offers three types of CDs, and Synchrony CD rates are competitive across the board.

The Synchrony Bank CD has a variety of terms to choose from, paying 0.25% to 5.10%. The 11-month Synchrony No-Penalty CD pays 0.25% APY. The 24-month Synchrony Bump-Up CD pays 3.60% APY, and you have the option to increase your rate once during the term if the banks increases its rate on this certificate.

Synchrony Money Market Account

The Synchrony Money Market Account has a $0 minimum deposit and no monthly service fee. It also comes with both paper checks and an ATM card, making it easy to access your money. Use the Plus or Access ATM networks for free, and Synchrony reimburses up to $5 per month if any out-of-network ATMs charge you a fee.

How Synchrony Bank Compares

Synchrony vs. Ally Bank

Both Synchrony and Ally offer savings accounts, money market accounts, and CDs. Synchrony offers higher rates on CDs and savings accounts, while Ally has a higher interest rate on a money market account.

You might prefer Ally Bank if you want to do all your banking with one company, because unlike Synchrony, it has a checking account. It's easy to immediately transfer money from your Ally savings account to the checking account. With Synchrony, you'll either need to withdraw savings with your ATM card, or transfer money to an external checking account — the latter option could take up to a few business days.

Ally Bank Review

Synchrony vs. Marcus Bank

Marcus only offers CDs and a high-yield savings account, so Synchrony will be the clear choice if you want a money market account. Neither bank has a checking account, though.

The two high-yield savings accounts are pretty comparable. You might prefer Synchrony if you want an ATM card attached to your savings account, but Marcus' account includes tools that let you see your monthly cash flow in the app.

Both banks have strong CDs, but Marcus CD rates are higher overall.

Marcus Bank Review

Why You Should Trust Us: How We Reviewed Synchrony Bank

To review Synchrony's savings and money market accounts, we used our bank account methodology. To rate CDs, we used our certificate of deposit methodology. Each account receives a rating between 0 and 5.

We evaluate ethics, customer service, and mobile apps when rating every type of account. Other factors considered depend on the type of account we're reviewing. For example, we look at whether a money market account offers access to your funds with an ATM card, debit card, and/or paper checks. For CDs, we look at term variety and early withdrawal penalties.