Business Insider's personal finance team compared Synchrony Bank (Member FDIC) to the best banks and decided it's a top option for a savings account from a national bank.
Synchrony has a great high-yield savings account and pays strong rates on CDs. It doesn't require minimum deposits for any of its accounts, or charge monthly fees. But it's not the best choice if you want to do all your banking with the same company because it doesn't have a checking account.
Open a Synchrony Account Online
Compare Synchrony Bank
no monthly service fee
up to 4.51%
$0
Pros
Cons
- Earn up to 4.51% APY on savings, and 0.51% APY on checking when you meet requirements.
- Get your money up to 2 days early. You’ve earned it, so start earning on it.
- No monthly maintenance, minimum balance, account opening, or overdraft fees.
- We’ve got you covered. Access expanded FDIC Insurance for up to $265 million.
- Access a network of over 95,000 fee-free ATMs.
- Manage all your bank accounts from one place in the Axos app.
- Link external accounts in the app to move your money seamlessly.
no monthly service fee
up to 3.10%
$0
Earn up to 4.00% Annual Percentage Yield (APY) on one SoFi Savings account with a +0.90% Boost on Savings APY to up to 4.00% for up to 6 months on new accounts. Terms apply.⁸ 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#2. SoFi Bank, N.A. Member FDIC.26. Rates are variable, subject to change. Terms apply at sofi.com/banking#2. SoFi Bank, N.A. Member FDIC.
Pros
Cons
SoFi Checking and Savings is a great account option if you don't mind keeping your savings and checking in one account.
SoFi® Checking and Savings (Member FDIC)- 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 12/31/2026. See full bonus and annual percentage yield (APY) terms at sofi.com/banking/checking-offer/.
- These rates are current as of 5/28/26. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Synchrony Bank Overview
Synchrony Bank is an online-only institution best suited for people who prioritize finding strong bank accounts where they can save money.
The bank offers a high-yield savings account, a money market account, CDs, and credit cards. There is no Synchrony Bank checking account. It does provide an ATM card with its savings and money market accounts, though, and you can use your card for free at any Plus or Accel ATM. Synchrony reimburses up to $5 per month in out-of-network ATM fees.
You can also use your ATM card to make purchases at stores by entering your ATM PIN.
Synchrony accounts are insured by the FDIC for up to $250,000 for an individual bank account. This means that even if the bank shuts down, your deposited money would be safe.
Synchrony Bank Interest Rates and Fees
In general, Synchrony Bank rates on savings accounts, money market accounts, and CDs are higher than average bank account interest rates. Average bank account interest rates take into account all types of banks, including brick-and-mortar banks, which tend to pay less on interest-earning bank accounts than online banks.
However, when you compare specific bank accounts to competition from the best online banks, you'll see some distinctions.
For example, the Synchrony money market account rate isn't quite as high as rates on the best money market accounts — some online banks even have an APY that doubles Synchrony's account.
Even though it doesn't have the absolute highest rate on the market, you may prefer a national brand like Synchrony for other benefits, such as minimal fees or better customer support hours.
Synchrony Bank Fees and Charges
One of Synchrony Bank's strengths is its fee structure for its savings and money market accounts. These accounts do not charge monthly bank maintenance fees. It also does not charge out-of-network ATM fees and reimburses $5 per month in domestic ATM fees charged by other financial institutions.
Synchrony Digital and Mobile Banking
Synchrony Bank mobile banking is similar to apps from other national banks. You can contact customer support through live chat, make mobile check deposits, view your transaction history, and manage credit cards.
The Synchrony mobile app is rated 4.7 out of 5 stars in the Google Play store and 4.7 out of 5 stars in the Apple store.
You can access online banking through Synchrony's website, which will be the other primary method for managing bank accounts and credit cards. You can open new bank accounts, get customer support, and calculate potential interest earnings with savings and CD calculators.
Synchrony Bank Customer Service and Support
If you have questions, you can chat online with customer support. You'll initially be connected to a virtual assistant, and if the virtual assistant can't answer your query, you'll be transferred to a live assistant.
You can call an agent from 8 a.m. to 10 p.m. ET Monday through Friday or 8 a.m. to 5 p.m. ET Saturday and Sunday.
According to the J.D. Power 2025 U.S. Direct Banking Satisfaction Study, Synchrony Bank ranked below the segment average for overall customer satisfaction among online savings providers. Charles Schwab and American Express ranked the highest in this study.
Synchrony Bank Pros and Cons
Synchrony Bank Pros
- High interest rates on savings account and CDs
- Savings account comes with an ATM card
- Money market account comes with an ATM card and paper checks
- Variety of CD types and terms
- No minimum opening deposit for any accounts
Synchrony Bank Cons
- No physical locations
- No checking account
- Money market account rate is just so-so
Banking Options with Synchrony
Synchrony Bank Savings Account
The Synchrony high-yield savings account is a great option for savers. It pays a competitive interest rate, and minimal fees compared to brick-and-mortar banks.
Synchrony Bank CDs
Synchrony Bank offers three types of CDs, and Synchrony CD rates are competitive across the board.
Synchrony Bank Money Market
The Synchrony Money Market Account has a $0 minimum deposit and no monthly service fee. It also comes with both paper checks and an ATM card, making it easy to access your money. Use the Plus or Access ATM networks for free, and it reimburses up to $5 per month if any out-of-network ATMs charge you a fee.
Synchrony Credit Cards
Synchrony Bank has two cash-back credit cards and another credit card with no annual fees. Other online banks like Capital One and American Express National Bank (Member FDIC) have more credit card options.
None of Synchrony's credit cards are among our picks for best credit cards.
Is Synchrony Trustworthy?
The Better Business Bureau gives Synchrony Bank an NR (No Rating) grade because it is in the process of responding to previously closed complaints. A strong BBB rating indicates the company is transparent in how it handles business, responds effectively to customer complaints, and is honest in its advertising.
Synchrony does have some recent controversies. In 2023, the bank was ordered to pay a settlement of $2.6 million; the lawsuit claimed that Synchrony called people about bank accounts they did not own. In 2021, the bank paid $3.5 million in a settlement when California residents said the bank was making an unreasonable number of phone calls to people who owed debt.
Synchrony Bank Alternatives
Synchrony vs. Ally Bank
Both Synchrony Bank and Ally offer savings accounts, money market accounts, and CDs. Synchrony offers higher rates on CDs and savings accounts, while Ally has a higher interest rate on a money market account.
You might prefer Ally Bank if you want to do all your banking with one company, because unlike Synchrony, it has a checking account. It's easy to immediately transfer money from your Ally savings account to the checking account. With Synchrony, you'll either need to withdraw savings with your ATM card, or transfer money to an external checking account — the latter option could take up to a few business days.
Synchrony vs. Marcus Bank
Marcus only offers CDs and a high-yield savings account, so Synchrony Bank will be the clear choice if you want a money market account. Neither bank has a checking account, though.
The two high-yield savings accounts are pretty comparable. You might prefer Synchrony if you want an ATM card attached to your savings account.
Both banks have strong CDs, but Marcus CD rates are slightly higher overall.
Why You Should Trust Us: How We Reviewed Synchrony Bank
For our Synchrony Bank review, we used our bank account methodology. Each account receives a rating between one and five stars.
We evaluate ethics, security, customer service, miscellaneous features, and mobile apps when rating every type of account. Other factors considered depend on the type of account we're reviewing. For example, we look at whether a money market account offers access to your funds with an ATM card, debit card, and/or paper checks. For CDs, we look at term variety and early withdrawal penalties.
We use a weighted average to get our star rating, which means we weigh certain features, like interest rates and fees, at a higher weight percentage than others. We understand that these areas can more heavily impact a person's overall banking experience.
Business Insider's Synchrony Bank Rating
| Feature | Our rating (out of 5) |
| Savings | 4.5 |
| CD | 4.5 |
| No-penalty CD | 4.5 |
| Bump-up CD | 4.5 |
| Money market account | 4.75 |
| Trustworthiness | 4 |
| Total Rating | 4.5 |
Synchrony Bank FAQs
What is Synchrony Bank?
Synchrony Bank is an online bank. It has a variety of services for savers, including a high-yield savings account, a money market account, and CDs. The bank also offers cash-back credit cards and a credit card with no annual fees.
Is Synchrony a good bank?
Synchrony Bank is a good bank if you're searching for top-tier high-yield savings account with a competitive interest rate and easy opening requirements, and a variety of CD terms and types. The cons of banking with Synchrony include no physical locations, no checking accounts, and limited services and products beyond banking.
Is Synchrony Bank legit?
Yes, Synchrony Bank is a legitimate bank. It is a Member FDIC bank, so your deposits are insured for up to $250,000 per owner, per category.
1. 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/
2. APY disclosures Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 5/28/26.. 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
3. 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/.
4. Additional FDIC Insurance (must be bolded) 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.
5. 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. 6. 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.
7. 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.
8. 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 5/28/26) 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.
