Competitive HYSA and CD Rates
Online Banking
| Type of bank | Online-only |
| Products | High-Yield Savings, Money Market, CDs, IRA CDs, IRA Money Market |
| FDIC insurance | Yes, up to $250,000 per depositor |
| Minimum deposit | $0 |
| Mobile app | Synchrony Bank app for bank accounts; MySynchrony app for credit cards (both available on iOS and Android) |
| BBB rating | Not rated; not accredited; 1.05/5 |
| Trustpilot rating | 1.1/5 |
Our take: Is Synchrony Bank a good bank?
Synchrony Bank earns a 4.4 out of 5 from LendEDU and stands out as one of the best options for competitive high-yield savings and CD rates.
We’ve reviewed plenty of online banks, and Synchrony consistently delivers for savers who want strong rates without jumping through hoops. The fact that you can open any account with $0 and no monthly fees makes it especially beginner-friendly. (You can start small and still earn solid interest.)
But the trade-off is that there is no Synchrony Bank checking account, so it’s not ideal for day-to-day spending. And there are no physical branches. Still, if you just need a safe place to grow your savings and have easy access through an app, Synchrony is one of the best in the game.
Table of Contents
Synchrony Bank’s products and services
Synchrony Bank offers savings products only. Here’s a rundown of what you’ll find:
Synchrony High Yield Savings
Great HYSA w/ ATM Access
About Synchrony’s High Yield Savings
- Competitive APY that’s well above the national average
- No minimum deposit or balance requirement
- No monthly maintenance fees
- Optional ATM card with ATM fee reimbursements
- $5 ATM refund limit per statement for non-Diamond members
- ATM card has a $1,000 daily withdrawal limit and $500 daily point-of-sale limit
Synchrony’s high-yield savings account is its flagship product, and for good reason. The 3.80% APY is competitive, and you can open it with literally $0. There are no monthly fees, balance requirements, or hoops to jump through.
The optional ATM card is a nice bonus, too. You can use it to grab cash in a pinch or to make debit-style purchases without having to move money around first.
Synchrony’s High-Yield Savings account was named one of LendEDU’s best savings accounts.
| APY | 3.80% |
| Minimum opening deposit | $0 |
| Monthly fees | None |
| ATM card availability | Optional card; $5 ATM fee reimbursement per statement cycle (unlimited for Diamond status) |
| Withdrawal limits | 6 per statement cycle |
| Interest compounding | Daily |
| Ways to deposit money | Mobile check deposit, electronic transfer, direct deposit, wire, or mailed check |
Synchrony Certificates of Deposit (CDs)
No Minimum + High Yield
About Synchrony’s CDs
- Wide range of terms (3 months to 5 years)
- Competitive APYs across most terms
- No minimum deposit requirement
- Synchrony has No-Penalty and Bump-Up CD options
- A couple of CD terms have lower APYs
- Early withdrawal penalties can be steep (up to 365 days’ interest)
- No partial withdrawals allowed for no-penalty CDs
Synchrony’s certificates of deposit are ideal for savers who want solid returns without locking up a ton of cash. Terms range from three months to five years, and rates go as high as 4.10% APY on the 6-month CD (one of the most competitive short-term options around). There’s no minimum deposit either, which makes it easy to ladder or test different terms.
If a regular CD feels too restrictive, Synchrony has two special CD types:
- Synchrony No-Penalty CD: Withdraw your entire balance (interest included) anytime after the first six days with no fees attached.
- Synchrony Bump-Up CD: Get one chance to raise your rate if Synchrony’s published rate increases during your term.
Synchrony also made our round-up of the best CDs.
| APY | 0.25% – 4.10%, depending on term |
| Term lengths | 3 – 60 months |
| Minimum opening deposit | $0 |
| Monthly fees | None |
| Early withdrawal penalties | 90 to 365 days’ simple interest, depending on term |
| Interest compounding | Daily |
| Ways to deposit money | Electronic transfer, mailed check, or wire transfer |
| Special CD types | No-Penalty CD, Bump-Up CD |
Synchrony Money Market Accounts
Access Savings w/ Checks
About Synchrony’s Money Market Accounts
- No minimum balance or monthly fees
- Check-writing privileges
- Optional ATM card with monthly ATM fee reimbursements
- Lower APY (2.00%) compared to Synchrony’s savings account (3.80%)
- Doesn’t come with a true debit card for everyday spending
Synchrony’s money market account is a middle ground between a checking and savings account. It earns a 2.00% APY, which is lower than the bank’s high-yield savings rate. But you get the added benefit of being able to write checks from your account.
That said, if your main goal is maximizing interest, Synchrony’s high-yield savings account will earn you nearly twice as much.
| APY | 2.00% |
| Minimum opening deposit | $0 |
| Monthly fees | None |
| Check-writing access | Yes |
| ATM access | Optional card; $5 ATM fee reimbursement per statement cycle (unlimited for Diamond status) |
| Withdrawal limits | 6 per statement cycle |
| Interest compounding | Daily |
| Ways to deposit money | Mobile check deposit, electronic transfer, direct deposit, or mailed check |
Synchrony IRA CDs
Great for One-Time Retirement Deposits
About Synchrony’s IRA CDs
- Competitive APYs up to 4.00%
- No minimum opening deposit
- Traditional and Roth IRA options available
- Wide range of terms (3 months to 5 years)
- Must call to open (can’t do it fully online)
- Early withdrawal penalties apply (just like standard CDs) unless allowed by IRS
Synchrony’s IRA CDs work just like its regular CDs, but with tax advantages built in. You can choose between a Traditional IRA CD (tax-deferred growth) or a Roth IRA CD (tax-free qualified withdrawals).
The five-year IRA CD currently earns the highest rate (4.00% APY). You’ll need to call Synchrony to open one, but once you’re set up, it’s an easy, low-maintenance way to grow part of your retirement fund.
| APY | 0.25% – 4.00%, depending on term |
| Term lengths | 3 – 60 months |
| Minimum opening deposit | $0 |
| Monthly fees | None |
| Account types | Traditional and Roth IRA CDs |
| Early withdrawal penalties | 90 – 365 days of simple interest |
| How to open | Call Synchrony Bank at 1-866-226-5638 |
Synchrony IRA Money Markets
Great for Ongoing Retirement Deposits
About Synchrony’s IRA Money Market Accounts
- No minimum deposit or monthly fees
- You can contribute anytime within IRS limits
- Not limited to a lump-sum deposit like with an IRA CD
- Must call to open; no online application
- Lower APY than IRA CDs
The Synchrony IRA Money Market earns 2.00% APY (the same as Synchrony’s regular money market account) and lets you add money whenever you want, up to IRS limits. It’s an excellent choice if you want your retirement savings to stay liquid but still earn interest.
As with other Synchrony bank accounts, the IRA Money Market has no minimum deposit or monthly fee. Once you open it over the phone, you can manage the account online.
| APY | 2.00% |
| Minimum opening deposit | $0 |
| Monthly fees | None |
| Withdrawals | Limited to IRS rules |
| How to add funds | Electronic transfer, check deposit, or rollover |
| How to open | Call Synchrony Bank at 1-866-226-5638 |
What else does Synchrony do?
Synchrony has great savings products, but it’s also one of the biggest names in store credit and buy now, pay later (BNPL) financing. There’s a good chance you’ve used a Synchrony-backed credit card without even realizing it.
Here’s a quick look at some of its best-known programs:
- Synchrony HOME — This credit card allows you to spread out big home purchases over a six to 60-month special financing period at select furniture, flooring, and appliance retailers.
- Synchrony Car Care — You can use this Synchrony credit card at more than one million auto merchants across the country for things like gas, repairs, tires, parking, tolls, and even rideshares.
- CareCredit — CareCredit is one of Synchrony Financial’s most popular products. This card lets you pay over time for medical, dental, vision, and even pet care. It’s accepted at more than 285,000 providers.
- Synchrony Pay Later — This is Synchrony’s BNPL option. It’s available in two versions: Pay in 4 (four interest-free payments over six weeks) or Pay Monthly (fixed monthly payments with no hidden fees).
- Synchrony Outdoors — This credit card is for powersports and outdoor enthusiasts. It lets you finance purchases of parts, gear, or equipment up to $5,000.
- Synchrony Sport — Accepted at a wide range of sporting goods retailers, this card offers promotional financing on items like bikes, golf gear, camping supplies, and fitness equipment.
- Synchrony Sewing & More — For hobbyists and makers, this card comes with six-month promotional financing on purchases of $150 or more at participating sewing retailers. It’s accepted at more than 1,200 stores nationwide for machines, furniture, and supplies.
Synchrony mobile apps
Synchrony actually has two different apps, depending on what kind of account you have.
- If you use Synchrony for savings, CDs, or money market accounts, you’ll use the Synchrony Bank app.
- If you have one of Synchrony’s credit cards or “buy now, pay later” financing accounts, you’ll manage it through the MySynchrony app.
Synchrony Bank app
This is the one for your savings products, and it’s packed with features. You can use it to:
- View balances on your home screen
- Mobile deposit checks
- Transfer money to or from linked accounts
- Chat live with a Synchrony banker if you need help
Synchrony Bank App ratings
- Apple App Store: 4.8/5 (based on 31.2K ratings) in October 2025
- Google Play Store: 4.5/5 (based on 6.5K reviews) in October 2025
MySynchrony app
MySynchrony is a separate app for managing any store cards or financing options you have through Synchrony. You can use the mobile app to view balances, make or schedule payments, and see available deals and offers.
MySynchrony App ratings
- Apple App Store: 4.8/5 (based on 70.4K ratings) in October 2025
- Google Play Store: 4.6/5 (based on 61.8K reviews) in October 2025
Is Synchrony Bank safe and legit?
Yes. Synchrony Bank is both safe and legitimate. It’s an FDIC-insured online bank and part of Synchrony, a Fortune 500 company that’s been around for nearly a century.
Here’s what that means for you:
- FDIC insurance. Your deposits are insured up to $250,000 per depositor, per ownership category, just like they would be at a traditional bank.
- Security monitoring. Synchrony monitors its systems 24/7 for suspicious activity and offers secure logins with two-factor authentication, as well as Touch ID and Face ID.
- $0 fraud liability. If someone makes unauthorized transactions on your account, you won’t be held responsible.
About the 2024 class action lawsuit
Even though Synchrony is a safe and legitimate bank, we want to be honest: Its parent company has been in trouble before. In 2023, Synchrony Financial settled a $34 million securities lawsuit related to shareholder claims about disclosures made back in 2018.
The case was fully resolved, and funds were distributed to investors through 2025. Importantly, this lawsuit didn’t involve customer accounts or banking operations. It was tied to the company’s stock performance and investor relations.
Synchrony customer reviews and ratings
| Source | Customer rating | Number of reviews |
| Trustpilot | 1.1/5 | 1,290 |
| Better Business Bureau (BBB) | 1.05/5 | 2,649 |
| Apple App Store | 4.8/5 | 31,200 |
| Google Play Store | 4.5/5 | 6,500 |
If you only looked at Trustpilot or BBB, you might think Synchrony is a nightmare to deal with based on its ratings and reviews.
But keep in mind: People rarely visit those sites unless they’ve had a bad experience. (And most of the bad reviews are about its credit card products. Our team could only find a handful of Synchrony Bank high-yield savings reviews, for example.)
Synchrony’s ratings look quite different on the App Store and Google Play, where tens of thousands of users give the Synchrony Bank app high praise.
Most positive reviews highlight how simple it is to open an account, transfer money, and earn interest without hidden fees. The few complaints that come up repeatedly tend to focus on mobile app bugs.
How to open a Synchrony Bank account
You can open a high-yield savings, CD, or money market account with Synchrony Bank entirely online in just a few steps.
Here’s how:
- Go to Synchrony.com, and select the account you want to open.
- Click “Open An Account.” You’ll be asked for basic info like your name, address, Social Security number, and valid ID. (Keep in mind, you’ll need to open IRA products over the phone.)
- Choose how to fund it. You can transfer money from another bank, mail a check, or set up direct deposit. There’s no minimum deposit required to open an account.
- Verify and submit. Synchrony will send a quick confirmation email once your account is ready to go.
From there, you can manage everything through the Synchrony Bank mobile app.
How to contact Synchrony Bank customer service
Synchrony’s customer service hours are weekdays from 8 a.m. to 10 p.m. Eastern and weekends from 8 a.m. to 5 p.m. The three primary ways to get in touch are:
- Secure message: If you already have an account, you can log in and send a message through your inbox.
- Chat: This is the fastest option. You can start a chat with a banker straight from the website without needing to log in.
- Phone: You can also call 1-866-226-5638 (or 937-534-3624 if you’re outside the U.S.).
Synchrony Bank alternatives
Wondering how Synchrony compares to other banks? Here’s a quick look at how it stacks up against Capital One, Barclays, and SoFi.
Synchrony Bank vs. Capital One
Synchrony Bank’s HYSA (3.80% APY) edges out Capital One’s 360 Performance Savings (3.50%). Both have no minimums or monthly fees.
The big difference: Synchrony offers an optional ATM card, while Capital One gives you full-service checking and cafés for in-person help.
Capital One also wins for families needing teens and kids’ accounts, but Synchrony has more IRA savings options for retirement planners.
Synchrony Bank vs. Barclays
Barclays keeps things simple with three products total: an Online Savings (3.70% APY), a Tiered Savings account that earns up to 4.10%, and tons of no-minimum CDs.
Synchrony not only offers more products overall, but it also has slightly better CD rates and ATM access.
Synchrony Bank vs. SoFi
SoFi offers both checking and savings under one roof, paying up to 4.50% APY for six months (3.80% after) when you set up direct deposit. You’ll also get a signup bonus of as much as $300, up to $3 million in FDIC coverage, and perks like automated savings “vaults.”
Synchrony still beats SoFi if you’re looking for a simple way to save that doesn’t require direct deposits or activity requirements. But SoFi’s all-in-one setup is hard to top for everyday banking.
SoFi was also named one of LendEDU’s best savings accounts for students.
How we rated Synchrony
We designed LendEDU’s editorial rating system to help readers find companies that offer the best bank accounts. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.
We compared Synchrony to several banks, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.
| Company | Best for… | Rating (0-5) |
|---|---|---|
| Competitive HYSA and CD Rates |
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- Synchrony Bank, About Synchrony
- Synchrony Bank, High Yield Savings
- Synchrony Bank, Money Market Account
- Synchrony Bank, Certificate of Deposit (CD)
- Synchrony Bank, Financing Options to Fit Your Lifestyle
- Synchrony Bank, Frequently Asked Questions
- Synchrony Bank, All IRA Product Rates and Terms
- Synchrony Bank, Deposit Account Agreement
- Better Business Bureau, Synchrony Business Profile
- Apple App Store, Synchrony Bank
- Google Play Store, Synchrony Bank
- Capital One, High Yield Savings Rate
- Barclays Bank, Compare Our Products
- SoFi, SoFi Checking and Savings
About our contributors
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Written by Cassidy Horton, MBACassidy Horton is a finance writer passionate about helping people find financial freedom. With an MBA and a bachelor's in public relations, her work has been published more than 1,000 times online.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their three senior rescue dogs. She has edited and written personal finance content since 2015.