Online banking details
| 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) |
Compare Synchrony Bank
Wondering how Synchrony compares to other banks? Here’s a quick look at how it stacks up against some other leading banks that feature high-yield savings accounts.
- Up to $400 Bonus Tiered Disclosure
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 within 25 calendar days of your first Eligible Direct Deposit of $1 or more) OR $400 (with at least $5,000 total Eligible Direct Deposits received within 25 calendar days of your first Eligible Direct Deposit of $1 or more). Cash bonus amount will be based on the total amount of Eligible Direct Deposit received within 25 calendar days of your first Eligible Direct Deposit of $1 or more. 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 5/15/2026 and will be available through 12/31/26. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/
- APY disclosures
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 9/3/26. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
- Fee Policy
We do not charge any account, service, or maintenance fees for SoFi Checking and Savings. We do charge transaction fees for outgoing wire transfers, Instant Transfers, and global remittance transfers. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
- Additional FDIC Insurance
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. 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 SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
- ATM Access
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
- Early Access to Direct Deposit Funds
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.
- Overdraft Coverage
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
- 0.90% Savings APY Boost
Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a 0.90% APY Boost (added to the 3.10% APY as of 09/03/26) for up to 6 months. Open your first SoFi Checking and Savings account and receive eligible direct deposits OR qualifying deposits of $5,000 every 31 days by 12/31/26. Rates are variable, subject to change. Terms apply at sofi.com/banking#4. SoFi Bank, N.A. Member FDIC.
- Earn up to 4.00 APY8
- Limited Time Offer: +0.90% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.⁸
- $0 minimum balance to earn APY
- Earn $50 or $400 when you sign up and set up eligible direct deposit1
- Open Checking & Savings Accounts with 1 Sign Up
- Up to 2-Day-Early Paycheck3
- FDIC Insured up to $250k plus up to $3M in supplemental insurance4
Barclays Tiered Savings Annual Percentage Yields (APYs) are accurate as of 06/24/2026. Rates may change at any time without prior notice, before or after the account is opened. The same rate may apply to multiple Tiers and Tiers may change without notice. APY earned is based on the Tier in which your end of day account balance falls. Please see Barclays Tiered Savings for current Tier and APY information.
- Earn 3.65% APY* with Barclays1 Tiered Savings
- $0 min. balance to earn APY
- No monthly maintenance fees
- Easy direct deposits & online transfers
- Deposits are FDIC Insured
Advertised annual percentage yield (APY) is for new accounts only and is accurate as of June 16, 2026. APY tiers apply to the following balances:
- 4.01% APY on balances of $0.01 – $999.99
- 4.01% APY on balances of $1,000.00 – $49,999.99
- 4.01% APY on balances of $50,000.00 – $499,999.99
- 3.14% APY on balances of $500,000.00 – $999,999.99
- 3.14% APY on balances of $1,000,000.00 & Above
This is a variable-rate account, and APY is subject to change at any time without notice. Limit of one Envision High Yield Savings account per customer. Minimum amount to open is $100, with opening funds subject to a 5-business day hold. Fees may reduce earnings on account.
- Earn up to 4.01% APY
- No monthly maintenance fees
- Open an account with as little as $100
- Open an account in as little as 5 minutes
- Backed by the financial strength of Idaho First Bank
Platinum Savings is a tiered interest rate account. Interest is paid on the entire account balance based on the interest rate and APY in effect that day for the balance tier associated with the end-of-day account balance. *APYs — Annual Percentage Yields are accurate as of January 9, 2026: 0.25% APY on balances of $0.01 to $4,999.99; 3.75% APY on balances of $5,000.00 or more. Interest Rates for the Platinum Savings account are variable and may change at any time without notice. The minimum to open a Platinum Savings account is $100.
Platinum Savings APY Boost Promotion Terms and Conditions
This is a limited time offer available to New and Existing customers who meet the Platinum Savings APY Boost promotion criteria.
Accounts enrolled in the Platinum Savings Annual Percentage Yield (APY) Boost promotion will receive a 0.35% APY boost on the Platinum Savings current standard APY tiers for 6 months following the opening of a new account or when an existing Platinum Savings account is enrolled in the promotion. The Platinum Savings APY boost will be applied on account balances up to $9,999,999.00. Account balances above $9,999,999.00 will earn the standard APY. If the standard-published APY should change during the promotion period, the APY boost will move with it, offering an account APY above the standard rate.
The Promotion begins on February 13, 2026, and ends August 31, 2026. Customers enrolled in the promotion prior to the end date will receive the APY boost for the 6-month period outlined in the terms and conditions.
The promotion can end at any time without notice.
New CIT Bank Customers: This Platinum Savings APY Boost promotion offer is valid for New CIT Bank customers, who, at account opening, do not have a valid CIT Bank User ID (a “New Customer”) or any open CIT Bank accounts provided that the following requirements are met:
New customers must open a Platinum Savings account with a valid Promo Code, CITBoost. The Platinum Savings APY Boost Promo Code will appear on the online account opening enrollment web page.. The Promo Code must be used at the time of account opening. Accounts opened during the program period without the Promo Code are ineligible to receive the APY boost.
The enrolled Platinum Savings account must be open to receive the APY boost during the promotional period.
CIT Bank Customers with an account prior to the promotion: This Platinum Savings APY Boost promotion is valid for a Primary account owner with an existing account with a CIT Bank User ID before the start of the promotion, provided that the following requirements are met:
Customers without a Platinum Savings account open prior to the Promotion must open a new Platinum Savings account via the enrollment web page using Promo Code CITBoost.
Customers with a Platinum Savings account opened prior to the promotion may enroll their current Platinum Savings account into the Platinum Savings Boost promotion via the enrollment web page using Promo Code CITBoost.
Customers who are not the Primary account owner on a Platinum Savings account may open a new Platinum Savings account as the primary account owner via the enrollment web page using Promo Code CITBoost.
Accounts opened or enrolled during the program period without the Promo Code are ineligible to receive the APY boost.
There is a limit of one Platinum Savings APY Boost promotional offer per account and per Primary customer. If multiple Platinum Savings accounts are opened, only one account per primary account owner is eligible.
There is no minimum account balance requirement to participate in the Platinum Savings APY Boost promotion.
Additional Important Terms
The Platinum Savings APY Boost promotion may not be combined with other promotions.
Customers are ineligible to participate in the Platinum Savings APY Boost promotion if:
They are earning an APY over the standard rate.
They participated in a cash bonus promotion in the past 6 months.
Custodial accounts and accounts in the name of a Trust are not eligible.
This offer is non-transferable.
The value of Platinum Saving Boost will be reported as interest income on IRS Form 1099-INT for the calendar year in which it was paid. The recipient is responsible for any applicable taxes.
- Earn 4.10% APY* with CIT’s Savings Connect Account
- $100 minimum balance for APY
- No account opening or monthly service fees
- Deposit checks online with the CIT Bank mobile app
- FDIC Insured
Table of Contents
Synchrony Bank vs. Capital One
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, a Tiered Savings account and tons of no-minimum CDs.
Synchrony not only offers more products overall, but it also has competitive rates and ATM access.
Synchrony Bank vs. SoFi
SoFi offers both checking and savings under one roof. 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.
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 may not be 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 a few of their top products:
Synchrony High Yield Savings
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
Synchrony’s high-yield savings account is its flagship product, and for good reason. The 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. It’s important to note that Synchrony’s relatively strict daily withdrawal and point-of-sale limits won’t make the account a great substitute for a regular checking account, but it’s nice to be able to grab cash in a pinch or to make debit-style purchases without having to move money around.
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)
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 are competitive. 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.
| APY | 0.25% – 4.10%, depending on termⓘ |
| Term lengths | 3 – 60 months |
| Minimum opening deposit | $0 |
| Monthly fees | None |
| Early withdrawal penalties | Yes, except on the No-Penalty CD |
| Interest compounding | Daily |
| Ways to deposit money | Electronic transfer, mailed check, or wire transfer |
| Special CD types | No-Penalty CD, Bump-Up CD |
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)
- Google Play Store: 4.5/5 (based on 6.5K reviews)
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)
- Google Play Store: 4.6/5 (based on 61.8K reviews)
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
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.).
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.
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
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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 pack of senior rescue dogs. She has edited and written personal finance content since 2015.