Synchrony Bank Promotions: Money Market and CD Account Offers (Nationwide)

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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.

Update 12/2/2022: The Amazon Prime Store Card issued by Synchrony is offering a $200 signup bonus. See here.

Update 11/27/2022: Synchrony issues the Amazon Prime Store credit card. The bank is offering $40 back in rewards when you spend $400 or more on Amazon. Read more here.

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.

READ MORE: See Bank Offers From Chase Bank, U.S. Bank, TD Bank, BMO Harris, And Bank Of America

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

Synchrony Bank High Yield Savings Rate Offer: 2.00% APY

No minimum balance or monthly service fee to worry about with this account.

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

*The number of electronic and telephone transactions you can make with your High Yield Savings account is limited to six withdrawals per statement cycle by federal regulations.

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.