Synchrony Bank review 2023: An online bank with several accounts for savers, but no checking account options
Synchrony Bank is a Connecticut-based, online-only bank that looks to provide low-cost products to consumers by skipping the traditional brick-and-mortar model. Their product offerings include CDs, savings accounts, money market accounts, credit cards, and more.
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All rates and fees are current as of April 26, 2023, and are subject to change.
Synchrony Bank offerings
Synchrony does not currently offer a checking account, but it does have one high-yield savings account option, as well as several types of certificates of deposit (CDs).
High-yield savings account
High-Yield Savings
Minimum opening deposit: $0
APY: 4.15%
Fees: $0
Compounding frequency: Interest is compounded daily and credited monthly on the statement date.
Money market accounts
Synchrony Bank Money Market
Minimum opening deposit: $0
APY: 2.25%
Fees: $0
Compounding frequency: Interest is compounded daily and credited monthly on the statement date.
Access to funds: Synchrony money market accounts offer check-writing privileges and an optional ATM card.
IRA Money Market
Minimum opening deposit: $0
APY: 2.25%
Fees: $0
Compounding frequency: Interest is compounded daily and credited monthly on the statement date.
Access to funds: Synchrony money market accounts offer check-writing privileges and an optional ATM card.
Certificates of deposit
Synchrony Bank CD
Minimum opening deposit: $0
Minimum balance: $0
APY:
3-month CD: 2.25%
6-month CD: 4.25%
9-month CD: 4.30%
12-month CD: 4.75%
13-month CD: 4.50%
14-month CD: 5.15%
15-month CD: 4.50%
16-month CD: 4.50%
18-month CD: 5.00%
19-month CD: 4.50%
24-month CD: 4.30%
36-month CD: 4.30%
48-month CD: 4.00%
60-month CD: 4.00%
Early withdrawal penalty: 90–365 days of simple interest
Bump-Up CD
Minimum opening deposit: $0
Minimum balance: $0
APY:
24-month CD: 3.70%
Early withdrawal penalty: 180 days of simple interest
No-Penalty CD
Minimum opening deposit: $0
Minimum balance: $0
APY:
11-month CD: 4.10%
Early withdrawal penalty: 90 days of simple interest
IRA CD
Minimum opening deposit: $0
Minimum balance: $0
APY:
12-month CD: 4.75%
Early withdrawal penalty: 90 days of simple interest
Other services Synchrony Bank offers
Synchrony Bank’s other products and services include:
Credit cards: Apart from its savings account and CD options, Synchrony Bank also offers a suite of credit card products that include rewards credit cards with no annual fees and unlimited cashback potential.
Educational resources: Synchrony’s website offers a host of educational articles to help customers make smarter money choices.
The Synchrony Bank platform and customer support
Synchrony offers both online and mobile banking for customers. Its app is available for download on the Apple App Store and Google Play with a 4-star rating on both digital storefronts.
For customers who need assistance, Synchrony offers 24/7 automated telephone service. If you need human assistance, you can speak to a customer service representative Monday through Friday from 8:00 a.m. to 10:00 p.m. ET, as well as Saturday and Sunday from 8:00 a.m. to 5:00 p.m. ET. Note: IRA and Trust teams are not available on weekends.
You can also reach Synchrony via secure email and live chat.
Pros and cons of Synchrony Bank
If you’re considering banking with Synchrony, here are a few of the major pros and cons to note:
Pros
Various CD terms: Synchrony not only offers a handful of CD types, but customers can also choose a term as short as three months or as long as five years.
24/7 customer service and extended weekend hours: Synchrony offers customer service via phone, email, and chat with extended customer service hours for customers who need assistance in the evening or on weekends.
Cons
No branch locations: Synchrony does not have any physical branches as a way to reduce costs for the bank and its customers. However, this could be a drawback for customers who prefer to have a physical branch they can visit.
No checking account option: Synchrony does not currently offer one. Customers will need to look to a different financial institution for an everyday checking account.
Frequently asked questions
Is Synchrony Bank an online-only bank?
Yes. Synchrony Bank is an online-only bank and does not have any physical branches for customers to visit.
Is Synchrony Bank FDIC-insured?
Yes. Synchrony Bank is a member of the FDIC and deposits made into your Synchrony Bank account are insured up to $250,000 per ownership category.
Does Synchrony Bank use Zelle?
Yes. Synchrony Bank customers can send and receive money via Zelle within the bank’s mobile app.
This story was originally featured on Fortune.com
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