at Synchrony Bank,

Member, FDIC

Pros

2.05% APY on savings, about the best you'll find
Reimburses $5 per month for out-of-network ATMs

Cons

No checking account
No branches

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Overall

4.0

Synchrony doesn’t fit the banking mold — it doesn’t have branches or offer a checking account. Still, it’s worth considering if you want great interest rates on savings products and prefer banking online.

 

Maybe a separation from your checking account is just what your rainy-day fund needs to prosper.

 

Ratings methodology | Updated July 5, 2018

Savings

5.0

Synchrony's high-yield savings account comes with low fees and one of the highest rates on the market, at 2.05% APY. No minimum balance is required to open an account or qualify for the interest rate. Synchrony doesn't charge fees for using ATMs that accept its bank card — those with Plus or Accel logos. But ATM owners might charge a fee. For those charges, Synchrony bank offers a monthly $5 refund.

 

Want to see more options? Check out NerdWallet’s best high-yield online savings accounts

High Yield Savings Account
APY
2.05%
Min. balance for APY
$1

at Synchrony Bank,

Member, FDIC

Certificate of Deposit
APY
3.10%
Min. balance for APY
$2,000
Length of term
5 years

at Synchrony Bank,

Member, FDIC

How does Synchrony Bank compare?

Synchrony Bank

High Yield Savings Account

NerdWallet Rating

APY

2.05%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Goldman Sachs Bank USA

Online Savings

NerdWallet Rating

at Goldman Sachs Bank USA,

Member, FDIC

APY

2.05%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

American Express National Bank

High Yield Savings Account

NerdWallet Rating

at American Express National Bank,

Member, FDIC

APY

1.90%

Monthly Fees

$0

Bonus features

No Monthly Fee

Competitive APY

Not for you? Read more bank reviews
NerdWallet reviews are the result of independent research by our editorial team while accountholder reviews are contributions from independent users not affiliated with NerdWallet. Banks, issuers and credit card companies are not responsible for any content posted on the NerdWallet site, nor do they endorse or guarantee any posted comments or reviews.
Overall
Customer service
Poor
Website / app
Poor
Rates
Good
Fees
Fair
Online service is never working
My problem is accessing my account online. The website is never working. I would recommend a different bank. You cannot access your account online.
Overall
Customer service
Excellent
Website / app
Excellent
Rates
Excellent
Fees
Low
Love This Bank
I have been with this bank for almost a year. I am very pleased with the rates and CUSTOMER SERVICE! The place where I get my retirement check from needed a signature for it to be processed. Synchrony Bank bent over backwards to get this done for me. I now have my direct deposit set up, and was able to tell the retirement place where they could go! Thanks Synchrony! As far as delays with money being transferred. Take a picture of a check and deposit it that way and it's there the same day. No wait time period. I LOVE THIS BANK and everything about it!!
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