Synchrony Bank is an ultra-convenient, online-only bank that you’ve probably seen advertised in various places online over the years.
More than just the result of good marketing, Synchrony has gained a great deal of recognition and praise for regularly having some of the best rates on the market across their product suite. The likes of Nerdwallet, MyBankTracker, and Bankrate have awarded this bank for having the best CD and savings accounts for multiple years.
This bank traces its history all the way back to 1932 when General Electric founded the GE Contracts Corporation for financing appliance purchases. This became the General Electric Capital Corporation or GE Capital in 1943. GE Capital remained in operation for more than a half century before being spun off and rebranded as Synchrony Bank on June 2, 2014.
Synchrony Bank’s current deposit products feature above average rates on a wide range of variable and fixed rate accounts. Synchrony Bank doesn’t offer a checking account at this time however, therefore may not meet all of your banking needs.
Synchrony Bank has a high yield savings account, CDs, IRA CDs, a money market account, and IRA money market accounts in its current lineup. These are all competitive, interest-bearing accounts that can be opened and managed digitally. This can be done online or with the highly-rated MySynchrony mobile app(s) for Apple or Android devices.
All of Synchrony Bank’s deposit products are federally insured by the FDIC up to $250,000 per depositor or $500,000 for joint accounts.
Below is our full review of Synchrony Bank’s deposit products.
Synchrony Bank High Yield Savings Account Rate + Details
The Synchrony Bank High Yield Savings account is a straightforward account that currently earns the same APY across all balances. Interest is compounded daily and credited monthly.
Synchrony Bank High Yield Savings Account Rate
In the past, rates have varied by tiers. The average daily balance tiers are broken up into the following groups:
- $4,999.01 – 24,999, and
This account does not require a minimum opening deposit or average daily balance and does not come with any monthly maintenance fees. However, your account may be closed if it is inactive for more than 60 days.
Accessing Your Cash With the Synchrony Bank High Yield Savings Account
With this savings product, you will have cash access via:
- ATM, and
- online banking.
Though Synchrony does not have any brick and mortar branch locations, it does offer optional ATM cards for savings accounts and will reimburse customers up to $5 in out-of-network ATM fees per statement cycle. Also, customers can use Plus and ACCEL ATMs free of charge.
ATM transactions are unlimited and do not count towards savings account transaction limits of six per statement cycle (per Federal Regulation D).
Synchrony Bank Money Market Rate + Account Details
Synchrony Bank Money Market accounts currently earn a lower APY than the variable rate high yield savings account (above). And like the high yield savings account, their money market rates are also the same across all balance tiers.
Synchrony Bank Money Market Account Rate
Interest is compounded daily and credited monthly
MMAs come with check-writing capabilities and cash access via phone, ATM, or online banking. No minimum balance is required and new deposits can be made at any time.
Federal regulation limits the total number of transactions and withdrawals into or from either of these savings accounts to no more than six per month. You won’t be charged an excessive withdrawal fee if you go over, but these transactions may not be approved and your account may be subject to closure if you exceed this limit.
Synchrony Bank CD Rates + Account Details
Synchrony Bank has plenty of CD terms to choose from with competitive rates across the board. All certificates of deposit at Synchrony Bank require a minimum opening deposit of $2,000. Like all other savings accounts with Synchrony, interest is compounded daily and credited monthly.
Synchrony Bank CD Rates
To put these offers in perspective the current national average on a 12 month CD sits at just 0.26% APY currently.
15 Day Best Rate Guarantee
A 15-day Best Rate Guarantee is applied to all Synchrony bank CDs. This means that if you open a CD and fund it sufficiently within 15 calendar days and the posted rate then becomes higher than what you locked into, the new higher rate will be applied to your account. Don’t underestimate the value of this free insurance during periods of high rate fluctuation.
Early withdrawal penalties will be charged when you withdraw funds after opening an account but before it reaches maturity or after the 10 day grace period is up following maturity. This will be 90 days’ simple interest for terms of 12 months or less, 180 days’ simple interest for terms between 12 and 48 months, and 365 days’ simple interest for terms of 48 months or more.
CDs automatically renew at maturity and have a grace period of 10 days in which you can deposit or add funds freely.
Synchrony Bank Perks Program for Deposit Accounts
The Synchrony Perks program rewards customers for a combination of two things:
- Loyalty (ie how long you’ve banked with them) and
- High balances.
The tiers are set up as follows:
Everyone is automatically enrolled in Synchrony Perks upon opening a deposit account. If you’re new to the bank however, you’ll start at the basic level regardless of your balance.
You have to login and click the “perks” icon to see your exact rewards or to gain access to their travel and leisure discounts. The exact rewards per tier are not currently posted on their website other than the diamond tier. Customers on the diamond tier get:
- Unlimited ATM reimbursements
- 3 free wire transfers per statement cycle
- dedicated phone line to a banker
Opening an account at Synchrony Bank
As is the case with many digital banks, just about anyone can open a deposit account with Synchrony Bank.
To open an account, you must be a U.S. citizen at or above the age of 18, have a valid Social Security number, phone number, and mailing address within the United States.
To get started, visit the Synchrony Bank website and select “Open Account.”
You will first be asked whether or not this is your first Synchrony Bank account, then you will be provided with a form to fill out.
The final step, after signing a couple of agreements and opting in to online access, will be to fund your account. This can be done in a few different ways.
Funding your deposit account at Synchrony Bank
Fund your Synchrony Bank savings accounts via:
- ACH transfer from an external account,
- transfer from a Synchrony account,
- mobile check deposit,
- direct deposit from a third party,
- wire transfer, or
- personal check mailed to: Synchrony Bank, PO Box 105972, Atlanta, GA 30348-5972
Synchrony Bank may not have branch locations or a checking account, but it has pretty much everything you’d expect from a competitive digital bank.
Synchrony Bank’s best product is arguably the high yield savings account but this comes with a variable rate that can change at any time without notice.
If you plan on keeping high balances with Synchrony Bank AND you stick with them over the years, you’ll enjoy perks, privileges and fee exemptions all along the way.