- Editor Rating
- Rated 4 stars
- Excellent
- Synchrony Bank Rates
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Contents
Synchrony Bank (which used to be known as GE Capital Retail Bank) is an online bank that offers Savings, Money Market, CD and IRA accounts with great rates.
While Synchrony Bank does have one physical branch in Bridgewater, New Jersey, you should consider this an Online Bank for all intents and purposes. You’ll get great rates and low fees similar to other online banks. One downside to Synchrony Bank is that they don’t have a Checking account option. More top online Checking accounts can be found reviewed here.
Synchrony Bank Breakdown |
|
| Pros | Cons |
| Mobile-optimized site instead of a mobile app | No person-to-person transfers |
| Great website navigation and layout with useful savings calculators | There is no mobile app, which can be a letdown for some |
| You get a daily mobile deposit limit of $10,000 after you’ve been a customer for six months | No chat line for customer support |
| Participates in the Plus, NYCE and STAR networks for ATMs | Only one branch, in Bridgewater, New Jersey. This should be considered more of an Online Bank anyway. |
| For money market account holders, Synchrony refunds up to $5 per statement cycle for ATM fees charged by other banks | |
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CIT Bank is offering a 1.85% APY rate with their Money Market Account for all balances. This account is available online nationwide and consistently offers one of the best rates in the nation. The minimum opening deposit is $100 and there are no fees for opening or maintaining the account. 
Ally Invest is one of the nation's top choices for a low-cost stock broker, and they now have a promotion where you can earn a cash bonus of $50 to $3500, as well as $500 in commission-free trades. Your cash bonus value will depend on your deposit amount made within 60 days of account opening. 
Simple Bank has an offer where you can earn a $20 bonus after opening their free online Checking account that's available nationwide. You'll then be able to earn unlimited $20 referral bonuses. Direct deposit isn't a requirement and all you and your referrals need to do is open a new account and use the Simple Visa debit card to make a first purchase. Synchrony Bank High Yield Savings Account Features
No minimum balance or monthly service fee to worry about with this account.
- Current rate: 1.75% on all balances. Many banks will offer tiered rates for different balances.
- Rates are much higher than the national average
- You can make withdrawals online, over the phone or with your ATM card
- Choose to control your money through the online banking portal, or by speaking with a bank representative
- Funds are FDIC insured up to $250,000 per depositor, per insured bank, for each ownership category
Opening A High Yield Savings Account
In order to open a Synchrony Bank High Yield Savings account, all you need is:
- Your Driver’s License or Military ID or State ID Number
- Your social security number
This can be done online or in person at their branch in Bridgewater, New Jersey. Outside of this location, Synchrony Bank handles most of it’s business and client transactions online or via telephone. Customer service is available from 8am to 10pm Eastern time to assist banking clients. They also use a relay service for the hearing impaired.
Author’s Verdict
Overall, Synchrony Bank is a great option for people who want a low fee incurring account to store their money with the added benefit of interest. But if you want a Checking account and in-person banking options, you may want to look elsewhere. You might also want to compare this Savings account to the HSBC Direct and CIT Bank Savings online accounts. Stay up-to-date with all the best Savings/Money Market accounts here. More top Savings account options below:
- DollarSavingsDirect Online Savings & CD Account Promotions, Offers
- HSBC Bank Checking And Savings Promotions, Offers
- Chase Coupon Promo Codes: $200, $300, $350, $500 – June 2018
- Synchrony Bank Online Savings, CD, Money Market Promotions
- CIT Bank Promotions: Online Money Market Account 1.85% APY Offer
- Ally Bank Online Checking, Savings, CD, Investing Promotions
- Barclays Bank Promotions: Savings And CD Account Offers, Bonuses
- Popular Direct Online Savings And CD Account Promotions
- Marcus By Goldman Sachs Online Savings & CD Offers, Promotions
- Salem Five Bank Checking, Savings, CD Promotions
Synchrony Bank CD Accounts
Synchrony Bank actually has some of the best CD rates currently in the market for certain CD terms.e
See the CD terms, rates, and minimum balance requirements below.
| Terms | $2,000 Or More |
| APY | |
| 3 Month | 0.75% |
| 6 Month | 1.00% |
| 9 Month | 1.25% |
| 12 Month | 2.25% |
| 18 Month | 2.35% |
| 24 Month | 2.45% |
| 36 Month | 2.55% |
| 48 Month | 2.65% |
| 60 Month | 2.85% |
I’d recommend also looking at the EverBank CD, Popular Direct and Ally Bank CD accounts, as well as the top current choices below.
- Synchrony Bank Online Savings, CD, Money Market Promotions
- CIT Bank Promotions: Online Money Market Account 1.85% APY Offer
- Ally Bank Online Checking, Savings, CD, Investing Promotions
- Barclays Bank Promotions: Savings And CD Account Offers, Bonuses
- Popular Direct Online Savings And CD Account Promotions
- Virtual Bank Checking, Money Market, CD Promotions & Offers
- Live Oak Bank Online Savings And CD Offers, Promotions
- Salem Five Bank Checking, Savings, CD Promotions
- Crestmark Bank Online CD Account Promotions Available Nationwide
Synchrony Bank Money Market Account
Synchrony Bank also has a Money Market account with good rates, but their Savings account is actually better currently. There is no minimum balance requirement or monthly service fee for this account.
| Money Market Rates | |
| Deposit Amount | APY |
| Up to $4,999 | 1.05% |
| $5,000-$24,999 | 1.05% |
| $25,000+ | 1.05% |
CIT Bank and BBVA Compass both have popular Money Market Accounts you should compare with. See more top options below.
- Northern Bank Direct Online Money Market & CD Account Offers, Promotions
- Capital One 360 Promotions: $100, $500, $600, Up To $1,000 In Bonuses
- BBVA Compass Bank Promotions: $150, $200, $250 Checking/Savings Bonuses
- My Banking Direct Promotions: New Money Market & CD Account Offers
- CIT Bank Promotions: Online Money Market Account 1.85% APY Offer
- MYSB Direct (M.Y. Safra Bank) Online CD Rate Offers, Promotions
- Sallie Mae Banking Promotions: Money Market, Savings, CD Offers
- ableBanking Money Market Savings & CD Promotions
- EBSB Direct Promotions: 1.80% APY Money Market & 2.69% APY CD Offers
- State Bank Of Texas Savings, Money Market, CD Account Promotions
- First Internet Bank Review: Checking, Savings, CD Promotions
*These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.