By Sarah Chen
Published · Updated
Quick Summary
Synchrony Bank, primarily known as a retail credit card issuer, also offers competitive online savings accounts and CDs. The high-yield savings account provides strong APY with no minimums and optional ATM access through an ATM card. While Synchrony's banking products are more limited than full-service competitors, its savings rates are consistently competitive and the experience is straightforward.
Score Breakdown
What We Like
- ✓ Competitive savings APY
- ✓ Optional ATM card for savings withdrawals
- ✓ No minimum balance or fees
- ✓ Perks and rewards at partner retailers
- ✓ FDIC insured
What Could Improve
- ✗ No checking account available
- ✗ Limited banking features
- ✗ ATM card is not a debit card
- ✗ App is basic
Features
Synchrony offers high-yield savings, money market accounts, and CDs. The unique ATM card allows cash withdrawals from savings at ATMs nationwide. Synchrony's retail partnerships occasionally offer bonus perks. IRA CDs and IRA savings accounts are available for retirement savings. All accounts FDIC insured up to $250,000.
Pricing
No fees, no minimums. Savings APY around 4.00-4.50%. Money market APY around 4.00-4.25%. CDs range from 3.50-4.50% depending on term. The ATM card provides free access to a network of ATMs. No foreign transaction fees on ATM withdrawals.
Usability
Synchrony's banking interface is functional but basic. The app handles account management, transfers, and mobile check deposit. The ATM card is a nice touch for accessing savings without a checking account. However, the overall digital banking experience lags behind top competitors in design and feature depth.
Key Specifications
| Monthly Fee | $0 |
| Savings APY | 4.00-4.50% |
| Minimum Balance | None |
| ATM Network | ATM card available |
| FDIC Insured | Yes |
| Mobile Deposit | Yes |
| Zelle | No |
Final Verdict
Synchrony Bank offers competitive savings rates with the unique bonus of ATM access. It's a good choice if you want a high-yield savings account with the flexibility to withdraw cash at ATMs without needing a checking account. For a more complete banking experience, look to Ally or Discover Bank. For pure savings, Marcus or SoFi offer slightly higher rates.