- Editor Rating
- Rated 4 stars
- Excellent
- Synchrony Bank Rates
- Reviewed by:
- Published on:
- Last modified:
- Popularity
- Value
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 | |
MoneysMyLife Top Offer Picks  Earn a $200 bonus when you open a new Chase Total Checking® account and set up direct deposit. Also earn a $150 bonus when you open a new Chase SavingsSM account, deposit a total of $10,000 or more in new money within 10 days & maintain a $10,000 balance for 90 days. Apply for both offers and get a $350 total bonus. Full Review Get $300 when you open a new Chase Premier Plus CheckingSM account and set up direct deposit. This account has more features than the Chase Total Checking® and the monthly service fee can be waived with a few different requirement options. A $300 Checking bonus is one of the best offers from Chase Bank. Full Review Earn $200 when you open a new Chase Total Business Checking® account, deposit $1,000 in new money within 10 business days of account opening, maintain that balance for 60 days and complete five qualifying transactions within 60 days. This is the most popular Business Checking offer.Full Review |
Apply online for a new TD Bank Checking account to earn either a $300 bonus for the TD Premier Checking account ( $2,500 in direct deposits required), or a $150 bonus for the TD Convenience Checking account ($500 in direct deposits required). This is a limited time offer. 
Earn up to 25,000 bonus miles worth $250 in travel every year with the Barclays Arrival® Premier World Elite Mastercard®. Without an initial sign-up bonus, this credit card is intended for high spenders looking for a card to carry for the long-term. The card will earn unlimited miles at the rate of 2 miles per $1 spent on all purchases regardless of category. 
CIT Bank is offering a 1.75% 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 has a promotion where you can earn either 90 days of commission-free trades or a $200 cash bonus. The $200 bonus will require a deposit of at least $25,000 within 15 days of account opening and the execution of 3 trades within 90 days. The free trades offer will require a $10,000 minimum deposit. 
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: 1.55% 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 Salem Five 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:
- Salem Five Bank Checking, Savings, CD Promotions
- Chase Coupon Promo Codes: $200, $300, $350, $500 (April 2018)
- Synchrony Bank Online Savings, CD, Money Market Promotions
- Popular Direct Online Savings And CD Account Promotions
- Live Oak Bank Online Savings And CD Offers, Promotions
- Incredible Bank Online Savings And CD Accounts Promotions, Offers
- CIT Bank Promotions: Online Money Market Account Earns 1.75% APY
- Colorado Federal Savings Bank Savings And CD Account Promotions
- DollarSavingsDirect Online Savings & CD Account Promotions, Offers
- Marcus By Goldman Sachs Online Savings & CD Offers, Promotions
- Barclays Bank Review: Savings And CD Account Offers, Promotions
- UFB Direct Online Savings/Money Market Offers: 1.60% APY
- SFGI Direct Online Savings Account Promotion: 1.51% APY
- ableBanking Money Market Savings & CD Promotions
- Ally Bank Online Checking, Savings, CD, Investing 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 | 2.15% |
| 18 Month | 2.15% |
| 24 Month | 2.25% |
| 36 Month | 2.35% |
| 48 Month | 2.45% |
| 60 Month | 2.60% |
I’d recommend also looking at the EverBank CD, Popular Direct and Ally Bank CD accounts, as well as the top current choices below.
- Salem Five Bank Checking, Savings, CD Promotions
- Synchrony Bank Online Savings, CD, Money Market Promotions
- EverBank Review: Checking, Money Market, CD Promotions And 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
- CIT Bank Promotions: Online Money Market Account Earns 1.75% APY
- Barclays Bank Review: Savings And CD Account Offers, Promotions
- Crestmark Bank Online CD Account Promotions Available Nationwide
- Ally Bank Online Checking, Savings, CD, Investing Promotions
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, BBVA Compass and EverBank all have popular Money Market Accounts you should compare with. See more top options below.
- MYSB Direct (M.Y. Safra Bank) Online CD Rate Offers, Promotions
- EverBank Review: Checking, Money Market, CD Promotions And Bonuses
- BBVA Compass Bank Promotions: $150, $200, $250 Checking/Savings Bonuses
- Sallie Mae Banking: Money Market, Savings, CDs Promotions
- Capital One 360 Review: $100 To $1,000 In Bonuses & Promotions
- My Banking Direct Review: $150 Checking Account Bonus
- CIT Bank Promotions: Online Money Market Account Earns 1.75% APY
- Northern Bank Direct Online Money Market & CD Account Offers, Promotions
- State Bank Of Texas Savings, Money Market, CD Account Promotions
- EBSB Direct Online Savings, Money Market, CD Promotions
- First Internet Bank Review: Checking, Savings, CD Promotions
- ableBanking Money Market 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.