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Synchrony Review

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BestMoney Staff
Bestmoney Staff
Nov. 02, 20214 min read

Synchrony summary

Synchrony is an online platform for high-yield savings accounts, CDs, IRA CDs, and credit cards. It offers some of the best APYs. Any American aged 18+ can open a Synchrony savings account or CD online with photo ID, a Social Security number, and a few other basic financial details.


  • Wide range of savings accounts and CDs
  • High yielding APYs
  • Mobile app with account-management features


  • No checking accounts
  • Not much in the way of other banking services

Synchrony Synchrony Visit Synchrony

Advantages Over Regular Bank

Synchrony offers 2 great advantages over regular banks: greater convenience and (far) superior rates. With a physical bank, you usually have to go to great trouble to open an account. With Synchrony, you can sign up online or over the phone from the comfort of your own home. By cutting down on overhead costs, Synchrony saves itself a great deal of money compared to regular banks. It passes on most of those savings to its customers via high interest rates.

Cutting-Edge Banking Services

Trusting an online bank with your savings has its benefits, as Synchrony proves. Synchrony exists mainly to provide high-yield savings accounts and CDs, but it also offers many other benefits.

Here are some of the highlights of banking with Synchrony:

  • Basic banking features such as scanning, bank-to-bank transfers, balances, and statements.
  • Withdrawals at any time via online banking, ATM, or phone.
  • Sleek mobile app containing most of the same functions as online banking.
  • Synchrony Bank Perks program offers rewards from the moment you sign up, including ATM fee reimbursements and complementary ID theft resolution services.
  • Customers who have held an account for 1+ years and have a balance of $10,000+ become eligible for third-party travel and leisure discounts.
  • Customers with tenure of 5+ years and balance of $250,000 get dedicated customer service and 3 free wire transfers per statement cycle.

Traditional Banking Services

Synchrony operates primarily online (and by phone) but its specialty is traditional savings and banking products.Here’s what Synchrony offers:

  • Fee-free savings accounts, including money market and high-yield savings accounts.
  • Range of high-interest CDs and IRA CDs with terms ranging from 3 to 60 months.
  • Credit card options with Synchrony’s partnering providers.
  • ATM reimbursements (limited number for balances up to $250,000, unlimited for balances of $250,000 or more).

Interest Rates and Fees

Given that the main reason to choose Synchrony is its high interest rates, this review wouldn’t be complete without a breakdown of those rates.

The following table shows rates, fees, and minimum requirements for selected Synchrony savings accounts, CDs, and IRA CDs. As the table shows, Synchrony’s APYs are among the highest in the US banking industry.

The MoneyMarket and High Yield Savings accounts and CDs all come with the following features: online account opening, no monthly service fees, mobile check deposit, and FDIC insurance. Savings accounts offer additional benefits over CDs, including ATM withdrawals, up to $5 of ATM rebates per statement cycle, and free online transfers. The MoneyMarket account is the only account that allows check writing.

Account TypeMin. Deposit / BalanceAPY
High Yield Savings$01.30%
IRA CDs$2,0000.25%-1.50%
IRA MoneyMarket$2500.75%

Customer Service

Although Synchrony is an online bank, it also offers excellent phone service. To open an account, just click the blue “Open Account” button in the top-right hand corner of the Synchrony website or speak to customer service via phone or live chat.

Phone: 866-226-5638. Bankers available Mon-Fri 7am to midnight ET and Sat-Sun 8am to 5pm ET. Automated telephone service available 24/7.

Live chat: On Synchrony website during business hours.

Mailing Address: Synchrony Bank, P.O. Box 105972, Atlanta, GA 30348-5972.

Mobile Apps

iOS and Android users can control their accounts from wherever they go with Synchrony’s mobile app.

Account holders can do the following with the Synchrony mobile app:

  • Make a secure money transfer with just a few clicks.
  • Chat with customer service.
  • View balances from the home or lock screen without logging in.
  • Log in with Touch ID or Face ID (on compatible devices).
  • Deposit checks just by taking a picture of the check.
  • Ask Siri for balances.
  • Chat live with a banker (on Android).


Synchrony Bank was founded as GE Capital Retail Bank in Atlanta, Georgia in 1988 and changed its name to Synchrony Bank in 2014. It is a subsidiary of Synchrony Financial, a consumer financial services company in Stamford, Connecticut.

Synchrony takes the following steps to protect its customers:

  • All accounts are insured by the Federal Deposit Insurance Corporation for up to $250,000.
  • Identity theft resolution services from partner CyberScout.
  • Multi-factor authentication, an added layer of security that requires the account holder to verify their identity using a 4-digit code sent to their mobile.
  • Participation in the Adult Protective Services program, which protects the elderly from scams.

Synchrony Synchrony Visit Synchrony


Synchrony does one thing and it does it well: high-interest savings accounts. If you’re looking to park your money somewhere safe and earn high interest on your funds, Synchrony is the place. Synchrony’s 5-year CD pays 2.15% interest, higher than virtually every other bank and more than double the national average rate of 1.28% APY at time of writing. Even its 3-month CD is worth looking into, given the rate of 0.75% is superior to the average 1-year rate of 0.60%. If you’re looking for other banking services, look elsewhere. But if all you want is a high-interest savings account or CD—Synchrony is an excellent option.

BestMoney Staff
Written byBestmoney Staff

Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.

AverageReviews 6
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Trustpilot reviews

See what some costumers are saying about Synchrony
AverageReviews 6
  • author
    Rate This place
    Sep 05, 2022
    Fool me once shame on you. I’ll never use synchrony or Living Spaces again

    The cheapest sofa I ever bought. Disappointed in the quality and structure of the material. I’m embarrassed that this junk is in my house. Please come pick it up. This company will report your account balance to the credit buero before your payment date. So if you walk out of the store owing 1000$ and you don’t have to pay for 30-45 days they will report what you owe even before the due date. It seems to be an underhanded way to keep you on the hook for buying products that are obviously different from what’s in the store. Please come get this hideous sofa set!


  • author
    Will Hill
    Jun 22, 2022

    I work in customer service for a retailer that sells furniture & we use synchrony. Their billing is confusing to a lot of people & it costs me customers therefore also costing Synchrony customers. Our big ticket items are delivered a few months after the purchase & smaller items customers take with them. Synchrony bills people after they receive the item. We tell customers this. The problem is when Synchrony sends them an ESTIMATED bill with their synchrony card. The customer sees the amount of the items they took with them & think that is their monthly bill. They then call yelling wanting to cancel their orders. I deal with this EVERY day. 1st DO NOT send people any kind of "estimate." 2nd dont assume your customers are financing paying professional, & act like this is the 1st bill this person has ever received. The bill should clearly state their min payment due. The payoff amount (total balance) should be something they see if log in to their account or at least be in smaller print & not confusing people to think this is their monthly payment. If Im offering 36 months equal payments no interest & I sell $3600 worth of items, the customers bill is $100/mo. If the customer takes $600 worth of items now & the other $3000 is being delivered in a few months, DO NOT send anything saying they owe $600 or a $600 "estimate." Customers freak out & think they are going to owe $600 every month. It happens all day everyday. Send them a bill with MIN payment due in big bold letters. I dont even think the balance should be shown, or if it is then it should not be presented in anyway that could make a customer think thats their monthly payment. The pay off amount (total balance due) is something that should be smaller print, preferably not even on their bill. That should only be seen in a completely different section of the bill, app, or website & could no way be confused as their monthly payment


  • author
    Bill Everett
    Apr 30, 2022
    Past due 21 days in advance.

    They are showing pastdue payment when payment was made early. Plus they want to add past due amount for missed payment. Unable to speak with anyone that understands the difference between early and late. Supervisor I spoke with refused to help and keep repeating payments are due monthly and would not acknowledge their own records show I have made more than the required amount each month since I opened the account. I do not recommend and will close my account a.s.a.p.


  • author
    Tom Laux
    Feb 25, 2022
    Horrible Online Savings Bank

    There are many issues with Synchrony online savings bank. I just found out there is a limit of $100,000 transfer where they put a hold on any transfers for 30 days. There is also a daily limit of $25,000 on transfers. Also, CDs auto renew and there is no way online to specify you don't want auto renewal. You have to actually call 30 days before to not have it auto renew. It is basically a way to keep you locked in to Synchrony. I have accounts with other online savings banks and no issues like this. Synchrony is the only one.


  • author
    Randall Gentelli
    Sep 25, 2021
    I had 5 cards shut off out of the blue

    I had 5 cards shut off out of the blue, credit limit combined was 60k. Never missed a single payment. Never was late, and kept my balance manageable. Credit score reported under there websites was a 735. Will never use Synchrony again, that's a PROMISE!


  • author
    Alan Gann
    Dec 23, 2021



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